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 Replies: 9 / Views: 1,605 |
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Pillar of the Community
United States
937 Posts |
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Bedrock of the Community
United States
20753 Posts |
By me they are all melted regardless of what they are or where.
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Pillar of the Community
United States
4883 Posts |
Not even Gordon Gekko would be this brazen, I think.
It's yet another story that highlights the industrial scale of current Chinese counterfeiting operations.
Colligo ergo sum
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Pillar of the Community
Canada
623 Posts |
Amazing the lengths that criminals will go to .
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Valued Member
Canada
495 Posts |
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Bedrock of the Community
United States
17884 Posts |
Lots of poor reporting in that article.
Headline says they TRIED to defraud the Mint.
First line of the article says they uncovered a $5.4 million dollar plot to defraud the mint.
Turns out that $5.4 million is just what they were supposed to pay to three companies for shipments of fakes in just 2014.
Between 2012 and 2014 they paid just one company $6.4 million for fake halves.
Apparently this fraud has been going on for over 10 years ad they have redeemed more fake half dollars than the mint ever made! And that adds up to a heck of a lot more than the $5.4 million in the headline or the $11.8 million for the two figures listed in the story. In fact if the quote about them redeeming more halves than the mint made is correct then (assuming they are just referring to clad half production) they have defrauded the government, and therefor the taxpayers, out of over $1.35 billion.
And this isn't a recent discovery they have KNOWN they were doing this for at least five years, ut apparently they kept on paying them. But NOW they are saying they have "uncovered" a $5.4 million plot.
Pay them 1.4 billion for fakes, and then get upset over the last 5.4 million.
On the bright side, maybe this will finally get the government to try to apply more pressure on China over the counterfeiting problem. On the other hand considering they have been letting it slide for ten years, maybe not.
Edited by Conder101
03/27/2015 2:38 pm
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Valued Member
United States
56 Posts |
"There would have to be approximately $900 in coins in every vehicle ever exported to China as scrap metal in order to account for the total amount of waste coins imported from China for redemption," Herman writes.
The Chinese are great at counterfeiting, but when it comes to execution they suck. Remember the athletes in the Olympics years ago. They could execute a program flawlessly, but when it came to any kind of style they were like robots lacking any kind of style or individuality whatsoever. They have gotten better in recent years.
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Pillar of the Community
United States
4883 Posts |
Conder101 points out what I was thinking as well. I'm also "shocked...not" at the extent and duration of redemptions and disbursements that continued to occur long after it should've been obvious that something wasn't right. And still, to quote the article: "No one has been arrested in the case, according to New Jersey federal prosecutors. And prosecutors declined to say whether they intend to bring criminal charges." Really?
Colligo ergo sum
Edited by Lucky Cuss
03/27/2015 4:14 pm
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Valued Member
United States
73 Posts |
"And prosecutors declined to say whether they intend to bring criminal charges."
they must have paid off all the right people. theres no possible way they could have fooled the people that handle coins every day with fakes.
how in the world did the mint note realize they were buying fakes? dont they melt these to re-use them? if they were made out of auluminum and silicon wouldnt someone have noticed a lack of materials for production?
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Moderator
 United States
187950 Posts |
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Replies: 9 / Views: 1,605 |
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Posted 03/27/2015 09:56 am
