"Gold IRA" ripoffs 0

[RWB]

The Washington Post for Monday July 31 has a lengthy article (pages 1 and 18) about how companies selling gold coins cheat people, especially those addicted to certain genre of TV and cable programs. NOTE: The article includes politically-linked consumer behavior/exploitation.

https://www.washingtonpost.com/business/2023/07/25/gold-ira-conservative-media/

[VKurtB]

On 8/1/2023 at 12:29 PM, RWB said:

The Washington Post for Monday July 31 has a lengthy article (pages 1 and 18) about how companies selling gold coins cheat people, especially those addicted to certain genre of TV and cable programs. NOTE: The article includes politically-linked consumer behavior/exploitation.

https://www.washingtonpost.com/business/2023/07/25/gold-ira-conservative-media/

I am a conservative's conservative and even I cuss at the stupid TV screen when these lying gold hawkers come on. NOTHING is free, and especially TV ads are not.  YOU pay for every second of ad placement, plus obscene commissions.

Edited August 1, 2023 by VKurtB

[Henri Charriere]

Caveat Emptor!

A timely reminder: past performance is no guarantee of future results and doubly so if you are looking to make a quick killing.

[VKurtB]

On 8/1/2023 at 2:16 PM, Henri Charriere said:

Caveat Emptor!

Which means, "if it's on a TV ad, run far, run fast, in the opposite direction!" Advertising is just legalized lying, and that includes political ads. The most grievous lies ever told were told in advertisements.

Edited August 1, 2023 by VKurtB

[GoldFinger1969]

Maybe the WaPo and other media outlets can do something about the Pension Ponzi Scheme that the American taxpayers are going to have to bail out.  We just gave the Teamsters $36 BB.

These companies are garbage or deceptive at best....but these "investors" didn't do their DD and quite frankly probably would have lost their $$$ to other shysters.  

Edited August 2, 2023 by GoldFinger1969

[RWB]

The companies are targeting vulnerable populations. The FTC has limited resources.

[VKurtB]

There IS such a thing as a gold IRA, but it is LOADED WITH FEES. There is NO SUCH THING as a gold IRA in which you maintain personal custody of the gold. No one has EVER managed to pull that one. These companies sell you a BROCHURE on how to craft an argument that has NEVER been approved by the IRS. You many need a five-letter last name starting with B to succeed at that scam.

[zadok]

On 8/2/2023 at 11:47 AM, VKurtB said:

There IS such a thing as a gold IRA, but it is LOADED WITH FEES. There is NO SUCH THING as a gold IRA in which you maintain personal custody of the gold. No one has EVER managed to pull that one. These companies sell you a BROCHURE on how to craft an argument that has NEVER been approved by the IRS. You many need a five-letter last name starting with B to succeed at that scam.

...the secret is u buy ur own gold n keep ur own gold no fees...dont depend on ur ira for anything if its even still there when its supposed to be there...use the fee money to buy a large caliber gold protection system...dont believe anything that anyone who is running for elective office ever says...if u dont have enuf storage space bury ur gold in the woods behind hoghead's still....

Edited August 2, 2023 by zadok

[VKurtB]

On 8/2/2023 at 3:43 PM, zadok said:

...the secret is u buy ur own gold n keep ur own gold no fees...dont depend on ur ira for anything if its even still there when its supposed to be there...use the fee money to buy a large caliber gold protection system...dont believe anything that anyone who is running for elective office ever says...if u dont have enuf storage space bury ur gold in the woods behind hoghead's still....

I’ll let you guys know when I’ve assembled MY still. We’ve had the building re-roofed, so it’s now safe and dry. I’m presently acquiring copper parts. Yeah, who am I kidding? I can’t even buy a lottery ticket in my state. The only thing you’re supposed to be able to buy on a Sunday is a King James Version, or a Ford F-150 with a gun rack. 

Edited August 3, 2023 by VKurtB

[samclemen3991]

Yes tsk tsk MR B.  Insidious of you to have conned good men like Giuliani, Cruz and Huckabee  to be the shills for your nefarious plots.

