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 Replies: 22 / Views: 4,454 |
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Pillar of the Community
United States
3463 Posts |
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Moderator
 United States
188770 Posts |
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Pillar of the Community
United States
2543 Posts |
Unfortunately, there are so.....so many gullible and stupid people in the world, laws have to be enacted to protect the gullible and stupid. Did they over grade ? Of course, that is what PCI does. Did they misrepresent ...... above and beyond the difference between PCGS and ICG. Yes. Fraud? probably. RICO ? No way, this will get overturned. The RICO statutes were enacted to prosecute the Al Capones and the John Gotti(s) of the world, not the local used car saleman or the guy selling Florida swamp land as a "retirement community". I am surprised PCI attorneys didn't compare PCGS Coin Facts coin values with completed auctions on ebay. I hope these guys at PCI get cooked, but under the appropriate fraud laws. Quote:
misled Corpus Christi stockbroker Bonnie Pereida Wow, if I was a client and saw this, I'd be investigating her. If that is the extent of due diligence she does with her own money, I would be very .... very leery of the investments she brokered for me.  |
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Pillar of the Community
United States
946 Posts |
Wow talk about getting in over your head. A perfect example of people with too much $$ thinking they are going to make out like fat rats. Not!
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Bedrock of the Community
United States
17884 Posts |
Not a lot of point in investigating her, she's dead. (I would take a good review of my portfolio though.)
I believe the RICO statutes came along after Gotti, and I know they were LONG after Capone. And they are now used against a lot of people because they allow them to bring into evidence a lot of things they wouldn't otherwise be able to.
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Pillar of the Community
United States
757 Posts |
This is definitely a RICO case. It doesn't need to be a "mafia" type huge crime syndicate to fall under RICO. They created a shell corporation to grade and sell less valuable coins for a premium. While the buyers should have done their homework on the purchase, if a business is selling supposed high grade TPG coins the buyer should have received what they paid for. Here is a little of the RICO act to show where this civil case came from. RICO also permits a private individual "damaged in his business or property" by a "racketeer" to file a civil suit. The plaintiff must prove the existence of an "enterprise". The defendant(s) are not the enterprise; in other words, the defendant(s) and the enterprise are not one and the same.  There must be one of four specified relationships between the defendant(s) and the enterprise: either the defendant(s) invested the proceeds of the pattern of racketeering activity into the enterprise; or the defendant(s) acquired or maintained an interest in, or control over, the enterprise through the pattern of racketeering activity; or the defendant(s) conducted or participated in the affairs of the enterprise "through" the pattern of racketeering activity; or the defendant(s) conspired to do one of the above |
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Moderator
United States
23522 Posts |
Aboncom got RICO'd too. We complaining about that one as well? What do you do if you want to invest a bunch of money in something? You retain an expert, as was done in this case. If that expert was so nasty that they'd created companies for the specific purpose of defrauding the unknowing - and purchased a TPG name as old as any in the business - well, that's what RICO is for. Ongoing criminal enterprise. Hope he burns. |
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Pillar of the Community
United States
7390 Posts |
Yup Rico time baby, federal prosecutors salvate over Rico cases. They only need to prove little more than collusion to enact it. I hope they nail him hard as an example. Ps, Rico may have been about the mafia in its early days but is now used primarily with shady corporate dealings
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Bedrock of the Community
United States
19961 Posts |
Wow, that's something else!
Now, the biggest question....why would someone "invest" in coins, especially that much money. DUMB! That much money would have made a ton in the stockmarket, especially over that time period.
Lincoln Cent Lover!VERDI-CARE™ INVENTOR https://verdi.care/
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Rest in Peace
United States
10625 Posts |
This decision may shut down the ebay dealer,/ grader that has no cents.  Edited by dave700x
05/30/2015 12:32 pm
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Pillar of the Community
United States
7375 Posts |
In the recent market run the stockbroker probably had so much cash she didn't know what to do with it, and made a bad business decision. It takes two to tango and both sides have some blame in this. Imo the PCI side has a bit more blame here if their intent was to deceive and sell over graded coins at inflated prices.
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Pillar of the Community
United States
4692 Posts |
I can't believe PCI is still in business. Since the coins sold to the "victim" are over-graded, they should have had the holders destroyed or the overgraded coins can be sold to the next sucker. ebay should either ban PCI coins or require a strong warning. Edited by jimbucks
05/30/2015 3:31 pm
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Moderator
United States
23522 Posts |
Did anyone read the article? The guy who was convicted owned both the coin dealership and PCI. PCI is done.
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Pillar of the Community
United States
7375 Posts |
The convicted defendant Delluniversita sold PCI in December of 2011. Does anyone know who owns them now? If you want to see what a scam they had going, just skim over the first few pages of the judge's report. Ugh.  http://www.coinweek.com/pdf/Finding...of%20Law.pdf |
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Bedrock of the Community
United States
17884 Posts |
Quote:
That much money would have made a ton in the stockmarket, especially over that time period. Did the market really do that great in just six months? Quote:
Ebay should either ban PCI coins or require a strong warning. ebay doesn't permit PCI coins to be listed as "certified" or to use numerical grades in the title or description. |
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Pillar of the Community
United States
1346 Posts |
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Replies: 22 / Views: 4,454 |
Posted 05/29/2015 11:29 am
