Glenn Beck's Goldline Has Been Ripping People Off

[LAGC]

Goldline, a company that used endorsements from Glenn Beck and other conservative icons to sell hundreds of millions of dollars to consumers, has been charged with theft and fraud in a 19-count criminal complaint filed Tuesday by local officials in California.

The criminal complaint filed Tuesday by the Santa Monica City Attorney's consumer protection unit marks the latest in a series of allegations it has leveled against the gold dealer, which pioneered the practice of weaving its sales pitches into broadcasts by popular conservative political personalities -- including two former presidential candidates -- to sell hundreds of millions of dollars worth of gold every year.

The complaint alleges that Goldline "runs a bait and switch operation in which customers, seeking to invest in gold bullion, are switched to highly overpriced coins by using false and misleading claims," according to a statement released by the consumer affairs division of the Santa Monica City Attorney's office.

http://abcnews.go.com/Blotter/goldline-execs-charged-fraud/story?id=14857253&singlePage=true

Poor fools. That's what they get for listening to idiot "talk shock jocks" giving bad financial advice. I can only imagine how many retired folks invested their life savings into those gold coins, only to find out when they try to redeem them they aren't worth a fraction of the price they paid.

Goldline execs should be ashamed, and Glenn Beck should be tarred and feathered.

[Richard Simmons]

http://abcnews.go.com/Blotter/goldline-execs-charged-fraud/story?id=14857253&singlePage=true

Goldline execs should be ashamed, and Glenn Beck should be tarred and feathered.

As should anyone who invests in anything, regardless of who promotes it if they haven't done their own research. Of course to be fair these are only "accusations" at this point. If you're going to blame anyone you better blame everyone.

[Sergis Bauer]

I am only going to respond to this to ask a question of others who might do the same:

Why do you want to make LAGC feel important by legitimizing this post that doesn't have any apparent purpose other than to try to get a rise out of supporters of Glenn Beck?

Resist the urge. Let this thread, and for that matter all of LAGC's threads, die. A general boycott of any threads LAGC started would whisk them all swiftly off the "what's new?" page, and maybe the dolt would just go away when no one wants to play with him.

[bum_whisperer]

I am only going to respond to this to ask a question of others who might do the same:

Why do you want to make LAGC feel important by legitimizing this post that doesn't have any apparent purpose other than to try to get a rise out of supporters of Glenn Beck?

Resist the urge. Let this thread, and for that matter all of LAGC's threads, die. A general boycott of any threads LAGC started would whisk them all swiftly off the "what's new?" page, and maybe the dolt would just go away when no one wants to play with him.

I will continue to set him straight when he posts propaganda from a Pravda outlet.

Now if Glenn Schmeck was right about the gold being a sound investment, lagc would be sniveling about how it's unfair and that he is entitled to part of Schmecks investment. Either way, they are both morons and they prove it every time they communicate.

[Charliebravo]

I've never done business with Goldline, but, since I bought gold in early 2009 at $900/oz. And it's now @ $1,734/oz., I'd call it a decent investment as of now. OTOH, I didn't get into anything "collectible". I just bought regular run-of-the-mill South African Krugerrands, which always keep their value.

[O.S.O.K.]

I am only going to respond to this to ask a question of others who might do the same:

Why do you want to make LAGC feel important by legitimizing this post that doesn't have any apparent purpose other than to try to get a rise out of supporters of Glenn Beck?

Resist the urge. Let this thread, and for that matter all of LAGC's threads, die. A general boycott of any threads LAGC started would whisk them all swiftly off the "what's new?" page, and maybe the dolt would just go away when no one wants to play with him.

Bingo. We have a winner.

[LAGC]

Why do you want to make LAGC feel important by legitimizing this post that doesn't have any apparent purpose other than to try to get a rise out of supporters of Glenn Beck?

Resist the urge. Let this thread, and for that matter all of LAGC's threads, die. A general boycott of any threads LAGC started would whisk them all swiftly off the "what's new?" page, and maybe the dolt would just go away when no one wants to play with him.

Ah, c'mon. Don't treat me like a troll.

I mainly wanted to post this as a warning to folks who were seriously considering purchasing gold either because of Glenn Beck (or other talk radio hosts') -- even if you agree with most of what they say, this just shows what happens when hosts get in bed with their advertisers, and spread dangerous advice.

To be fair, even "progressive" talk host Ed Schultz was pimping this shit for awhile. So it's certainly not limited to just Glenn Beck's audience.

[Warthogg]

Why do you want to make LAGC feel important by legitimizing this post that doesn't have any apparent purpose other than to try to get a rise out of supporters of Glenn Beck?



