ED Magedson – Founder
Liberty Trading422 W Gallatin St Vandalia, Illinois USA
Liberty Trading Precious Metals Ponzi Scheme Vandalia Illinois
Auction Buyer Beware!
I was exposed to this fraud through Proxybid.com. Now let me say Proxybid.com is a good sight and I am sure they have no idea what is going on here. Liberty Trading uses Proxybid to have internet auctions. These auctions are typically for precious metals like gold and silver and coins.
Here is the scam. They offer items for auction. You bid and win an auction. Then they demand you pay for your items within the 24 hours. This is typicaly how auctions work right. Here is the kicker. You pay them in full and they say they can not let you pick up your items at there so called store. In fact they tell you it will be up to 1 1/2 months before they can ship your items. This is absolutely crazy. You bid on something and pay for it but they wont let you pick it up or even ship it to you for over a month.
Here is what I believe is going on. They are selling something that they do not even own. They demand you pay for these make believe items. Then they use your money to go try and acquire these items for less than you bid. Or they are using your money to buy gold and silver that they sold to someone else weeks earlier. Either way this is a complete scam.
If it looks like a Ponzi scheme it probably is. Save your money and buy from dealers that sell you something they actually own.
This report was posted on Ripoff Report on 04/30/2013 04:56 PM and is a permanent record located here: http://www.ripoffreport.com/reports/liberty-trading/vandalia-illinois-62471/liberty-trading-precious-metals-ponzi-scheme-vandalia-illinois-1047462. 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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