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<p>[QUOTE="kaparthy, post: 4879523, member: 57463"]I received this press release yesterday, "embargoed" until today.</p><p><b>Small Business Investors, Hobbyists Sue Minnesota for Criminalizing Their Pursuits</b></p><p><br /></p><p><i>Coin Collectors, Precious Metal Investors Fight MN Requirement to be Licensed and Bonded for Transactions Over $25K</i></p><p>Media contact: Tom Ciesielka, 312.422.1333, <a href="mailto:tc@tcpr.net">tc@tcpr.net</a></p><p><i><br /></i></p><p><i>(September 22, 2020 – Minneapolis-Saint Paul, Minnesota)</i> A group of small business investors and coin enthusiasts are suing the State of Minnesota in an effort to decriminalize their small cap alternative investment and collection pursuits. A September 22, 2020, online press conference addresses this lawsuit and the current Minnesota law that makes it illegal to purchase or sell a combined annual total of over $25,000 in gold, silver, or other precious metals, without registering as a dealer and posting a surety bond. The lawsuit, filed by attorney Erick Kaardal of Mohrman, Kaardal & Erickson, P.A., declares this “Bullion Dealer Law” to be unconstitutional and an impediment to interstate commerce.</p><p><br /></p><p>The filing details how coin collectors are being discriminated against (there is no comparable burden on art, stamp, sports cards, or other collectors) and how out-of-state dealers have stopped doing business in Minnesota for fear of inducing ordinary investors into crimes. The law, referred to by <i>Numismatic News</i> as “draconian,” has made it common practice for bullion dealers to reject Minnesota clients. This Minnesota law has isolated the state’s bullion investors from the national and world bullion market.</p><p><br /></p><p>WHO:</p><ul> <li><b>Attorney Erick Kaardal</b>, representing Tom Styczinski, d/b/a Tom “The Coin Guy,” LLC, Treasure Island Coins, Inc., and Numismatist United Legal Defense</li> <li><b>Tom Styczinski,</b> operator of Tom “The Coin Guy,” LLC</li> </ul><p>The challenged law even forces its mandate on individuals who choose to convert a portion of individual retirement account fund investments to silver or gold. It also applies to any coin - even those issued by the United States Mint. Investors and collectors whose total annual transactions are between $25,000 and $200,000 are required to post a surety bond of about $25,000. Most ancient coin dealers will not sell their coins to Minnesotans anymore. The law, passed in 2013, also requires a license to buy and sell bullion products, even those that have no special numismatic value.</p><p><br /></p><p>Kaardal observed, “Minnesota’s regulation of bullion investors shows the state Department of Commerce’s economic illiteracy. An ordinary investor with aggregate annual purchase and sales of $25,000 is a criminal if they don’t register and post a surety bond. The department has criminalized ordinary commerce. It’s no wonder that no one wants to do business in Minnesota. A better law could have been written by a fifth-grader.”</p><p><br /></p><p>Coin collectors and traders, including <a href="http://mklaw.com/" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://mklaw.com/" rel="nofollow"><i>mklaw.com</i></a>.</p><p><br /></p><p>Filing link here:</p><p><a href="https://www.tcpr.net/wp-content/uploads/2020/09/Complaint-Final-for-Filing-MN-Precious-Metals-9-22-20.pdf" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://www.tcpr.net/wp-content/uploads/2020/09/Complaint-Final-for-Filing-MN-Precious-Metals-9-22-20.pdf" rel="nofollow">https://www.tcpr.net/wp-content/uploads/2020/09/Complaint-Final-for-Filing-MN-Precious-Metals-9-22-20.pdf</a>[/QUOTE]</p><p><br /></p>
[QUOTE="kaparthy, post: 4879523, member: 57463"]I received this press release yesterday, "embargoed" until today. [B]Small Business Investors, Hobbyists Sue Minnesota for Criminalizing Their Pursuits[/B] [I]Coin Collectors, Precious Metal Investors Fight MN Requirement to be Licensed and Bonded for Transactions Over $25K[/I] Media contact: Tom Ciesielka, 312.422.1333, [EMAIL]tc@tcpr.net[/EMAIL] [I] (September 22, 2020 – Minneapolis-Saint Paul, Minnesota)[/I] A group of small business investors and coin enthusiasts are suing the State of Minnesota in an effort to decriminalize their small cap alternative investment and collection pursuits. A September 22, 2020, online press conference addresses this lawsuit and the current Minnesota law that makes it illegal to purchase or sell a combined annual total of over $25,000 in gold, silver, or other precious metals, without registering as a dealer and posting a surety bond. The lawsuit, filed by attorney Erick Kaardal of Mohrman, Kaardal & Erickson, P.A., declares this “Bullion Dealer Law” to be unconstitutional and an impediment to interstate commerce. The filing details how coin collectors are being discriminated against (there is no comparable burden on art, stamp, sports cards, or other collectors) and how out-of-state dealers have stopped doing business in Minnesota for fear of inducing ordinary investors into crimes. The law, referred to by [I]Numismatic News[/I] as “draconian,” has made it common practice for bullion dealers to reject Minnesota clients. This Minnesota law has isolated the state’s bullion investors from the national and world bullion market. WHO: [LIST] [*][B]Attorney Erick Kaardal[/B], representing Tom Styczinski, d/b/a Tom “The Coin Guy,” LLC, Treasure Island Coins, Inc., and Numismatist United Legal Defense [*][B]Tom Styczinski,[/B] operator of Tom “The Coin Guy,” LLC [/LIST] The challenged law even forces its mandate on individuals who choose to convert a portion of individual retirement account fund investments to silver or gold. It also applies to any coin - even those issued by the United States Mint. Investors and collectors whose total annual transactions are between $25,000 and $200,000 are required to post a surety bond of about $25,000. Most ancient coin dealers will not sell their coins to Minnesotans anymore. The law, passed in 2013, also requires a license to buy and sell bullion products, even those that have no special numismatic value. Kaardal observed, “Minnesota’s regulation of bullion investors shows the state Department of Commerce’s economic illiteracy. An ordinary investor with aggregate annual purchase and sales of $25,000 is a criminal if they don’t register and post a surety bond. The department has criminalized ordinary commerce. It’s no wonder that no one wants to do business in Minnesota. A better law could have been written by a fifth-grader.” Coin collectors and traders, including [URL='http://mklaw.com/'][I]mklaw.com[/I][/URL]. Filing link here: [URL]https://www.tcpr.net/wp-content/uploads/2020/09/Complaint-Final-for-Filing-MN-Precious-Metals-9-22-20.pdf[/URL][/QUOTE]
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