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State suing coin dealer amid crackdown
FROM:
http://www.bizjournals.com/columbus/...9/daily24.html State suing coin dealer amid crackdown Business First of Columbus by Matt Burns Wednesday, July 1, 2009, 12:36pm EDT Ohio Attorney General Richard Cordray is suing a Long Island, N.Y., state coin dealer as part of a multistate crackdown on alleged consumer fraud. Cordray said Wednesday that his office has filed suit in Hancock County Common Pleas Court against Amityville-based Alliance Coin Inc. and its president, Barry Rothman. The state alleges Alliance violated Ohio consumer protection law, and it wants to levy financial penalties and hold the company responsible for reimbursing consumers. Cordray's office said the dealer of rare coins allegedly has used high-pressure sales tactics over the phone and is targeting senior citizens in its business pitches. Cordray claims the company has misrepresented the value and investment grade of the coins in its business dealings and operated without registering in the state as a telephone solicitor. Reached by phone Wednesday, Rothman declined to comment on the lawsuit. Kim Kowalski, a spokeswoman for Cordray's office, said the state's investigation began after it received a complaint from an 82-year-old Hancock County resident who allegedly spent more than $25,000 on Alliance coins to later discover they were worth much less. Alliance claims to offer a 15-day refund window, but that might not be enough time for consumers to discover any gaps in value, the Attorney General's Office said. The Hancock County complaint is the only one filed with the state, but Kowalski said the office is aware of other allegations made by Ohio consumers. The lawsuit is part of a national sweep dubbed Operation Short Change that targets companies accused of exploiting consumers amid the recession. Ohio is one of 14 states that have filed suits, while the Federal Trade Commission has mounted 15 cases and the Department of Justice is pursuing 42. ... |
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State suing coin dealer amid crackdown
The Numismatic Consumer Alliance http://www.stopcoinfraud.org/nca2006/press.html
and founders Laura Sperber, Steve Ivy, John Albanese (among others) have been effective in making life a lot harder for the boiler-room operators who prey on the elderly. |
#3
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State suing coin dealer amid crackdown
"Frank Provasek" wrote in message ... The Numismatic Consumer Alliance http://www.stopcoinfraud.org/nca2006/press.html and founders Laura Sperber, Steve Ivy, John Albanese (among others) have been effective in making life a lot harder for the boiler-room operators who prey on the elderly. A nice idea in principle but it sounds like a large can of worms. Policing grading agencies? Maybe NGC should be investiaged because they are not as strict as PCGS. At what percentage over "market value" (however that is determined) do we consider a buyer as being taken? |
#4
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State suing coin dealer amid crackdown
On Jul 4, 2:25*pm, "PC" wrote:
"Frank Provasek" wrote in message ... The Numismatic Consumer Alliance http://www.stopcoinfraud.org/nca2006/press.html and founders Laura Sperber, Steve Ivy, John Albanese (among others) have *been effective in making life a lot harder for the boiler-room operators who prey on the elderly. A nice idea in principle but it sounds like a large can of worms. Policing grading agencies? *Maybe NGC should be investiaged because they are not as strict as PCGS. At what percentage over "market value" (however that is determined) do we consider a buyer as being taken? In many businesses offering an item that is not as advertised risks the customer returning it expecting a refund. Some coin grading questions are just a matter of opinion, but I've certainly seen cases that are not. Some are clear enough that the idea seems reasonable. |
#5
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State suing coin dealer amid crackdown
Peter wrote:
On Jul 4, 2:25 pm, "PC" wrote: "Frank Provasek" wrote in message ... The Numismatic Consumer Alliance http://www.stopcoinfraud.org/nca2006/press.html and founders Laura Sperber, Steve Ivy, John Albanese (among others) have been effective in making life a lot harder for the boiler-room operators who prey on the elderly. A nice idea in principle but it sounds like a large can of worms. Policing grading agencies? Maybe NGC should be investiaged because they are not as strict as PCGS. At what percentage over "market value" (however that is determined) do we consider a buyer as being taken? In many businesses offering an item that is not as advertised risks the customer returning it expecting a refund. Some coin grading questions are just a matter of opinion, but I've certainly seen cases that are not. Some are clear enough that the idea seems reasonable. We can all cite, and I have often cited, cases that we individually consider to be egregious, but where, exactly, is the cutoff point between "matter of opinion" and "clear enough that the idea seems reasonable"? Warning: giving so much as the tiniest hint of opinion in your answer to that question muddies, not clarifies, the water. 8) James the Conflicted |
#6
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State suing coin dealer amid crackdown
"Frank Provasek" wrote in message ... The Numismatic Consumer Alliance http://www.stopcoinfraud.org/nca2006/press.html and founders Laura Sperber, Steve Ivy, John Albanese (among others) have been effective in making life a lot harder for the boiler-room operators who prey on the elderly. Speaking from experience, Fwankie? |
#7
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State suing coin dealer amid crackdown
On Jul 4, 2:32*pm, "Bob F." wrote:
"Frank Provasek" wrote in message ... The Numismatic Consumer Alliance http://www.stopcoinfraud.org/nca2006/press.html and founders Laura Sperber, Steve Ivy, John Albanese (among others) have *been effective in making life a lot harder for the boiler-room operators who prey on the elderly. Speaking from experience, Fwankie? Actually, it is amusing (and sadd) how the second poster in this thread tries to associate himself with several big-time & well- capitalized "names" in the high-end portion of the numismatic industry. oly |
#8
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State suing coin dealer amid crackdown
"oly" wrote in message ... On Jul 4, 2:32 pm, "Bob F." wrote: "Frank Provasek" wrote in message ... The Numismatic Consumer Alliance http://www.stopcoinfraud.org/nca2006/press.html and founders Laura Sperber, Steve Ivy, John Albanese (among others) have been effective in making life a lot harder for the boiler-room operators who prey on the elderly. Speaking from experience, Fwankie? Actually, it is amusing (and sadd) how the second poster in this thread tries to associate himself with several big-time & well- capitalized "names" in the high-end portion of the numismatic industry. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ He frequently does so. I doubt anybody believes there is an association however. I DID notice that the "full time" dealer currently has no auctions on fleabay. |
#9
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State suing coin dealer amid crackdown
On Jul 4, 4:16*pm, oly wrote:
Actually, it is amusing (and sadd) how the second poster in this thread tries to associate himself with several big-time & well- capitalized "names" in the high-end portion of the numismatic industry. oly I was associating the Numismatic Consumer Alliance with those dealers, not myself. I am, however, longtime friends with Steve Ivy. Both of us were bid board members at the Fred Causey coin shop in Fort Worth. |
#10
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State suing coin dealer amid crackdown
On Jul 5, 6:42*pm, Frank Provasek wrote:
On Jul 4, 4:16*pm, oly wrote: Actually, it is amusing (and sadd) how the second poster in this thread tries to associate himself with several big-time & well- capitalized "names" in the high-end portion of the numismatic industry. oly I *was associating the Numismatic Consumer Alliance with those dealers, not myself. I am, however, longtime friends with Steve Ivy. *Both of us were bid board members at the Fred Causey coin shop in Fort Worth. Whoa squire, say no more!!! Say no more!!! I used to attend local coin club meetings with Marc Chrans, so I know all about these brushes with greatness. oly |
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