Florida Attorney General Joins Texas and New York Colleagues in Issuing Coin Fraud Consumer Alert

Florida Attorney General Joins Texas and New York Colleagues in Issuing Coin Fraud Consumer Alert

by | Aug 24, 2024 | Uncategorized

The growing nationwide coin fraud problem, as explained by the Florida Attorney General, is that:

“Thousands of consumers fall victim each year to rare coin investment schemes. It is not uncommon for individual victims of rare coin investment scams to lose more than $100,000.00 to a single telemarketing scam. Slick telemarketers try to convince you that the dollar is weak and that rare coins or gems or precious metals are a solid investment that quickly increases in value. Don’t be fooled. Few consumers ever profit from investing in rare coins or other commodities, simply because the consumers do not know enough information to make smart investment decisions.”

In addition to “doing your own research” and familiarizing yourself with the ins and outs of the rare coin and precious metals industry and “making sure you are dealing with a reputable coin dealer,” the Florida Attorney General makes the following excellent cautionary recommendations to avoid coin fraud scams:

  • Do not be pressured into making a bad decision. If the telemarketing salesperson uses high pressure tactics to force you to buy now (we only have a few good items left or the offer expires tomorrow), do not do business with this company.

  • Reselling your rare coins. . . . Beware: telemarketing scammers (using a new name) often target previous rare coin buyers for revictimization using claims that they can help sell your rare coins.

The Florida Attorney General hit the nail on the head. In our experience, the most common types of coin fraud swindles are: (1) fast talking, high-pressure con men selling unconscionably overpriced coins as “low risk/high reward” investments and (2) offers to appraise and/or “buy-back” consumers’ coin collections and then simply stealing the coins or else paying pennies-on-the dollar. We deal with these scenarios every day.

If you believe that you may have been the victim of coin fraud, there is more information available at the Coin Fraud Lawyers website (www.coinfraud.com). Or call 409-880-9714 right now to speak to a coin fraud lawyer for a free consultation.