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Message:: [QUOTE="Owle, post: 1238796, member: 22004"]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: <a href="http://www.newsday.com/long-island/nassau/pair-convicted-in-coin-swindle-1.2954791" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.newsday.com/long-island/nassau/pair-convicted-in-coin-swindle-1.2954791" rel="nofollow">http://www.newsday.com/long-island/nassau/pair-convicted-in-coin-swindle-1.2954791</a>  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.[/QUOTE]

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