I see where a member of this ICTA group Mike Fuljenz the President of Universal Gold and Bullion the lawsuit below is refered to. Also is involved in the following companies one way or another. First Capital Reserve, First American Reserve, First National Reserve, or First Fidelity Reserve
(Longnine "quote" So ICTA was formed to promote and defend rare coins.)I wonder if this is what they meant by promote and defend rare coins?
Makes one wonder about the ICTA groups interest and involvement in the like is?
Being the President I am sure he knew of the tactics the company used for sells or wouldn't of settled.I am sure one bad apple can spoil sometimes the whole bunch couldn't it.If the company wasn't guilty why would they even think of settling out of court?
In a lawsuit filed in Beaumont, Texas, and subsequently settled out of court, there were allegations that the coin companies improperly promoted, marketed, advertised and sold precious metal coins to customers. The Petition asserted several complaints and causes of action against the coin companies, including negligence, negligent misrepresentation, fraud, and violation of the Texas Deceptive Trade and Practices Act.
Some former customers of these companies allege in lawsuits that the coin companies made false representations to encourage the customers to purchase high-priced precious metal coins. These customers claim, among other things, that the coin companies improperly assessed the value of coins and made misleading statements concerning the origin and investment value of these coins.
At a court hearing on August 31, 2006, a former top salesperson at
Universal Coin & Bullion testified that he and other company salespersons were trained to "pitch heat" (i.e. fabricate stories) to current and potential customers regarding the coins. Additionally, there has been testimony of credit card abuse and sending coins to customers that they did not purchase.
Posted 12/01/2006 5:09 pm
