Precious metal coin scams are rampant across late night television ads, fear mongering websites, and persistent telemarketing campaigns selling coins pitched as “rare”, “limited”, “signed” or “highly rated” when in fact they are simply “commemorative” or “modern” coins with limited value.
Have you seen them? Here’s what you should know.
Precious metal coin scams are rampant across late night television ads, fear mongering websites, and persistent telemarketing campaigns.
Have you seen them? Here’s what you should know.
In 2014, a U.S. Senate Special Committee on Aging estimated that more than 10,000 Americans have been victimized by precious metals fraud, with losses totaling around $300 million. Given that many victims do not know they have been cheated, this amount could be even more. In addition, the regional director of the Federal Trade Commission has warned “. . . there’s so much subjectivity in the value of coins, it’s always ripe for deception.”
States and cities in Texas, Kentucky, Ohio, Tennessee, Minnesota, New York, Florida, Washington, California and elsewhere have investigated and prosecuted coin fraud scams.
In 2015, Attorney Bruce Steckler of Steckler Wayne Cochran Cherry PLLC filed a class action complaint against U.S. Money Reserve, Inc. and Fidelity Gold & Bullion, LLC in the United States District Court for the Central District of California in Los Angeles on behalf of consumers who have purchased commemorative coins since 2005, based on allegedly misleading and deceitful sales tactics. The lawsuit is seeking to enjoin the defendants from further solicitation, restitution damages, and punitive damages.
The named plaintiff of the class action, Ms. Erica Stux, was allegedly solicited over the phone by the defendant companies 14 times in 7 months, eventually purchasing over $250,000 worth of coins. This was the beginning for Mr. Steckler in pursuing these companies. More recently, he has filed suits on behalf of victims of coin fraud alleging that companies through their presidents, salespeople, and marketing materials have made false, material, positive representations grossly exaggerating the value of the coins. The outcome of many of these suits was to make his clients whole again.
If you have been scammed, have purchased coins fraudulently, or aren’t sure if you have been scammed. contact us today to tell us about your experience and to set up a free coin evaluation.
Attorneys General around the nation have issued warnings and guidelines about the high risk of fraud in the rare coin market. The Federal Trade Commission warns “[i]f you’re thinking about buying collectible coins as an investment, the Federal Trade Commission (FTC), the nation’s consumer protection agency, has three words for you: research, research, research.” The Florida Attorney General cautions that “[s]lick telemarketers try to convince you that the dollar is weak and that rare coins or gems or precious metals are a solid investment that quickly increases in value. Don’t be fooled. Few consumers ever profit from investing in rare coins[.]”
Americans lose millions of dollars each year through gold coin scams. There are several companies advertising in popular magazines for gold bullion and commemorative coins as investments. They also assert that “collectible coins” have some aesthetic or historical worth that provide greater value. In addition, they often suggest that gold coins are better, safer investments and outperform bullion and other reputable investment vehicles. Unfortunately, these claims are incorrect.
IMPORTANT NOTICE ON THIS NEWS STORY: Ms. Williams alleges that Asset Marketing Services LLC d/b/a GovMint.Com (“GovMint.com”) significantly overcharged her more than $13,000.00 for only 7 coins and represented to her that she could potentially realize a 400% return on the purchase of these coins. Another Plaintiff in the lawsuit alleges that he was overcharged $610,000.00 for only 127 coins by GovMint.Com. Here is a link to the 2016 Consent Order with the State of Minnesota in which the company was ordered to pay a civil penalty for their sales practices. It appears that the coins in the news story were demonstrative. Ms. Williamson reached a confidential settlement with another coin company that she alleges overcharged her.
Mr. Steckler recently noted, “I do not want to get a victim’s money back and then have them pay legal fees above and beyond the value of their loss. We want the consumers to be made whole, which means that we want a recovery of legal fees and expenses as well as any consumer loss.”
Mr. Steckler offers clients free evaluations of their coins by expert numismatists.
Bruce W. Steckler founded Steckler Wayne Cochran Cherry, PLLC after two decades of successfully litigating a variety of commercial, securities, mass tort, products liability, consumer, personal injury, and first party insurance cases. He envisioned a law firm where attorneys and employees garnered the trust and full confidence of clients. Today, he has formed a practice which provides unparalleled client service and personal attention to the needs and objectives of its clients.
He was a partner at three Dallas-based firms and, most recently, was a shareholder and the head of the General Litigation Section of one of the largest plaintiff firms in the United States. He is known as an aggressive advocate willing to take innovative approaches to achieve success for his clients. His legal acumen has won him recognition by D Magazine’s “Best Lawyers under 40” feature in 2002 through 2006, and D Magazine’s “Best Lawyers” in 2007 through 2022, and Thompson Reuters as a “Texas Super Lawyer” in 2004 through 2022. He was just recently designated a D Magazine “Best Lawyer Legend” for being consistently recognized as a top lawyer for over 15 years. Mr. Steckler enjoys an “AV Preeminent” rating by Martindale-Hubbell Law Directory, its highest peer rating. He was selected for the Plaintiff’s Hot List in 2011 by the National Law Journal. He was named a finalist for Public Justice Trial Lawyer of the Year 2012, an honor that is awarded to the attorneys who “made the greatest contribution to the public interest within the past year by trying or settling a precedent-setting or socially significant case.” He has also been named one of the “Top 100 Trial Lawyers” by the National Trial Lawyers from 2013 through 2022, was named a “2015 Top Rated Lawyer in Insurance Law” by American Lawyer Media and Martindale-Hubbell Law Directory, selected to join the American Institute of Trial Lawyers Litigator of the Year and named as one of the Top 100 Trial Lawyers in America in 2015-2022. Bruce was recognized in 2020 for receiving one of the Top 10 Settlements in Illinois for his $36,000,000.00 settlement in Hansen-Mitchell, et al. v Welspun USA, Inc. et al. Most recently, he was again recognized in the 27th edition of The Best Lawyers in America and his firm named one of the Best Law Firms in Texas by U.S. News & World Report.
