Feb 5, 2010

WI man out $21,000 in coin scam


A WI man is out more than $21,000 after buying coins from the operators of a New York coin company accused of defrauding hundreds of senior citizens across the country.
The Wisconsin consumer was told if he invested in pre 1964 half dollars--which have a high silver content--he could sell them later at an auction for hundreds of thousands of dollars in profit.
The alleged scammers called him back over and over, citing dramatic increases in his investments and sold him more coins.
When he called about the auction-- which the scammers said had been postponed several times--no one answered the phone.
What did he get for his $21,000? 280 half dollars with a face value of $140 and a silver value $1200.
While this victim doesn’t want to be identified he wants to warn others not to be scammed this way.

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