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<p>[QUOTE=&quot;GDJMSP, post: 992238, member: 112&quot;]Small problem though - the complaints against NCI and PCGS were not even filed until after the market crash. So there was no waiting for the govt. to act.</p><p><br /></p><p>&nbsp;</p><p><br /></p><p>Yes there was an uproar - BUT AFTER THE FACT ! Nobody ever said a word until after the market crashed. And even then it was only because the coins were sold as securities on the stock exchanges. That and that alone is the only reason the govt was able to get involved at all.</p><p><br /></p><p>&nbsp;</p><p><br /></p><p>Bull ! They (the govt) jumped on it almost instantly. But again, there were no complaints until after the market crash, there were no suits against grading companies until after the market crash. And of course the govt did not act until after the market crash.</p><p><br /></p><p><br /></p><p><br /></p><p>Don&#039;t get confused. Standard Financial Management Corp. never slabbed a singled coin. They were merley a coin dealer selling raw, over-graded coins.</p><p><br /></p><p>NCI and PCGS were the grading companies involved. But they were not sued for selling anything - grading companies don&#039;t sell coins. They were sued because -</p><p><br /></p><p><i>&quot;The FTC charged that “PCGS misled consumers by falsely claiming that it provides consistent, objective grading of coins and <u>that investment in PCGS-certified rare coins eliminates all the risk</u> associated with the grading of coins.”</i> </p><p><br /></p><p>Had the coins not been sold on Wall St., and had the grading companies not touted their product as eliminating all risk when investing in coins - then the govt never would have gotten involved and there never would have been a suit.</p><p><br /></p><p>There was never a claim that the coins they slabbed were over-graded, nor were they sued for over-grading. They were sued because <u>they claimed that there was no risk </u>for people that invested in their graded coins. However - the coin market collapsed. People lost a ton of money. So rather obviously there was a risk.</p><p><br /></p><p><br /></p><p>&nbsp;</p><p><br /></p><p>At last - something we agree on. But then anyone who has ever purchased a coin, raw or slabbed, is and always has been at the same risk.</p><p><br /></p><p><br /></p><p><br /></p><p>PCGS is not on the hook for anything. Yes, they guarantee their grading. And they honor their guarantee. But when PCGS is the one and only one who can say that the coin is or is not over-graded - then what risk do they have ? What hook are they on ? All they have to do is say no the coin is not over-graded and they are off the hook.[/QUOTE]</p><p><br /></p>

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