Because the post IS important.

Why ?? Because this shows:

Glenn Beck
Fred Thompson
Huckaboy
Monica Crowley* (I think)

Selling out conservatives.


Wart

I've been waiting for this schitt to blow. Has been known for probably a year.

*Monica Crowley is a surprise and I hope I'm wrong about her.
I consider Thompson aand Huckaboy idiots first class.......Beck also though I do agree with some of his ideas. (Also Beck had the guts to admit Dubya is a Progressive.)

[Warthogg]

Either way, they are both mormons....

hmmmm...didn't know that.



Wart

[Kadmos]

As should anyone who invests in anything, regardless of who promotes it if they haven't done their own research.

Yep.

But the truth is a lot of people trust various endorsers on their word alone. Several people who have endorsed products have actually ended up sued and were forced to pay for their part in the activity.

I imagine most of this likely concerns the old "Pre-33" sales pitch. Due to Executive Order 6102 under FDR in 1933 the hording of gold, and the private ownership of certain types and amounts of gold became illegal.

Some people claim that the government will "do it again" and confiscate private gold.

The truth is it wasn't a gold confiscation, people were paid for the gold they turned in. People were also allowed to privately own 5 ounces of gold in the form of gold coins (and of course buy gold jewelery).

The idea is that coins made before 1933 were acceptable to keep as part of the 5 ounces and that somehow if gold were "confiscated" again pre-33 coins would be exempt.

Obviously it's pretty stupid on it face, the only reason the cutoff date was 1933 was because that is when the event happened. It made it really tough to buy say a 1935 US gold coin, because they obviously didn't make them. (Although there is an interesting side story on 1933 $20 gold coins..they were made, but are illegal to own as they were never released by the mint, and thus any in public hands are stolen property..except one coin that was released to the King of Egypt)

There is absolutely no logical reason to believe that either a gold confiscation will ever happen in America, or that coins made before 1933 would be exempt if it did.

But it's fairly easy to tell a sucker the pre-33's would be exempt and have him spend a whole lot more.

[Warthogg]

Yep.

But the truth is a lot of people trust various endorsers on their word alone. Several people who have endorsed products have actually ended up sued and were forced to pay for their part in the activity.

I imagine most of this likely concerns the old "Pre-33" sales pitch. Due to Executive Order 6102 under FDR in 1933 the hording of gold, and the private ownership of certain types and amounts of gold became illegal.

Some people claim that the government will "do it again" and confiscate private gold.

The truth is it wasn't a gold confiscation, people were paid for the gold they turned in. People were also allowed to privately own 5 ounces of gold in the form of gold coins (and of course buy gold jewelery).

The idea is that coins made before 1933 were acceptable to keep as part of the 5 ounces and that somehow if gold were "confiscated" again pre-33 coins would be exempt.

Obviously it's pretty stupid on it face, the only reason the cutoff date was 1933 was because that is when the event happened. It made it really tough to buy say a 1935 US gold coin, because they obviously didn't make them. (Although there is an interesting side story on 1933 $20 gold coins..they were made, but are illegal to own as they were never released by the mint, and thus any in public hands are stolen property..except one coin that was released to the King of Egypt)

There is absolutely no logical reason to believe that either a gold confiscation will ever happen in America, or that coins made before 1933 would be exempt if it did.

But it's fairly easy to tell a sucker the pre-33's would be exempt and have him spend a whole lot more.




There is absolutely no logical reason to believe that either a gold confiscation will ever happen in America...........



Even I who despise our .gov have never had the guts to consider the US .gov "logical".:baaa:


Wart

[Warthogg]

Because the post IS important.

Why ?? Because this shows:

Glenn Beck
Fred Thompson
Huckaboy
Monica Crowley* (I think)

Selling out conservatives.


Wart

I've been waiting for this schitt to blow. Has been known for probably a year.

*Monica Crowley is a surprise and I hope I'm wrong about her.
I consider Thompson aand Huckaboy idiots first class.......Beck also though I do agree with some of his ideas. (Also Beck had the guts to admit Dubya is a Progressive.)



Monica Crowley is a surprise and I hope I'm wrong about her.


sighhh..not wrong.


Wart

[Kadmos]

Even I who despise our .gov have never had the guts to consider the US .gov "logical".:baaa:


Wart

Lol, well at the time the currency was backed by gold, now it obviously isn't. So confiscating gold makes about the same amount of sense as confiscating milk or iron.

