• Report: #871775

Complaint Review: Steven Teitelbaum

  • Submitted: Sat, April 21, 2012
  • Updated: Sat, April 21, 2012

  • Reported By: Erick — Studio City California United States of America
Steven Teitelbaum
12301 Ventura Blvd Studio City, California United States of America

Steven Teitelbaum Los Angeles Coin Company took my goods and never paid me! Studio City, California

*UPDATE Employee ..inside information: my answer to this ridiculous report

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In February of 2011 I decided to sell my position in silver to Steven Teitelbaum, my coin dealer.  He did not pay me that day, promising the money the following day.  When I called the following day he apologised and said the money would take a week to put together.  To make a long story short, 4 months after the transaction I was still chasing him.

He then offered me a "deal".  He said he was a bit tight for cash and if I lent him an extra $30k (he owed me $55k), that I could expect a payment of $9k per week over a 10 week period.  Given that my sale to him was basically on a handshake (yes, some would call that stupid but I've done previous business with this man in this manner), and I was therefore not in a position to sue, I agreed, allowing me to putting together a promissory note, which I had him sign with a notary present.

He then proceeded to default on the note, all the while making the most earnest promises about one deal or another he was working on, which would allow him to pay me off.  I was patient, kind and understanding to a fault, wishing to avoid antagonising him, and knowing that the best possible outcome from a lawsuit would be a judgement, which would leave me in the awkward position of having to collect.  By his own admission, he had transferred all his assets to his wife and then divorced her, to avoid other collection efforts.  I therefore played it nice, hoping that as long as we remained on friendly terms, he would honour his debt to me.

In March 2012 he recounted to me that an old client of his had called and threatened him.  I was sympathetic to him, never having been threatened in my life and expressed to him my concern for his safety.  He said he was having the FBI look into the matter.

A few days later he texted me to say that this old client had continued to threaten him and that this time my name had somehow come up.  He then accused me of being behind these supposed accusations and demanded that I withdraw the threats or else I could kiss his debts good bye.

At that point, and after hearing so many unlikely stories across the months, it dawned on me that, contrary to his every statement, this man had never had the intention to pay me back.

In point of fact, I have since run into another man (a friend of a friend) with a similar grievance.  Mr. Teitelbaum sold him precious metal coins for a sum larger than mine and never delivered the coins.  That transaction took place over 3 years ago and this fellow, also not having any written contract, just wrote off the sum.

My advice for anyone dealing with Teitelbaum: don't.  if you must, get your goods and/or cash first. do not trust him like I did.  I'm very sorry because $90k is not a sum one can write off easily.

Nor will I.  I will soon be bringing suit against him and his company. 

This report was posted on Ripoff Report on 04/21/2012 12:50 PM and is a permanent record located here: http://www.ripoffreport.com/r/Steven-Teitelbaum/Studio-City-California-91604/Steven-Teitelbaum-Los-Angeles-Coin-Company-took-my-goods-and-never-paid-me-Studio-City-C-871775. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 UPDATE Employee ..inside information

my answer to this ridiculous report

AUTHOR: los ángeles coin company - ()

my name is steben teitelbaum. i am writing this report to let people and associates know the real truth behind this supposed ripoff. the man that wrote this report is eric calder. he has not revealed the underlying transaction that clarifies the events that unfolded related to this transaction. this man originally was a bullion customer.after many transactions,he approached me with an investment that he was touting,an ethanol corn based fuel operation. i read the ppo and after initial due diligence, decided to invest the companies money as well as some associates funds into his proposal subject to completion of all my investigation. the investment was to be 2.5 million dollars.subsequent to review by my attorneys, it turns out that the supposed patents that were claimed to be in place never existed.our company invested $27,000 in legal fees to reach this conclusion.

this ppo proposal wasa total fraud and attemt to defraud us out of 2.5 million dollars. his cohorts in this deal turned out to be all unqualified managers of a company that had raised only a few hundred thousand dollars over several years to pay their own salaries. it is absolutely accuraye that eric calder has money due him in the sum of approximately $45,000, but this is because i demanded an offset to this amount to reimburse our company the $27,000 in legal fees related to his attempted blatant fraud.he refuses to accept the real amount owed him and has sued our company for monies not owed. this man has had people call my office and they have theatened myself and my cchildren.these threats were given to myself and several of my employees.i have filed reports with the los angeles police dept and am about to countersue him for all his felonious actions. this man , is not only not truthful in his report, he belongs in state prison.

i have seen about 15 negative yelp reports on our company over the last 4 years, but 15 disatisfied clients out of 200,000 transactions in 40 years tells it all. most of those reports are of a purely non business non professional nature which only can be accountable to people who have nothing better to do than complain about facts that are totally unsupportable.one of these complaints went so far as saying that i was incompetent due to my weight. please take note that a company cannot exist in the same location since 1973 if all this garbage were true. we are proud of ourselves in our lenght of time in business and the thousands of clients that we have made alot of money for due to our years of expertise. thank you for your consideration and time in reading my rebuttal to this farce of a complaint,sincerely,steven.c teitelbaum

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