[zadok]

On 8/3/2023 at 10:40 AM, VKurtB said:

I’ll let you guys know when I’ve assembled MY still. We’ve had the building re-roofed, so it’s now safe and dry. I’m presently acquiring copper parts. Yeah, who am I kidding? I can’t even buy a lottery ticket in my state. The only thing you’re supposed to be able to buy on a Sunday is a King James Version, or a Ford F-150 with a gun rack. 

...if u buy a big enuf gun rack they will give u the truck for free....

[RWB]

On 8/3/2023 at 10:40 AM, samclemen3991 said:

Yes tsk tsk MR B.  Insidious of you to have conned good men like Giuliani, Cruz and Huckabee  to be the shills for your nefarious plots.

According the the article the people named were paid by the "gold IRA" frauds for their endorsement, and that was aimed specifically at a vulnerable population. I have no involvement in any aspect except to point out the abuse as it relates to gold coins and medals. Analogous situations exist for other products such as "brain supplement pills" that are chemically impossible, but targeted to the fears of old people (per FTC suit).

[VKurtB]

On 8/3/2023 at 12:02 PM, RWB said:

According the the article the people named were paid by the "gold IRA" frauds for their endorsement, and that was aimed specifically at a vulnerable population. I have no involvement in any aspect except to point out the abuse as it relates to gold coins and medals. Analogous situations exist for other products such as "brain supplement pills" that are chemically impossible, but targeted to the fears of old people (per FTC suit).

What took the FTC so long? All those celebrity gold hawkers need to be criminally charged. They’re no better than Samuel Bankman-Fried’s co-conspirators. I read that Tom Brady was paid a “commission” for his ads, and he’s out some ridiculous number of millions of dollars on the FTX debacle. He deserves it. So does Matt Damon. So do these FOX network gold hawking celebs. 

[GoldFinger1969]

On 8/3/2023 at 3:34 PM, VKurtB said:

What took the FTC so long? All those celebrity gold hawkers need to be criminally charged. They’re no better than Samuel Bankman-Fried’s co-conspirators. I read that Tom Brady was paid a “commission” for his ads, and he’s out some ridiculous number of millions of dollars on the FTX debacle. He deserves it. So does Matt Damon. So do these FOX network gold hawking celebs. 

Hawking gold, even overpriced gold, is NOT a crime.  Caveat Emptor and do you own DD.

SBF co-mingled accounts, misled regulators, and lied about positions.  While we need a final accounting, billions apparently were lost/lent out.

No comparison.

 

[RWB]

On 8/3/2023 at 10:07 PM, GoldFinger1969 said:

Hawking gold, even overpriced gold, is NOT a crime.

Nondisclosure of material facts, however, is fraud.

[VKurtB]

On 8/4/2023 at 10:28 AM, RWB said:

Nondisclosure of material facts, however, is fraud.

Ding! Ding! Ding! 

There is starting to be soooooooo much misinformation on this site. From Stackerdude lying about taxability of profits on American Eagle coins to excusing fraudulent advertising intentionally directed to a protected class (the elderly - my state’s Elderly Financial Abuse Act (AL) - you do NOT wanna get afoul of that here) to some shlub on here pumping and dumping modern condition rarities, there are too many people ON THIS VERY SITE spreading outright LIES. Getting me in a mood to get while the getting’s good if NGC’s moderators insist on giving ME —— about giving THEM ——. I don’t need this verkockte site. The NGC mods need to re-aim their sights toward the crooks on here. And they need to do it damned quickly. Come to think of it, I don’t need NGC at all!

Edited August 4, 2023 by VKurtB

[GoldFinger1969]

On 8/4/2023 at 11:28 AM, RWB said:

Nondisclosure of material facts, however, is fraud.

Yes it is....which facts left out ?  

[zadok]

On 8/4/2023 at 3:23 PM, GoldFinger1969 said:

Yes it is....which facts left out ?  

...i have a saint gaudens ice sculpture u mite want to buy, in fair disclosure it is made of water....

[RWB]

On 8/4/2023 at 3:23 PM, GoldFinger1969 said:

Yes it is....which facts left out ?  

That's what the FTC suit is about - failure to disclose fees, misleading and false information.

