Raymond Urso & Marsha Koenig, Principle Of Natonal Rarities Exchange & Jerry Nichter Of Rarity Asset National Rarities Exchange, coin ripoff consumer fraud ripoff North Miami Beach Florida

Dear Sir:
My saga began when I heard a commercial on WWDB a reputable talk show radio station in Philadelphia. It advertised the last true investment as being gold coins. I called and my first contact was with Gary Singer. He suggested fractional gold pieces.

So I purchased an 1856 MS62 BG-311 fifty-cent piece account number 9638050-GS on 07/29/93 for $1800. I was then urged to purchase a set consisting of a twenty-five cent piece, a fifty-cent piece, and a dollar. This would optimize my earning potential. I did purchase the 25-cent piece ND MS-64 BG-222 account number 9603425-GS on 8/10/93 for $3000. I was the then called by another individual whos name was Mark Alexander and urged to purchase another .50 piece an 1875 MS63 BG-948 account number 9652677-MA for $2600. Not long after Gary Singer called and I informed him of the purchase with Mark Alexander and he informed me that I should only deal with him.

I was then urged to complete my set by trading one of the .50 piece 1856 MS62 BG-311 .50 piece accountant number 9638050-6-s for the dollar piece 1868 MS61 BG 1105 account number 9604340-GS on 10/18/93. I now had the complete set which I had invested $12400 and was told by Gary Singer that I could make a $3000.00 profit at the next auction.

I then received a call from a Bobby Moore who spoke of himself as being the boss of Gary Singer and urged me to trade my three pieces worth $12000-$15000 in for a Russian Ruble 1904 10 Ruble MS63. I told him I would only deal with Gary Singer. I was then put on a three-way phone conversation consisting of Bobby Moore, Gary singer and myself. Gary Singer told me it was ok to deal with Bobby Moore, as he was very knowledgeable.

At this time I had a conversation with a friend who had heard of scams like this and had me consult with a friend of his in the coin business, Republic Precious Metals Inc. I did and was given a retail value or $755 for both or a wholesale of $475 for both.

I called National Rarities Exchange and spoke with James Garafono and told to sell these two coins and he told me he could get me $15000 for the two coins and I should Federal Express them to him. Soon after I did this Bruce Chapo of National Rarities called me and told me he was sending the coins back because these were not his coins but that he could sell them for me for $15000 even though he did not specialize in foreign coins. I filled out the consignment sheet stating what I wanted for each piece $1000 for the 1913 Finland Markka and $14000 for the 1904 Russian Ruble and sent it to Bruce Chapos attention.

I questioned him on his statement that the coins were not his and he told me that Bobby Moore was an independent contractor who worked for both National Rarities Exchange and Rarities Asset Management.

I called Rarities Asset Management and spoke to an owner Jerry Nichter. He confirmed the two pieces that I owned had a combined value of approximately $1000 but that the three fractional gold pieces I traded had a comparable value.

He told me he would locate the three fractional pieces and return them to me and wash his hands of the whole matter. On 4/11/94 I received by Federal Express the .25 and .50 pieces and on 4/29/94 he Federal Expressed the $1.00 piece for which I returned the Russian Ruble. He also purchased the Finland Markka for $875 on May 4,1994.

I called Bruce Chapo and informed him I had the three fractional gold pieces and asked him for my money back. He asked for the number located on the case of each coin. I told him the 1868 $1.00 BG1105 had a MS62 rating one rating higher had the number 7434490. He said this was not his that his had a number of 9604340 located on the invoice. The 1875 BG 948 MS63 had a number 7431340 on the case. This was also not his. His number was 9652677. The 25- cent ND BG-222 was the only one that is his with the number of 9603425.

I spoke with the appraiser at Republic Precious Metals Inc. and he told me this number made little difference as to value and that he sells coins of this type for $200 a piece.

As stated in the consumer complain form I would like $15,000 back from National Rarities Exchange

Sincerely

Paul

P.S. I have been in contact with Burt Hodges with the State Information Bureau who has been very helpful in supplying information. He can be reached at 1-800-881-1742 or e-mail hodge@fali.com.

Paul
Lansdale, Pennsylvania
U.S.A.