- Report: #895056
Complaint Review: Town East Gold and Silver Exchange
| Town East Gold and Silver Exchange 1765 N. Town East Blvd. Suite 112
Internet United States of America |
|
Town East Gold and Silver Exchange Misrepresented value of coins and tried to scam them to buy bullion coins that were advertised as rare date and extremely contactable Prices extra for claiming coins were in Packaging From the US Mint Mesquite , Internet
*Consumer Comment: Law?
*Author of original report: Did you read all of it?
*Consumer Comment: Not buying this part.
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This report was posted on Ripoff Report on 06/09/2012 05:13 AM and is a permanent record located here: http://www.ripoffreport.com/r/Town-East-Gold-and-Silver-Exchange/internet/Town-East-Gold-and-Silver-Exchange-Misrepresented-value-of-coins-and-tried-to-scam-them-t-895056. 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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Search TipsI'm not disagreeing that practices such as you described are shady. The problem is really an uneducated investor taking investment advice from some telemarketer. Technically, that would fall under fraud statutes, but it is notoriously hard to prove when the only evidence is an investor who says one thing and a company rep who says they must have misunderstood. AGs in CA and NY have tried to go after metal dealers that do this, but short of a full fledged sting operation with phone recordings, it never goes anywhere.
" There is a law to protect the customer for those situations now because all the company's that have telemarketers convincing people to buy high graded coins for their value. "
Such a law would go a long way towards solving the problem in the industry, but I've never heard of it. Can you be more specific?
#2 Author of original report
Did you read all of it?
AUTHOR: REAPER1775 - (United States of America)
SUBMITTED: Tuesday, June 12, 2012
That is why it is illegal to misrepresent coins, and tell them one coin is a better investment than another.
#3 Consumer Comment
Not buying this part.
AUTHOR: Flynrider - (USA)
SUBMITTED: Tuesday, June 12, 2012
Basically, your claim is that their buy prices are too low and their sell prices are too high. That is not against the law and I seriously doubt that any AG would have the slightest interest. You can sell your coins for whatever you think you can get for them.
I've got a stack of 2009 1oz. maples that I'd be willing to part with for $6K apiece. Maybe you'd better tell the AG about me too.
I'm not saying the prices you quoted aren't outrageously expensive. I'm just not buying this notion you have that it is against that law to sell things for high prices. Been to a Neiman Marcus store?

