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Re: Recyclers try to defraud US Mint with counterfeit coins

Postby natsb88 » Thu Oct 29, 2015

US Mint Suspends Exchange Program for Bent and Partial Coins

PHILADELPHIA - A US Mint program allowing the public to be reimbursed for bent or partial coins will be suspended for six months beginning November 2. The Mint will use the time to assess the potential for fraud in the program, while developing new security measures.

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Re: Recyclers try to defraud US Mint with counterfeit coins

Postby natsb88 » Mon Jan 25, 2016

GeyerGorey LLP, counsel for Wealthy Max Limited (Wealthy Max), which is a claimant in a federal civil forfeiture case involving supposedly counterfeit coins today reported that the government's official laboratory report on the coins tested fails to identify Wealthy Max as the source of any of them.

The two-page report details the number and denominations of the coins tested and the metals found on the surface of the coins. It does not describe the method of testing, the process by which the coins were selected (other than "random") or the relative size of the sample.

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Re: Coin dealer may face 13 years for $175,000+ in fake gold

Postby natsb88 » Mon Jan 25, 2016

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GRASS VALLEY, CA - A Grass Valley gold dealer charged with dozens of counts of possessing and selling counterfeit gold and financial elder abuse, as well as criminal conspiracy in a separate welfare fraud case involving his partner, was sentenced Friday to 13 years and four months in state prison.

Gregory Arnoldi, 46, the owner of Grass Valley Gold and Silver, was arrested at his business in the 100 block of Mill Street after alleged victims reported they purchased gold bullion bars from Arnoldi at his business.


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Re: Coin dealer may face 13 years for $175,000+ in fake gold

Postby Brucifer » Mon Jan 25, 2016

Ouch. This is really discouraging. The LCS/show vendor options just dropped a few levels in my book and BS/Provident/JM options just got strengthened even more...

I still believe my LCS to be good people, but they deal in such volume that things sometimes escape their notice. I’ve found fakes in their generic secondary Ag box. They were embarrassed and immediately trashed what I found, but still... This turns me off to the idea of ever buying any anything else really expensive from them.

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Re: Coin dealer may face 13 years for $175,000+ in fake gold

Postby xelint » Mon Jan 25, 2016

Harry D wrote:Ouch. This is really discouraging. The LCS/show vendor options just dropped a few levels in my book and BS/Provident/JM options just got strengthened even more...

I still believe my LCS to be good people, but they deal in such volume that things sometimes escape their notice. I’ve found fakes in their generic secondary Ag box. They were embarrassed and immediately trashed what I found, but still... This turns me off to the idea of ever buying any anything else really expensive from them.


$175,500 in fakes. That's a little more than a quality control issue :shock:

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Re: Coin dealer may face 13 years for $175,000+ in fake gold

Postby BarsandStars » Mon Jan 25, 2016

xelint wrote:
Harry D wrote:Ouch. This is really discouraging. The LCS/show vendor options just dropped a few levels in my book and BS/Provident/JM options just got strengthened even more...

I still believe my LCS to be good people, but they deal in such volume that things sometimes escape their notice. I’ve found fakes in their generic secondary Ag box. They were embarrassed and immediately trashed what I found, but still... This turns me off to the idea of ever buying any anything else really expensive from them.


$175,500 in fakes. That's a little more than a quality control issue :shock:

Got a love that stupid he is he got caught and went right back into the same thing again.
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Re: Coin dealer may face 13 years for $175,000+ in fake gold

Postby bigjohn » Mon Jan 25, 2016

Hope they throw the kitchen sink at him, he deserves it 100%
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Re: Coin dealer may face 13 years for $175,000+ in fake gold

Postby blackrabbit » Mon Jan 25, 2016

+1

Ripping off old folks of their savings is :evil:
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It is much easier to fool a man than to convince him that he has been fooled.

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Re: Recyclers try to defraud US Mint with counterfeit coins

Postby natsb88 » Fri Apr 08, 2016

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Wealthy Max publicly unseals 13 metric tons of mutilated coins

FOSHAN, CHINA - A Chinese firm has begun a media campaign aimed to clear its name in a dispute involving the U.S. Mint and recycled U.S. coins.

The firm also aims to obtain release of millions of dollars in compensation from recycled U.S. coins under the U.S. Mint’s currently suspended Mutilated Coin Redemption Program. To that end, China-based Wealth Max Ltd. conducted what company officials said was an open inspection Feb. 23, in front of television cameras, of crates containing 13 metric tons of coins.

