Elderly customers sue coin company for fraud
 

Elderly customers sue coin company for fraud

5/10/2007 10:00 AM
By Marilyn Tennissen



Elderly customers thought they were making a sound investment when they bought rare coins from a Beaumont company, but instead found themselves in what may have been a scam to defraud the elderly......

.......
Plaintiffs say the evidence and testimony will show:
- Defendants are set up as high-pressure telemarketing operations;
- Complaints have been filed against Defendants all over the country, including complaints to the Federal Trade Commission;
- Defendants fabricate stories and lie about the origin and value of coins to increase their sales;
- Defendants "pitch heat" to increase their revenues, guaranteeing customers a substantial increase and appreciation on their coin investments, knowing their representations are false and misleading;
- Defendants obtain credit card numbers and charge customers' cards, without permission. . .a practice known as "banging" or "burning" a credit card;
- Defendants convince consumers to take out loans, including home equity loans, to purchase "rare" coins;
- Defendants offer a money back guarantee, but intentionally do not honor the guarantee;
- Defendants mislead customers about the mark-up of each coin being sold, failing to disclose the real mark-up;
- Defendants advise customers to take their money out of investments such as stocks, certificates of deposit and bonds, and to purchase "rare coins." Defendants tell customers their investment in coins will "outperform" their investments in other areas, without any specific underlying data to support such assertions;
- Defendants "bait and switch," selling customers on more expensive coins or coins Defendants know they do not have in their possession, and then send customers less expensive coins or coins the customers did not order; and
- Defendants' employees are taught to "isolate objections" and not take "NO" for an answer........

Link:
http://www.setexasrecord.com/news/19...pany-for-fraud

Re: Elderly customers sue coin company for fraud
 

One a$$hole from Universal called me recently, after I had ordered one of the $10 NGC SAEs.

Unbelievably pushy & deceitful. He came a hair's-breadth away from promising a guaranteed gain on the Platinum AE set he wanted to "unload" on me for well over PCGS book value. I asked him point blank, "are you assuring me that I will not lose money on this sale ever?" Of course, he changed his tune quickly. My wife feigned an urgency to get to an appointment to get me off the phone, and even then, he wouldn't let me go. I came close to just hanging up.

I imagine older people, with more refined manners than the average American, not wanting to disappoint people and say "no," and, with many older people fearful of losing their Social Security or not having enough to live on in general, place hope before reason and say "yes" to such "deals."

Re: Elderly customers sue coin company for fraud
 

It's a jungle out there. Nobody here should be surprised anymore.

:bawling: They got sugar-water Coke machines in public elementary schools. Unborn grandchildren owe on the National Debt.

Re: Elderly customers sue coin company for fraud
 

I don't want to see anyone taken, but why is it that when the elderly are taken it's consider a greater crime? You couldn't get a dime off of most older folks that I know. As sap is a sap at any age. An elderly sap is usually just one who never learns.

Re: Elderly customers sue coin company for fraud
 

It sounds cold, but you have a point. The elderly are like sacred cows. Cheat a 40 year old, and you're just a jerk, but cheat an 80 year old and you should be boiled in oil.
Of course, I too am more angered when it is the old folks who get robbed, but shouldn't they know by now?

Re: Elderly customers sue coin company for fraud
 

You think those geezers don't know that when they cash their final Social Security check their ponzi scheme will soon collapse right after they buy their last Medicare diaper?

:scorpio: paid for by their unborn grandchildren.

Re: Elderly customers sue coin company for fraud
 

It's because the elderly, like children, are among the most vulnerable members of our society. Thus we, the younger and stronger members, must rise up to protect the weaker. Call me a socialist but I hate when the strong prey on the weak. We're supposed to be civilized; this isn't Mutual of Omaha's Wild Kingdom.

Re: Elderly customers sue coin company for fraud
 

Right, when you hit 62 you are a child again. Just try and telling that to the seniors I know.

Re: Elderly customers sue coin company for fraud
 

Well I'm one of them old folks, but ya don't need to waste your time protecting me. I just returned from a bowling pin shoot. 6.7 seconds, draw, five pins off the table and holstered with two rounds to spare.

:bull-smile:

m

Re: Elderly customers sue coin company for fraud
 

[QUOTE=mjk1971;604543] I came close to just hanging up.[QUOTE]

Why not? Kinda ends it quick, no?
I have absolutely no problem with hanging up on pushy telemarketers.
One even called back one time...
"Hello Mr. Wyldwil. We seem to have been disconnected. I was tell...."

"No. Actually,I hung up on you. Like this...<click>"

Re: Elderly customers sue coin company for fraud
 

My mother-in-law is 83. We're on the Alzheimer's journey. 6 years ago she was doing better. When the wife went to NDakota to move her to COS she spent the better part of 2 weeks cleaning out the house after 50 years of living. The odd thing was that you couldn't walk through the house unless you followed a pathway. Bedroom doors wouldn't 'open' all the way either. Why? Because of all the junk she collected from phone solicitors selling her stuff. Once they got your number they keep calling back.

If you would have called her after she got here, she would have said, "Sure, I'll take one." and write you a check. Her problem solving abilities are declining.

If you haven't experienced it, you have no idea....

Imagine a phone call from her at 2 AM. "Hi, I'm dressed and ready for brunch!" Or how about a call at 5:30 AM asking "Are you asleep?" Or how about the call at 7:30 AM that says how do I get to brunch? 'It's easy mom, you just walk out of your cottage to the bench, then walk toward the double doors.' (She's walked it every day for 5 years.)

Five minutes later she calls back, same conversation. Same answer.

Five minutes later she calls back, same conversation. Same answer.

This goes on some mornings for a good 6 or 7 calls or more! Now, imagine you have a regular job...

Like I said, you have no idea....

Now imagine you are a telemarketer...We'd all like to think we have our wits about us.

The funny thing about this journey is this: If you ask mom if she has a problem or a 'disease' she'll tell you flat out that she doesn't. She's as healthy as a horse. She'll even pull a joke on you and you'd swear she was normal, but after sitting with her for a spell, you soon realize that there is a loop tape playing in her head.

Maybe that's why it's not looked upon favorably? Just an idea....

Re: Elderly customers sue coin company for fraud
 

Great post.

Hang them up by their balls by driving nails through their sack.

If they live they will tell others not to do as they have done!!

Re: Elderly customers sue coin company for fraud
 

For what it's worth, Universal Coin & Bullion did not hassle me one iota when I (and my fiancee) ordered the $10 slabbed silver eagles. They didn't try to sell us anything else. The coins showed up as promised, very quickly (in about a week), and they look great.

On the other hand, I tried an intro deal with the American Historical Society for a silver eagle and that guy was RELENTLESS. Kept trying to sign me up for 75 different recurring charge programs ("I'm gonna go ahead and send you out this coin, just return it if you don't like it"), including not just coins, but credit card insurance and other crap ... THEN said he was going to give my billing info. to some OTHER company that would call me and try to sell me stuff... and THEN you get a card in the mail you have to fill out and mail back in within like 2 days, and THEN wait like 6-8 weeks for something that may or may not ever arrive (it hasn't yet). Argh. Worst "free" item ever.

Re: Elderly customers sue coin company for fraud
 

The rule of thumb at our house is when we say "hello" and hear nothing immediately, we hang up...first time every time.