| Author |
 Replies: 12 / Views: 5,234 |
|
|
Pillar of the Community
United States
3843 Posts |
Action 9 confronts owner of collectible shop accused of cheating consumers http://www.wftv.com/news/action-9/a...rs/447672710Quote:
MELBOURNE,Fla. - A Brevard County man claims he lost thousands trying to buy gold and silver coins from a Melbourne rare coin shop. It's a business Action 9 has investigated before.
According to Barry Ranew, the Melbourne coin shop promised a good deal on American Eagle gold coin investments.
Action 9's Todd Ulrich found out it was considerably less than what you would pay online, and Ranew would have the coins in 10 days.
Is it customary to pay up front for bullion from coin dealers? Sounds like a recipe for disaster. I've never done any sizable bullion deals but when I've bought it has always been cash upon receipt of the bullion in over the counter tranactions. |
|
|
|
Valued Member
United States
408 Posts |
If you are doing a face to face transaction, you should never pay the full sale amount upfront until everything has been received. I could understand paying a partial down payment to get the order started, but that is it. The most ASE's I have brought in one shot was 4000 coins. They were through APMEX, so I knew they were trustworthy. I would never trust a local coin dealer or a smaller venue with that size order. If there is a local coin dealer that can get me a great price for 4000 ASEs, I would probably think the sale is too good to be true. |
|
Bedrock of the Community
United States
17884 Posts |
new mind wrong comment
Edited by Conder101
09/21/2016 2:39 pm
|
|
Pillar of the Community
 United States
3843 Posts |
 joeysanders627 It appears that Coins & Curiosities (the shop mentioned in the article) has a fairly substantial ebay presence. http://www.ebay.com/sch/m.html?item...ities1&rt=ncHopefully the man and other customers mentioned in the article get made whole. They really need to consider consulting with an attorney, the police and media can only do so much in pushing for a satisfactory resolution, if these avenues fail they really need to consider litigation. |
|
Valued Member
United States
408 Posts |
APMEX is a lot more than just a website. Also, APMEX would never risk their reputation on a 4000 Silver Eagle order by slipping in some fakes. Remember it is not just about making an investment, it is also about making a safe investment.
|
|
Pillar of the Community
United States
3843 Posts |
Same coin dealer back in the news. This time not paying a woman $36K for a consigned collection of silver dollars. Looking at feedback online there appears to be many other victims of this dealer. Apparently people who inherit collections don't Google who they are dealing with before trusting someone with their valuable collection(s). http://www.wftv.com/news/action-9/a...ds/505119283Edited by Joe2007
03/23/2017 6:32 pm
|
|
Pillar of the Community
Canada
5238 Posts |
All the more reason for dealing with someone you know and trust.
|
|
Pillar of the Community
 United States
1998 Posts |
Wow! I was in Florida on business last month and visited this coin shop. John Kane seemed on the up and up... I was shocked to see this report. I bought a few inexpensive coins from him for a fair price.
|
|
Pillar of the Community
United States
3479 Posts |
It's not hard to put together what's going on. Every time I visit the two local shops in Kansas City (north of the river)the owners seem stressed out and complain about the soft coin collecting market. You never know what mood the owner will be in. And since it's a 30 and 40 minute drive to them, I stopped making the trip altogether and just buy online.
The online coin marketplace is eroding their margins. Unless they create a better customer experience to justify the markups, they will all be toast. It's just not worth driving to a shop if you have to listen to a grumpy guy complain about things.
Edited by MikeF
04/11/2017 12:29 am
|
|
Pillar of the Community
United States
3843 Posts |
Melbourne coin dealer charged with $300k worth of fraud http://www.floridatoday.com/story/n...d/495614001/Quote:
John Wentzel Kane, 63, of Melbourne, was charged Wednesday with 14 counts of grand theft, 12 counts of depositing a check with the intent to defraud, two counts of grand theft of a person 65 years old or older, racketeering, scheme to defraud, communications fraud and worthless checks. Finally! Good to see the crooks in our hobby have their bad deeds come back to haunt them.  |
|
Moderator
 United States
187544 Posts |
That is good news.  |
|
Bedrock of the Community
United States
12808 Posts |
Good. I'm too lazy to upload the meme of the baby with the "right on" fist. But you all can picture it, I'm sure.
|
|
Moderator
United States
187544 Posts |
Quote:
But you all can picture it, I'm sure. Yup.  |
| |
Replies: 12 / Views: 5,234 |
|
Posted 09/21/2016 2:37 pm