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ALERT: New Counterfeit Perth Gold in Black Assay Cards

Postby natsb88 » Mon Apr 11, 2016

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Counterfeit Perth Mint gold bars have been circulating for over a year, including bars packaged in counterfeit green assay cards matching the previous generation of Perth Mint products. Now a new version matching current-production black tamper-evident cases is available from Chinese sellers, and they are difficult to detect, even with specialized equipment.

Read more on FakeBullion.com

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Re: ALERT: New Counterfeit Perth Gold in Black Assay Cards

Postby grantwoodisgold » Tue Apr 12, 2016

thanks for the info

man they are incessant :thumbdown:
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PAMP Introduces VERISCAN® Anti-counterfeiting System

Postby natsb88 » Tue Apr 12, 2016

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PAMP, whose gold and silver products have been big targets of Chinese counterfeiters in recent years, plans to launch a new bullion security system in May 2016 called VERISCAN®. The system asserts to be cost efficient, simple to use, and highly reliable.

Each VERISCAN®-branded product is scanned during production, mapping the surface landscape on a microscopic level and tying the data to the product's serial number. The authenticity of the product can later be verified by using an iPhone 6 app or a flatbed scanner with a special positioning bracket. The VERISCAN® software compares the photo or scan to the data logged at the time of production and provides pass/fail feedback.

Read more and watch the video at FakeBullion.com.

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Re: PAMP Introduces VERISCAN® Anti-counterfeiting System

Postby javits100 » Tue Apr 12, 2016

I'm wondering if this authentication service is a subscription based model? I'm wondering if this is just going to be made available freely and maintained to provide open knowledge and protect their brand or will this be offered for a fee
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Re: PAMP Introduces VERISCAN® Anti-counterfeiting System

Postby eventurer » Tue Apr 12, 2016

javits100 wrote:I'm wondering if this authentication service is a subscription based model? I'm wondering if this is just going to be made available freely and maintained to provide open knowledge and protect their brand or will this be offered for a fee


From the pamp website:
Download the free VERISCAN app from the App Store. Unlimited free usage for the first month with in-app purchases of scanning bundles thereafter
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Re: PAMP Introduces VERISCAN® Anti-counterfeiting System

Postby javits100 » Wed Apr 13, 2016

eventurer wrote:
javits100 wrote:I'm wondering if this authentication service is a subscription based model? I'm wondering if this is just going to be made available freely and maintained to provide open knowledge and protect their brand or will this be offered for a fee


From the pamp website:
Download the free VERISCAN app from the App Store. Unlimited free usage for the first month with in-app purchases of scanning bundles thereafter


That's slightly disappointing. I was thinking that since they've been a target for the counterfiets that they wanted to introduce this as a way of protecting their brand and might make it available for everyone free.

....i don't have a subscription to the fedex app but i can still look up a tracking # anytime :|
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Re: PAMP Introduces VERISCAN® Anti-counterfeiting System

Postby PitBullion » Wed Apr 13, 2016

I looked in to this company last month. Scottsdale is also using them. Valcambi has been using this company for a while for there packaging they are just stepping up there cases. The veriscan guys have patents on there packaging technology. So you have to first buy there expensive sealing machine. Then you are forever stuck buying the patented veriscan cards from them. And the price the quoted me was insane. Something like 3-4 a card. Felt like alot to package my own items to me. But im Sure big dealers like them buy alot more and pay alot less.
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Re: ALERT: New Counterfeit Perth Gold in Black Assay Cards

Postby mishra142 » Wed Apr 13, 2016

http://wtov9.com/news/local/target9-investigation-have-you-purchased-fools-gold

link from my local news. Looks to be the same type of bars. And they mention the precious metal verifier.

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Re: PAMP Introduces VERISCAN® Anti-counterfeiting System

Postby wjruth » Wed Apr 13, 2016

Gold is soft. What happens after it's been sitting in a safe for 10 years and something else bumped into it leaving a mark?

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Re: PAMP Introduces VERISCAN® Anti-counterfeiting System

Postby natsb88 » Wed Apr 13, 2016

wjruth wrote:Gold is soft. What happens after it's been sitting in a safe for 10 years and something else bumped into it leaving a mark?

FakeBullion.com wrote:PAMP says the system is able to work around scrapes and scratches that can occur during normal handling and still provide highly reliable results, and that larger bullion bars can be scanned on all six sides.

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Re: Introducing FakeBullion.com

Postby natsb88 » Fri Apr 15, 2016

Just added three new items to the Fake Bullion Database. Sorry for slacking lately. I'm going to make an effort to add new content every week, whether that be database items, how-to articles, or videos. Had a couple new Supporting Members register this week, that always helps push me to get new content up :thumbup:


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