Complaint Review: Bruce Fox Golden West Numismatics - Irvine California
- Bruce Fox Golden West Numismatics vintamericoin@aol.com Irvine, California U.S.A.
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- Category: Mail Order Services
Bruce Fox Golden West Numismatics underpaid me via ponzi scheme (10/04-1/07)then disappeared with much of my coin inventory: total loss $645K! Irvine California
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Portraying himself as a bad health/victimized coin dealer/on the rebound & needing some dealer to dealer biz, he slowly and steadily got me to invoice on loan, increasing numbers and value of rare coins to him, to supposedly sell to his rich western states retail rare coin clients. He would pay me (supposedly at first/for specific coins he said were sold to his customers)every 10-14 days, leading me to think this was going to be a good working honest dealer to dealer relationship.
He was seemingly able to sell enough of my inventory, that i began to use chge card loans and then a secured substantial home equity Line of Credit, to purchase newer, and rarer, more expensive coins, that he said he had clients wanting and ready to buy. Now that there is ample evidence (from private detectives and the Sheriffs Dept)that he was using a ponzi scheme of in general, partially paying me for later coins w/funds he received dumping my earlier loaned/invoiced coins in the local/regional/national wholesale market.
Then, in mid Dec. of 06, he disappeared, along with much of my older and newer inventory, along with a number of major expensive U.S. coin rarities that had been memo'd/invoiced on approval to me by nine other nat'l dealers. He has devestated my families finances and current and future lives, leaving us with (outside our IRAs & single old townehouse), virtually no savings (this is also partly my fault), and substantial Debt, that we've been unable to continue to pay out and down. Also, my business reputation has (at least for the next few yrs) been seriously damaged, as has my ability to conduct my business and pay for coins (upfront), as is largely now insisted upon by other nat'l dealers!
Currently, there is an OCSD criminal case being developed against him (he knows about it), and i and my attorney are waiting to see what kind of immediate restitution/settlement- payment he is willing to give back, before possibly killing the case that is soon to go to the D.A. here in Orange County. Otherwise, he will be pulled in, tried, and hopefully convicted and given a lengthy prison sentence. Considering the amount of monies and rare coins he absconded with (the other dealers suffered 592K in losses this past fall/winter/i think it was), before he finally paid the smallest debt back to one of them for 6K), he could get a longer sentence, than he might imagine!
Do not do business with this man, do not buy coins from him, and definitely, do not do so by paying upfront! His track record seems to indicate he preys on coin dealers but, who knows who else he has ripped off over the years.
Lee
Laguna Hills, California
U.S.A.
This report was posted on Ripoff Report on 04/29/2007 02:04 PM and is a permanent record located here: https://www.ripoffreport.com/reports/bruce-fox-golden-west-numismatics/irvine-california/bruce-fox-golden-west-numismatics-underpaid-me-via-ponzi-scheme-1004-107then-disappear-246101. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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