Has anybody had their coins stolen by a dealer?

I'd recommend you contact the Commerce Commissioners Office for your state. I believe you'll find all communications need to be thorough, and generally by snail mail delivery (I'd recommend Certified Mail with a return receipt). Include contact information including your phone number, name/address of your consignor.

There normally isn't any cost, but they are generally very busy, and can't provide any advice other than "contact an attorney".

Their contacts are very motivational!

JMHO

 

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Imrich,
Would I contact the office in my state (Alaska) or in his state? He is based in Malibu, California.

Randy,
My hope is that the prospect of negative publicity would prevent him from trying to offer half. He attends major shows every weekend so I am hopeful that he would not want other dealers at the shows finding out he pulled such a stunt. Thanks for the heads up about that possibility!

 

Generally, you'd contact the staff of the Commerce Commissioner in the State where violations would have occurred, namely, in your case, Alaska. If you've a telephone directory, a phone number and address should be listed under State Office". you can Goggle "phone number, address for Alaska Commerce Commission.

If you file a claim of dispute with the Alaska Attorney Generals Office, they should quickly provide you with contact information for the office responsible for commerce oversight.

JMHO

I've tried responding to your last inquiry, but the site blocks a response, so I'll try here:
Generally, you'd contact the staff of the Commerce Commissioner in the State where violations would have occurred, namely, in your case, Alaska. If you've a telephone directory, a phone number and address should be listed under State Office". You can also Goggle "phone number, address for Alaska Commerce Commission".

If you file a claim of dispute with the Alaska Attorney Generals Office, they should quickly provide you with contact information for the office responsible for commerce oversight.

JMHO"

 

I'm not a lawyer, but several things jump out...

When you shipped him the coins, what were the contract terms for the consignment? Typically it's payment x days after the sale.

Between that and the list of cert#s, you should be able to report them to PCGS, NCG, ANACS and have them put a hold on the cert#. If somebody bought them for a registry set or tries to sell them on it will get attention back on the dealer.

Beyond that, I think a lawyer will tell you not to call it theft (a criminal matter) but rather a tort (civil) for failure to follow the terms of the contract. You can file a lien against the dealer in your local jurisdiction. Once it's perfected (filed and sealed), you can then pay to have the judgment executed by the sheriff where the miscreant lives. You'll pay fees to have the judgment executed but it certainly gets attention.

 

1.) Is the transaction documented?
2.) How many of the coins are sold?
3.) What is due? What has been paid of the total amount due? It sounds like you may have consigned some coins. You don't get paid unless the coin sells. Demand any unsold coins be returned within five business days and a tracking number sent to you. Demand payment in writing for the balance.

 

This kinda thing is my worst nightmare.

 

It is every businessman's worst nightmare.

 

Hi. You have seen it mentioned here about Statutes of Limitation. Be wary of time. I don't know what your agreement was as to time to sell the lot of coins but if it was 30, 60, 90 days by agreement, I would suggest you demand the return of the slabbed coins that are unsold after this time.
It sounds like you have kept a paper trail in good order. I would notify the dealer that he has 30 days to return the unsold items and pay for all items sold. If there is no response after 30 days, I would send out another certified letter informing the dealer he has 7 days from receipt (send it return receipt so it must be signed for) to return the coins and make payment. Inform him if he fails to do so, YOU will file criminal charges against him. Inform him the account must be paid in full.
File a complaint with the Attorney Generals office in his home state, Bureau of Consumer Protection, Department of Justice in California. Also file one in you state but your state might not be able to do much. Notify the Police Department in his home City and yours of your issue. This is theft. Notify the District Attorney in the County his business is in and your District Attorney. And don't let them tell you it's just a Civil Matter. You also have an interstate crime issue.
I did something similar in a counterfeit coin case. The dealer was stubborn and got 2 years and I got restitution. He committed a Federal Crime. Notify as many organizations as you can with the certified slab numbers. Pursue Criminal Charges and restitution ordered by the court. Only stubborn dealers want to spend time in jail.
A PA dealer is going through the same issue over a $50,000 sale. He is going through the District Attorneys office in PA.
Since the crime started in your state, the dealer can be extradited to face charges. Where theft or any resemblance of theft is involved, I always go the criminal route first. Theft, passing bad checks, anything that could be criminal, I move forward as a criminal complaint. Just remember your Statute of Limitations both criminally and civilly. Good luck.

 

It was not a coin, but a valuable baseball card.
$2500.
I left it with him to sell on consignment. Left the country for awhile.
Not long after returning, I dropped in, and he said it had sold, and gave me $250.
I had been going there for over a decade, and had just left it there, no paperwork.
It seems he sold it for full value, and gave me 10%.
It destroyed my trust in any dealer.

 

If you've been in touch with a numismatic lawyer why do you need us?

 

Paddyman 98, it may very well be an emergency of sorts to the victim of the coins, but it does not in any way constitute a “911” call and reporting such that way. 911 is for use in ONLY true emergency’s, tying up the line and personal for non emergencies is just wrong and could become extremely detrimental in the help needed to someone in a true emergency!

 

The local lawyer "talk" programs here always indicate send a certified, return receipt 'Demand" letter that you can write in "strong language" for starters. The rest of the advice from the others is solid.

 

It sounds like the guy has a cash flow problem. He sells your coins but before he pays you he needs to pay his rent, his bank loans, his alimony, whatever... so you go to the end of the list.

A cash flow problem in business can be a big red flag, I would heed all the good advice up-thread.

 

LakeEffect, You basically hit it right on the head. That is what he is describing when I call him. He still swears he will pay me, just does not have the funds available right now. Seems odd for a big time dealer who is active every weekend at major shows and has been doing this since the 1970's!

 

@ACE Mike ....... I been wondering if you were ever made whole on this thing?

 

+1

 

District Attorneys love to push the envelope. One inquiry from your local government official usually changes their attitude.
Doesn’t cost like an attorney and you don’t give up your civil options.
I was a NY State lic Insurance Broker/Agent. Seen the results

 

Have your lawyer immediately put a lien and injunction on all of his personal and business property halting all sales until your possessions are accounted for and placed in legal hold. Remind the dealer you will be asking the judge to order him to pay all legal fees and court charges if you succeed in the process. Jim

 

I think it's time for legal action. Enough of his excuses. You need to be paid in full or receive all of your coins back.