Coin Scams

[jlueke]

These types of scams are causing the State of Minnesota to consider forcing coin dealers to register and carry surety bonds before doing business http://www.ag.state.mn.us/Consumer/Publications/FraudulentGoldCoinDealers.asp

 

The first paragraph:

 

Non-delivery Scams. In some cases, gold coin dealers work to build a potential victim’s trust and then get them to send in payment for a supposed delivery of coins, but then fail to deliver the product. This type of non-delivery scam is theft. These fraudsters may rely upon aggressive marketing tactics, flashy websites, and/or a sense of urgency to get people to send them thousands of dollars for coins. In some cases, the fraudster may claim to have access to “special deals” or “once in a lifetime investment opportunities” which they use to convince their victims to act immediately. In other cases, the scammer may try to create a heightened sense of fear about the economy or the stock market. Scam coin dealers that target senior citizens may even try to invoke fear about the potential of another Depression or market crash. Once the fraudulent operator gains the victim’s trust, they pressure them into sending payment, but once they obtain the money, they cut off contact with the person and refuse to deliver the coins or provide a refund. Due to the criminal nature of this type of scam, citizens with information or who believe they may be victims, should report it directly to the criminal authorities, including their local police, sheriff, county attorney, and federally to the Federal Bureau of