The National Rarities Exchange Inc ripoff consumer fraud ripoff N Miami Beach Florida

My story 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 Gary Singer. He suggested fractional gold pieces. I purchased an 1856 MS62 BG-311 50 cent piece ( account number 9638050-GS) on 7/29/93 for $1800.00. I was then urged to purchase a set consisting of a twenty-five cent piece and a dollar; this would optimize my earning potential.

I did purchase the twenty five cent piece (no date) nd ms-64 BG-222 (account number 9603425-GS on 8/10/93 for $3000.00. I was then called by a Mark Alexander and urged to purchase another fifty-cent piece an 1875 MS63 Bg-948 ( account number9652677-MA) for $2600.00.

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 fifty-cent pieces, the 1856 MS62 BG-311 (account number 9638050-GS) for a dollar piece 1868 MS61 BG1105 (account number 9604340-GS) on 10/18/93. I now had the complete set which I had invested $13000.00 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 $13000.00 to $16000.00 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.

On 1/20/94 the trade was made, my three gold pieces for a 10 Ruble and was encouraged to also purchase a 1913 Finland 10 Ruble Ms66 for $875.00

At this time I had a conversation with a friend who became suspicious and suggested I consult with a friend of his in the coin business. (Republic Precious Metals Inc.) I did and was given a retail value of $755 for both or a wholesale of $475.00 for both.

I called National Rarities Exchange and spoke with James Garafono and told him to sell these two coins and he told me he could get me $15000.00 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 $15000.00 even though he did not specialize in foreign coins. I filled out the consignment sheet stating what I wanted for each piece ($1000.00 for the 1913 Finland Markka and $14000.000 for the 1904 Russian Ruble) and sent it to Bruce Chapo' attention.

I questioned him on his statement that the coins were not his and he informed 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 had had a combined value of around $1000.00 but that the three fractional gold pieces I traded had a comparable value. He told me he would locate the three fractionals and return them to me and wash his hands of the whole matter. On 4/11/94 I received by Federal Express the twenty-five cent and fifty-cent pieces and on 4/29/94 he Federal Expressed the one-dollar piece for which I returned the Russian Ruble. He also purchased the Finland Markka for $875.00 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 numbers located on the case of each coin. I told him the 1868-dollar piece BG1105 had a MS62 rating one rating higher had the number 7434490. He said this was not his and that his had a number of 9604340. (located on the invoice). The 1875 BG948 MS63 had a number 7431340 on the case. This was also not his. His number was 9652677(see invoice). The twenty-five cent piece number 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 the value and that he sells coins of this type for $200.00 a piece.

As stated in the consumer complaint form I would like $15000.00 back from National Rarities Exchange.

Sincerely

Paul

PS: I have also spent $4000.00 in legal fees to no avail.

Paul
Lansdale, Pennsylvania