Tulving pleads guilty to $15M in fraud!!

[highroller4321]

As most of us probably know already Tulving went under several months ago. Well they finally ended up going to court for the people they owed money to and they admitted to fraud.

http://www.ocregister.com/articles/tulv ... coins.html

"A Costa Mesa-based coin and precious metals dealer and his company pleaded guilty to wire fraud in federal court Thursday for defrauding more than 400 customers of more than $15 million, a statement from the U.S. Attorney General said."

[68Camaro]

Huh, wow! Always got a sketchy feelimg from them but they had their passionate supporters for a time, even here. Hopefully APMEX won't head down the same path!

[Thogey]

Huh, wow! Always got a sketchy feelimg from them but they had their passionate supporters for a time, even here. Hopefully APMEX won't head down the same path!

So how much did they burn you for?

[68Camaro]

... Hopefully APMEX won't head down the same path!

So how much did they burn you for?

Nothing yet but they've got an ounce of gold of mine. Ebay is supposed to guarantee the transaction even if APMEX bails, but I have no reason yet to believe APMEX is at the point of not filling orders, even if they are practicing some shoddy processes.

[InfleXion]

Hard to believe Tulving had a decent reputation for a while even after getting in trouble in the 90's, but I never looked into it that closely, or bought from him. Another Bernie Madoff, getting the book thrown at him because he isn't in the good old boys club.

I'd like to think APMEX is in better shape than some of the others. I remember when silver dropped from like.. mid-high 30's down to 33 or so, a few dollar drop so hey let's catch that knife, called Gainesville Coins for some CA cougars, and ended up playing phone tag with them and my bank for a couple hours to ask that the transaction was not blocked by my bank, which it wasn't. Eventually they said it was a problem with their credit card processor not liking my address. The manager finally called me back to confirm my order and I got my coins but it was a huge pain. They were nice too, so there's that. APMEX is just convenient and their web site is fast enough that I don't worry about getting my order locked in. Not getting an order in is no fun! I'll be glad to hear when you get your coin Camaro.

[neilgin1]

As most of us probably know already Tulving went under several months ago. Well they finally ended up going to court for the people they owed money to and they admitted to fraud.

http://www.ocregister.com/articles/tulv ... coins.html

"A Costa Mesa-based coin and precious metals dealer and his company pleaded guilty to wire fraud in federal court Thursday for defrauding more than 400 customers of more than $15 million, a statement from the U.S. Attorney General said."

here's what I don't understand, as I assume most serious grown up stackers are a pretty savvy lot, right? this guy showed he was bent and a skeez over 20 years ago: quote,

"More than 20 years ago, Tulving was accused by the Federal Trade Commission of overpricing rare coins and going back on return guarantees through another Newport Beach-based company he owned, Hannes Tulving Rare Coin Investments.

He was suspected of defrauding clients out of more than $40 million. He settled with the FTC in 1992 and agreed to pay $1.3 million."


after that, wouldn't you think the PM community would put the mark of Cain on the guys head, warnings, etc.....and make any future company of his ...corporate non grata?

"don't you think that's a bit harsh neil?"

no, I think THIS is harsh: "One San Diego man ordered $39,000 in American Eagle gold coins from The Tulving Co. He was promised the shipment would arrive in seven days. Four months later, he still had not received the coins."


I read the hyper linked article from early 2014, and that guy, that put up the 39k for 30 Gold Eagles, that was his down on a pre-approved $350,000 house loan.....all money he had made serving our country....wonder how his life is going right now.

and I think of the guy from South Dakota, who paid $318k for 240 gold coins....I do HAVE sympathy for him, although if I had the extra 318k to sink into Au, i would check the guys past dealings. i know "woulda coulda should of's", but come on......$318,000 is a LOT of dough to me, and "where there's smoke..."


and i KNOW there are REAL thieves out there in the "boys club".....Jamie Dimon, Corzine, etc......but they let a guy who pled guilty on a potential LIFE sentence (60 years old plus a potential 20 year sentence) walk out of that court on bond?

when the West was still wild, what do you think his sentence would be then?....either gallows fruit, or ripped out of the town jail, to have his fingernails peeled back by a peoples posse, until he started singing the location of his rainy day hidey hole, which i'm sure he has.

but you know things are bassackwards these days when you read this laughable passage:
"The Secret Service began investigating Tulving last year. In addition to protecting current and former U.S. Leaders and their families, the agency investigates financial crimes, such as major fraud and counterfeit currency."

really?....guess the SS hasn't heard of Alibaba yet.

[Recyclersteve]

really?....guess the SS hasn't heard of Alibaba yet.

How are they supposed to prosecute a foreign (Chinese) company?

[neilgin1]

really?....guess the SS hasn't heard of Alibaba yet.

How are they supposed to prosecute a foreign (Chinese) company?

I dunno, but two days after the chicoms decided to devalue their currency, for the third straight day, after promising only one devaluation, two days later, a massive explosion at Tianjin port, which to date, no coherent explanation has forthcoming.....an accident?......sure, or maybe not...........the following Saturday another massive explosion in Shangdong province...the chicoms this time had a chance to squelch most of the footage, but then the next day an American military ammo dump in Japan "accidently" caught fire and exploded.

the last two explosions, one had to dig in the alt-media, as the MSM was ignoring these coincidences.

moral of the story, mess with our currency?, "accidents happen"..........mess with our commodity money (PM coinage) you get cheered on and your own IPO in New York....