[VKurtB]

On 8/3/2023 at 12:02 PM, RWB said:

According the the article the people named were paid by the "gold IRA" frauds for their endorsement, and that was aimed specifically at a vulnerable population. I have no involvement in any aspect except to point out the abuse as it relates to gold coins and medals. Analogous situations exist for other products such as "brain supplement pills" that are chemically impossible, but targeted to the fears of old people (per FTC suit).

Prevagen, Balance of Nature, on and on. Here’s the truth. You’re getting old and it sucks. Learn to deal.

[VKurtB]

On 8/4/2023 at 4:45 PM, RWB said:

failure to disclose fees

Failure to disclose much of ANYTHING!

[VKurtB]

The FTC has been going hard after elder abuse (and I iz one) for a long time. This is merely the latest most numismatic example.

https://consumer.ftc.gov/all-scams/scams-against-older-adults

 

[USAuPzlBxBob]

If you're watching TV, it goes to commercial break… what do you do?

You hit the mute button.

If you switch channels, you're probably just going to see different commercials.

[VKurtB]

On 8/4/2023 at 7:56 PM, USAuPzlBxBob said:

If you're watching TV, it goes to commercial break… what do you do?

You hit the mute button.

If you switch channels, you're probably just going to see different commercials.

Can’t do that. The remote keeps walking off. 

[USAuPzlBxBob]

Works for me, and I speak from experience.

These days, my computer is close to me, on the kitchen island I'm sitting at, and the TV is three feet further beyond, in a built-in nook.

Remote is lying just left of the computer, on the island.

Commercial comes on the TV, hit mute on the remote, and I surf the net during the interim.

[GoldFinger1969]

On 8/4/2023 at 5:45 PM, RWB said:

That's what the FTC suit is about - failure to disclose fees, misleading and false information.

I'll have to see the specifics.  Sometimes these are shakedown suits by the SEC and FTC.  I do agree, at first glance, it does appear that there are high fees embedded in their sale.

[GoldFinger1969]

I do think that there should be some financial disclosure, especially for the elderly, to make sure that people who can't afford it aren't being swindled or even taking too much risk even if risks/fees are disclosed.

My father bought several thousand dollars worth of these worthless commemoratives of military and history events.  Nice mementos, just not worth thousands of dollars for their value.  Since I manage my parent's assets, I put a stop to this but once my father's condition deteriorated it would have posed a threat if it was just him and/or him and my mom.  Before that, he was OK mentally and bought them for his kids and grandkids even though he probably realized they weren't a good "investment" -- he just liked their designs and gave them to us as mementos, Christmas presents, etc.

That said, the markup on coins on those infomercials are often 25-35%.  Though there you are buying quality coins, just way over FMV.

Edited August 5, 2023 by GoldFinger1969

[RWB]

There are consistent legal and moral obligations to disclose all material facts and conditions when selling somethig. Period.

Edited August 5, 2023 by RWB

[zadok]

On 8/5/2023 at 7:36 AM, RWB said:

There are consistent legal and moral obligations to disclose all material facts and conditions when selling somethig. Period.

...good luck on trying to get justice on moral obligations in todays legal system, where the perps often have more protections than the victims....

[zadok]

On 8/5/2023 at 2:18 AM, GoldFinger1969 said:

I do think that there should be some financial disclosure, especially for the elderly, to make sure that people who can't afford it aren't being swindled or even taking too much risk even if risks/fees are disclosed.

My father bought several thousand dollars worth of these worthless commemoratives of military and history events.  Nice mementos, just not worth thousands of dollars for their value.  Since I manage my parent's assets, I put a stop to this but once my father's condition deteriorated it would have posed a threat if it was just him and/or him and my mom.  Before that, he was OK mentally and bought them for his kids and grandkids even though he probably realized they weren't a good "investment" -- he just liked their designs and gave them to us as mementos, Christmas presents, etc.

That said, the markup on coins on those infomercials are often 25-35%.  Though there you are buying quality coins, just way over FMV.

...i once assisted in the probation of an estate where the deceased who had maintained access to his deferred compensation account had systematically been purchasing, unbeknownst to his children, limited edition commemorative plates n pewter figurines to the tune of $44K because he had been convinced they were going to be a great investment....