The New York Attorney General has issued a Consumer Alert warning of “Common Investment Scams.” (https://ag.ny.gov/common-investment-scams)

The New York Alert specifically warns the public—and particularly senior citizens—to beware of several common Coin and Precious Metals scams frequently used by unscrupulous precious metals telemarketers and on-line coin fraudsters:

Precious Metals Deals

Precious metals have always attracted investors. Such tangibles as gold and silver seem particularly appealing to investors during uncertain times. Con artists urge jittery investors to put their savings into something they can hold on to rather than paper investments such as stocks and 55 bonds. There are several examples of precious metals schemes:

Coin Swindles

So called “rare coins” are often sold to unwary investors who are led to believe that they are a good investment that will increase in value over the years. Representations made about the expected increase in the value of these coins are almost always untrue and part of a scam perpetrated against unsophisticated, often elderly victims.

Such scams are conducted out of “boiler rooms” from which unscrupulous salespeople with no expertise in the coin market make hundreds of unsolicited phone calls to people whose names appear on so-called “sucker lists.”

The salespeople use high-pressure sales tactics and convey a sense of urgency about closing the deal. They also misrepresent the value of the coin, its scarcity and where it was obtained.

For example, a victim may be misled into believing that the coins were recently obtained through an exclusive estate sale and are in very short supply.

A common tactic used by these scamsters is to falsely promise to rebroker or resell the coins to another investor for a profit so that the victim is led to believe that he or she cannot lose money. Often, these coins are delivered in poor condition or are never sent at all.

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.