ED Magedson – Founder
Toronto Gold Bullion5775 Yonge St. Suite 100 Toronto , Ontario Canada
Toronto Gold Bullion AKA www.torontogoldbullion.com Coin dealer steals money for merchandise they did not have but refuses to refund! Toronto Ontario
This has been a long drawn out ordeal and I will summarize it as best as I can to hopefully warn others and see if someone can offer any advice or insight. I'm a beginner when it comes to coin collecting but this experience has me ready to throw in the towel on coin collecting altogether. In May of this year, I saw a coin online I needed for my collection (1/4 oz. gold lunar coin, non-proof) from Toronto Gold Bullion aka www.torontogoldbullion.com. I did some research to make sure they were reputable and they were no complaints about them. Everything checked out so I ordered the coin and made arrangements to pay with it with an US Postal money order since they would not accept credit card on a first time order. Fast forward, two weeks later, I contacted them to confirm the receipt of the money order and they confirmed it was received. Followed up later that week to get an update on when the coin would be sent out and a couple of days later was told they don't have it in stock. They offered me another coin I already have and pondered why they still had the coin I wanted listed as on sale? Well anyway, we agreed to a compromise of sending another coin.
Fast forward a week after that the coin hadn't been sent going on 3 weeks. I received apologies and strangely calls very late in the evening from the rep I've been primarily working with named Ehsan. He would go on to apologize and explain that they were in the same situation I was as far as paying from product(s) and not receiving them, in order words his supplier stiffed his company. Explained to him his company should not list things for sale they have in inventory because it's illegal and unethical but that's another story. So we agreed since I'd gone through the ordeal I had, that he promised to send the 1/4 gold coin that we made the compromise on and the 1 oz silver coin of the same type. He called me a couple times late at night sounding flustered and weary after our initially phone conversation. I gave his company a week to make things right. A week later arrives no coin or tracking so at this point I just want my money back which I began tracking the money order.
A couple of days later, after making this request, I received a tracking number for FedEx. Strangely though a day after it was sent, it gets returned to their office? Ehsan goes on to explains customs returned it? I may be wrong but from what I tracked it never made it to customs from what I saw. Well over a month now and emails back and forth, he calls me again asking for chance to make it right and he was going to research why it got returned. I tell him Monday (that Thursday was our last phone conversation) either have my coins sent with a tracking number or send me back the $443.35 I sent your company. I contact Consumer Protection Agency and the Canadian Anti-Fraud Centre to report my situation. He is aware of this and doesn't want me to get them involved but I informed him what else am I suppose to do? Monday arrives and no word back from Ehsan so I wait until the end of the business to follow up and no response. The following morning I advise him I would like my full refund back. No more excuses, stalling or late night phone calls. When I do hear from him later in the week, he apologizes and said they will refund the money immediately.
I follow up a couple days later and he ask me via email if I stop payment on the money order (in hindsight I wish there was some way I could). I explained to him it's a US money order, paid with cash and informed him I received confirmation that it had been cashed (still waiting for the physical paperwork). The next day he tells me that the money order bounced. At this point, I'm furious at this point because to my knowledge a US Postal money order cannot cashed and it's clear as day that this company is playing me. I call his bluff & send copies of the money order and receipt. It's been over week now since I've heard from him and the Canadian agencies won't get around to investigating this case for another 2-3 months if I'm lucky. In hindsight, I feel duped and like an idiot going against my common approach of not dealing with payments "in the mail" (in person, Paypal and CC even though the fees stink, it protects you from this) especially to a foreign company. I haven't had any problems with APMEX, the Canadian Mint or Perth Mint but this situation has left me with a sour taste in my mouth. What else could be done on my part to remedy this situation? I not only think of myself but think of other collectors who may not be as experienced as some you who sends their money to a company who essentially has you at your mercy so I think it's important to get the word out as well as get sound advice.
I have contacted the media in Toronto as well and did converse with someone but since then my email has been hacked from out of nowhere (I'm guessing) so I can't access a lot of the earlier emails between the company and I but thank goodness I forwarded many of them to the Fraud Centre and Consumer Protection. Thanks for any advice and insight you can provide.
This report was posted on Ripoff Report on 06/27/2013 04:26 PM and is a permanent record located here: http://www.ripoffreport.com/r/Toronto-Gold-Bullion/Toronto-Ontario/Toronto-Gold-Bullion-AKA-wwwtorontogoldbullioncom-Coin-dealer-steals-money-for-merchand-1062672. 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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