I have tried to find a good article on the coin boiler room fraud run by Michael Romano and William Kearney. Newsday had an article, but the bulk of it is closed to subscribers as is the Coin World(July 11, p.11) article: http://www.newsday.com/long-island/nassau/pair-convicted-in-coin-swindle-1.2954791 There do not seem to be any free articles on this scam on the internet. The question that arises is what rights do the customers have once they realized they are stuck with problem coins? On another forum, a fellow who had been scammed shared his experiences: "THIS IS A TRUE STORY: I CAN PROVE EVERY LETTER OF EVERY WORD, because I kept ALL of the Before & After Invoices & the DETAILED descriptions of each NUMISMATIC COIN that the DEALER/COIN SELLER wrote: The ONLY time I LOST ANY money in Gold & Silver Coins, was when I bought P.C.G.S. & N.G.C., Slabbed MS61 to MS70 Numismatic Coins!! AND, THE COINS LOST 80% OF THEIR VALUE, IN A RISING GOLD MARKET, BEFORE I EVER ACTUALLY SOLD THEM!! "I will not tell anyone how much money I lost {only my Wife and my Attorney know}, because it was and still is VERY EMBARRASSING! "I can tell you this: I bought the SCAMS from one of the top 3 most recommended & most highly rated NUMISMATIC dealers in the entire U.S.A.!! He went out of biz for FIVE years, after I {and many others} sued him. But those LIARS & CHEATS make you sign those legal-papers stating that you know what you are doing, etc., etc., and so he was able to legally keep 80% of what he STOLE! He moved somewhere {out of the U.S.A.}, where it was hard to find him! He escaped two HITS {my Attorney found out that this guy ripped off TWO of the wrong kind of Italians, if you know what I mean}! "TODAY HE IS BACK IN BUSINESS!!! THE SAME BUSINESS! "I can not tell you his name, because that was one of the items I had to agree with in order to get 23% {before Attorney fees} of my money back! "Gold and silver coins WILL NOT be confiscated, under any circumstances!! EVEN IF the GOVERNMENT did a 1933-Law all over again, YOU are in control of their confiscation!! IF you can read between the lines!! Get it? "ALL, ALL of the sales pitches the NUMISMATICS sellers use, to make you NOT buy Bullion-Coins, are LIES!! "The ONLY reason and time to buy a NUMISMATIC coin--is when you can afford to buy one BECAUSE of the BEAUTY of the coin!! NEVER to make money!!! "Go ahead and buy an MS-60, UN-SLABED Saint! Or a Double Eagle! OR, better yet, buy a "quarter-dollar" "Indian Head " AND a "$5.00" "Indian Head"--- BECAUSE those are MORE beautiful than "Saints!" I love to touch my Indian Heads, because they are MASTERPIECES of ART!!! But only buy those AFTER you have bought your core survival Coins!!" There are two parts to this; on one hand problem coins, and the other, certified coins bought as "investment" vehicles. Maurice Rosen has an article in the current issue on someone named "Peter" who bought high grade gold certified coins as investments some years ago and found that he lost a lot of money even as the precious metals soared. There were "experts" suggesting that a substantial increase in precious metals prices would multiply profits with certified gold coins. It proved the opposite was true, the premiums have gone down.
Thanks for posting this Owle. It's good information to arm yourself with as a buyer. Even at the top end of the hobby, scammers, cheats and thieves are out there, waiting to prey on the uneducated and uninformed.
How about purchasing slabbed coins you know the resale value of and can see the past history of rising prices on the same slabbed coin? He got ripped off because he listened to the dealer. He should have opened an internet browser and searched the coin he was actually purchasing. The problem here is not graded coins, it is trusting dealers. Just like in any business, people try to take advantage of others. Buying a slabbed coin is actually a smart investment because you know what you are getting. You can look at past auction prices and sales of almost the exact same coin you purchased! A slabbed coin will be authentic, graded, and protected. If you feel it is safer to buy a gold piece out of a slab, then go for it! Many of us aren't bullion collectors, we are numismatic collectors. We look for quality and rarity. The main idea is just be smart and do your research before you purchase a coin with high value.
The main idea is just be smart and do your research before you purchase a coin with high value.[/QUOTE ABSOLUTELY YOU ARE 100% Correct.. BUYER BEWARE... DO SOME HOMEWORK BEFORE YOU BUY VERY EXPENSIVE COIN/s.
