PCI Grading Company ordered to pay

Interesting article about PCI being ordered to pay almost 2 Million by a judge for racketeering.

http://www.coinweek.com/coin-clubs/...ly-2-million-under-federal-racketeering-laws/

 

Log in or Sign up to hide this ad.

Accidently posted twice somehow.. Sorry for the confusion.

 

Interesting read. More stories on the bottom of the page also.

 

Well, according to some "experts" around here, this doesn't happen because anyone spending a large some of money will perform their "due diligence" first.

Chris

 

it's been discussed several other times here and on various boards. keep in mind at this incarnation of PCI was sold in December of 2011 to an unnamed party. the current generation of PCI and its limited existence is not the same company.

however when you buy damaged goods you do inherit their reputation also.

 

The pillars of the coin world

 

For the life of me, I could never figure out why it hadn't changed names through the years to prevent confusion. Given the way that some of the owners were, I would want to distance myself from the name.

 

I know, I about fell off my chair laughing when I read the quote from John Feigenbaum, President of DLRC when they bought PCI “we had initially planned to keep the PCI brand name, but we quickly realized that it would be impossible to overcome the confusion that would ensue as we endeavor to recalibrate the [PCI] grading standards.”

Of course it's even funnier (until you understand that the business model was simple FRAUD and the confusion helped) when you read about Delluniversita's purchase of PCI in 2010...