In law school, Mr. Steckler was the Leading Articles Editor of the Journal of Air Law & Commerce, a recipient of the Journal’s scholarship, a member of the SMU Law Review Association, and a board member of the law school’s Moot Court program. He was appointed by the State Bar of Texas to serve as a member of the State Bar of Texas Grievance Committee and currently serves as an Emeritus member of the Board of Directors of the Dallas Trial Lawyers Association. He received a Certificate of Appreciation in 1996 from the Dallas Bar Association for his pro bono work in the community. He has authored numerous papers on civil litigation and trial practice and has spoken at several seminars on various civil litigation topics before attorneys, professionals, and the insurance industry. Bruce is a member of the Public Justice Foundation, American Association of Justice, Dallas Trial Lawyers Association, and has been admitted to the Million Dollar Advocate Group.
Mr. Steckler has been appointed by both federal and state court judges to lead some of the most significant cases in the United States. He was appointed by the Honorable Eldon Fallon in the United States District Court for the Eastern District of Louisiana to serve on the Plaintiffs’ Steering Committee for the Chinese Drywall MDL and served as a member of the Plaintiffs’ Executive Committee for Bank Overdraft Litigation appointed by the Honorable Lawrence King in the United States District Court for the Southern District of Florida. He was co-lead counsel in the case against JP Morgan Chase in In Re Checking Account Overdraft Litigation. Most recently, Mr. Steckler was honored to be appointed by the Honorable Judge Cote in the Southern District of New York to serve as co-lead counsel in In re Inclusive Access Course Materials Antitrust Litigation MDL 2946. He was also recently selected to serve as liaison counsel in In re Toyota Hybrid Brake Litigation Consolidated Case No.: 4:20-cv-00127 in the United States District Court for Eastern District of Texas by the Honorable Judge Mazzant. The Honorable Judge Douglas P. Woodlock appointed Mr. Steckler to serve as a member of Plaintiffs’ Steering committee for MDL 2428: In Re: Fresenius Granuflo/Naturalyte Dialysate Products Liability Litigation in the United States District Court for Massachusetts. He also was appointed by the Honorable Judge Kenneth M. Karas in United States District Court for the Southern District of New York to serve on the Plaintiffs’ Steering Committee for the In re: Ford Fusion and C-Max Fuel Economy Litigation. He was appointed lead counsel by the Honorable Judge Anthony Battaglia in the In Re: Easysaver Rewards Litigation in the Southern District of California. He serves as liaison counsel and lead counsel in In Re: Texas State Silica Products Liability Litigation. He was also appointed lead counsel in the following Texas State cases: In re: Electronic Data Systems Class Action Litigation, Cause No. 366-01078-2008 (366th Judicial District Court of Collin County, Texas), City of St. Clair Shores Police and Fire Retirement System, Individually and on Behalf of All Others Similarly Situated v. Affiliated Computer Services, Inc., et al; Cause No. CC-09-07377-C (County Court at Law No. 3 Dallas County, Texas), and In re Silicosis Litigation, Texas State MDL Cause No. 200470000/GN002797 (State District Court Houston, Texas). He is a member of the State Bars of Texas, Louisiana, New York, Pennsylvania and Missouri, U.S. District Courts – Northern District of Texas, Eastern District of Texas and Southern District of Texas, Eastern District of Louisiana and Western District of Louisiana, United States Court of Appeals for the Ninth Circuit, and the Federal Court of Claims in Washington, D.C.
Good Morning Bruce,
I bought the first set of 2008 Gold American Eagle Reagan Legacy set…this is our first time and we thought we made the right decision….
We made the decision to sell these three sets. That’s how I found out that I been scammed by US MONEY RESERVE… Please help me out…
Good Afternoon Bruce,
I just wanted to let you know that I received $XX,XXX.00 post to my account this afternoon. Many thanks to you for making this happened for my family…
Have a Happy New Year and may God keep your family safe.
Dear Bruce,
It is with much much gratitude that we write you this “Thank You” for all that you have done for the estate of our Dad in recovering from the monies we feel they duped our Dad out of. Without you, we would never have been able to recoup what Dad had paid for the gold he purchased from them. At best, it would have cost us dearly to attempt to get any renumeration and that would likely have been a long shot.
The integrity, honesty, and true concern you had in us getting back what we all thought was deserved was incredible to us. From the looks of your resume and after working with you, it is no surprise why you are so successful.
We will be eternally grateful to you for all that you did. I look forward to getting to Dallas some day and if so, will look you up so I can meet you in person.
May God Bless the Stecklers, Merry Christmas, and we wish you a Happy and Blessed New Year.
Contact us today to tell us about your experience and to set up a free coin evaluation.
Contact us today to tell us about your experience and to set up a free coin evaluation.
12720 Hillcrest Road
Suite 1045
Dallas, TX 75230
(972) 439-5302
Directions to Dallas, Texas
