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 Replies: 21 / Views: 4,823 |
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Pillar of the Community
United States
5606 Posts |
I received a call this morning from a female friend who use to sell coins on the Bay, She said She found this incredible deal on 100 Peace/Morgan Silver Dollars for the low price of $399.99, that's right 100 coins with .77344oz of silver per coin times 100 coins=77.344 ounces of silver times the current daily value, lets say $35.00 per ounce, comes to $2707.04.
This is actually a bright person, who asked me about the topic, I told her to send me the item and I would call her back, well once I received the auction this is how it read, 100 Peace/Morgan Dollars for sale, $399.99 per lot, 10 lots available, under specs, all that was there was "U S MINT", THE ADDRESS WAS DEFAULT, DEFAULT, SINAPORE, SELLERS FEEDBACK 100% WITH 32 TRANSACTIONS.
I called her back and was told she bought the 10 lots, I informed her of the concerns of this apparent scam, she told me either way she was insured by pay/pal, she was not concerned if it went south.
I received another call with-in the hour she told me the auction was pulled, she has no information, was told an investigation was started and she will hear from pay/pal with-in 7-10 days, she did not wait for my opinion, which she actually called for in the first place, now has over 3 thousand dollars tied up and the seller was probably on his lap top, in his bank, the moment the funds cleared he with drew the money and I would venture a guess, he will not be seen any time soon.
I again state this is "normally" a bright person, whom I believe was just looking to invest and found the old saying, only this was in the form of an auction, if it looks too good to be true, chances are, it is NOT what it should be.......I just thought I would share this with the site, beware!
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Pillar of the Community
United States
759 Posts |
Dreams of $$$ can cloud judgment.
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Pillar of the Community
United States
1388 Posts |
Well at least you did the right thing and warned her, or tried to anyway, even if she ended up jumping on it... Like the old saying, "if it's too good to be true, it usually is..."
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Valued Member
United States
361 Posts |
Con artists have always preyed on others using greed as their primary weapon. It is a shame your friend got caught up in this scam. I am not implying your friend is a greedy person. Only that con artists often get people thinking they can make a fast, large profit if they act fast. Sure hope she doesn't lose any of her money and this thief is caught.
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Pillar of the Community
United States
3184 Posts |
if something is too good to be true, it most likely is.
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Pillar of the Community
United States
4000 Posts |
I can only HOPE that the only thing that happens to her is that her money is tied up for 7+ days. It just makes me sick that there are people like that out there.
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Pillar of the Community
United States
2335 Posts |
I'm 100% against any sort of con & think the person that perpetrated this scam should be prosecuted to the fullest extent of the law. At the same time I have about zero sympathy for the victim. The fact that she used to sell coins on ebay implies she had at least a minimum of knowledge, which should have been enough to keep her from getting scammed. |
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Bedrock of the Community
United States
17884 Posts |
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the person that perpetrated this scam should be prosecuted to the fullest extent of the law The problem is the "fullest extent of the law" is that he can't be prosecuted because he is beyond the laws jurisdiction. |
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Pillar of the Community
 United States
2448 Posts |
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Pillar of the Community
United States
509 Posts |
Morgans Dad, doesn't PayPal hold the money until delivery confirmation or until the buyer submits positive feedback? That's what happened to me a while back when I sold (for the first time) four items. I think it was well over a week before PayPal released the money to me. So perhaps your friend will be OK afterall.
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Pillar of the Community
United States
1150 Posts |
After so many feedbacks they don't hold the money, however it still takes a few days to transfer funds from Paypal to a bank account to be withdrawn. She's probably fine...but next time she may want to consider waiting for the opinion that she was seeking.
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Pillar of the Community
 United States
5606 Posts |
IMO, This is what went down, the Perp was a good boy under a false name for a while, then after a certain amount of dealings, and 100% feedback, he then decides it is time to pull the wool over the Americans eyes and on his lap top, in the bank, when he posted he had 10 lots of the 100 coins, and he saw them all sold he waited till ALL the funds were in this mock account, as soon as he saw the funds were there, bingo, he pulled the $3,999.99 and disappeared into the wood work. That kind of cash in those countries is like being wealthy for a while at least.....
Leaving pay/pal to clean up the scam and con artists trickery and IMO, will take a bath, just my opinion.....
I do believe that e-bay holds funds for a certain amount of time or transactions and then you are on your word, but we ALL see this is not a perfect world and need to be more vigilant in our every day moves......
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New Member
United States
6 Posts |
This sounds as if it may have been a misunderstanding rather than a scam. The seller may have advertised that he has 100 Morgan/Peace dollars for sale, to be divided into 10 lots (rather than having 10 lots of 100 coins each) for $399 per lot. Stamp sellers on ebay do this all the time, advertising "One hundred thousand stamps, $9.99, 100 lots available" and then lower down it explains that you don't get the whole 100,000 for $9.99, that mass of stamps is DIVIDED into 100 lots, so you get only 1,000 stamps for each $9.99 you shell out. |
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Pillar of the Community
3660 Posts |
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This sounds as if it may have been a misunderstanding rather than a scam. I'm with you Paul..... I'll bet a lot consists of ten coins. |
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Pillar of the Community
United States
5606 Posts |
Hello Zee, I really do not think that was the intention of the seller, actually the auction site was shut down in less than an hour after my friend bought 10 lots.......I would like to put up the auction for all to see,by doing so ALL would see there is no question as to the intentions of this seller, I wonder if I would be breaking any rules, I have the auction copied, for educational purposes......
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New Member
United States
6 Posts |
MORGAN'S DAD...
If it's possible to link to an image of the auction it would be helpful to see it.
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Replies: 21 / Views: 4,823 |
Posted 03/21/2011 11:13 pm