[AK-J]

So, customers that didn't do their research got talked into buying "collectible" coins instead of normal bullion coins (IE no collector value). Then when they tried to cash in on the increase in the price of gold, they found out that their "rare" coins either did increase in value at all, or actually decreased. (That's the greater risk in rare coins, as their value is often much greater than the metal they are made of, but their value to collectors might not be affected as much by the change in the cost of the metal.)

Sounds like some people didn't do their research, and bought into a sales pitch. Doesn't make it "right", but it most likely isn't illegal.

[O.S.O.K.]

Oh well, the thread has gone this far....

First off, based on the information provided, I don't buy that anything illegal has gone down. Secondly, I suggest waiting until the suit has been settled before making any rush to judgement.

What is wrong with offering customers a variety of choices when they want to purchase? How is that "ripping people off"?

If coins are higher priced than bullion, there's a reason and surely people are smart enough to make their own decision?

I think the "Beck haters" are out in full force here and showing their bias.

[Kadmos]

Oh well, the thread has gone this far....

First off, based on the information provided, I don't buy that anything illegal has gone down. Secondly, I suggest waiting until the suit has been settled before making any rush to judgement.

What is wrong with offering customers a variety of choices when they want to purchase? How is that "ripping people off"?

If coins are higher priced than bullion, there's a reason and surely people are smart enough to make their own decision?

I think the "Beck haters" are out in full force here and showing their bias.

Well, first it's not a suit, it's a criminal case.

While yes you are correct on the innocent until proven guilty aspect, criminal charges on a company should be taken into account when deciding where to make a purchase.

Bait and switch is illegal, if a company is engaged in that sort of activity it's important that customers know and are able to at the very least counteract the issue.

Quality rare coins seldom decrease much in value, but old coins of questionable quality are often passed on as rare coins and good investments.

The majority of buyers don't have and likely won't have the ability to really judge for themselves the actual value of an old coin.

Some will rely on certified coins others will rely on the reputation of whom they are doing business with. A large part of that reputation sometimes comes from recommendations such as endorsements. The law has tended to take the view that if someone endorsed a product and benefited from it that they have a responsibility as well.

To me this isn't specifically anti-Beck, likely he thought he was giving good info in good faith, although honestly he may not have done his due diligence on it before endorsing it..I really can't say.

I've been advising people here for years to try to find local dealers, to get the info on the exact thing you are buying, to take the time to learn about the product.

In the end it really is "buyer beware", because getting your money back from a bad deal can be rather difficult.

But dealers and people who endorse products do have a responsibility to be truthful and of course should pay the price if they aren't.

[O.S.O.K.]

We'll see how the case come out.

[Warthogg]

Lol, well at the time the currency was backed by gold, now it obviously isn't. So confiscating gold makes about the same amount of sense as confiscating milk or iron.

Of one thing I am certain. This electorate and this .gov will NOT do anything that makes sense. Soooo I guess I can kiss my gold and iron and MILK goodbye.:thumbsdown::boozer:


Wart

[O.S.O.K.]

Wart, would you rather be living someplace else? It seems you are down on America.

No doubt, we have a lot to improve on, but can you honestly think of a better country to live in?

[stinker]

If coins are higher priced than bullion, there's a reason and surely people are smart enough to make their own decision?
Because the coins by law are not tracked by the IRS when you sell them, bullion is. That makes them more valuable.
If you sell a bar you have to fill out paperwork and get charged capital gains tax versus the coins which you can just sell with absolutely zero paperwork.

I think the "Beck haters" are out in full force here and showing their bias.
Bingo. We have a winner. This is probably nothing more than the lefts ongoing effort to destroy anyone that dares to pay for advertisement time with Beck. Not suprising that the case was filed in the land of fruits and left nuts.

[Charliebravo]

Because the coins by law are not tracked by the IRS when you sell them, bullion is.

I'm not so sure about that. That may be the case with rare collectible coins whose value is based more on their rarity than their gold content, but I had to do paperwork with my Krugerrands.

[Kadmos]

I'm not so sure about that. That may be the case with rare collectible coins whose value is based more on their rarity than their gold content, but I had to do paperwork with my Krugerrands.

Krugerrands are bullion, just in "coin shape", not legal tender.

American Eagles have a face value and while also essentially bullion are in fact legal tender.

While Stinker isn't exactly 100% right, there are some tax implications with legal tender coins as investments there are also some benefits, usually more on the state level.

The basic argument is that trading a US coin for US currency or vise versa is essentially just like "making change". For some tax laws it's like trading a one dollar bill for four quarters..the same principal is involved in trading $10,000 in currency for an 1857 quarter..currency for currency.

Some of that has changed in the last few years though, here it used to be there was no need for paperwork on coins or bullion, but you had to pay income tax on profits when you sold ...not that most people actually did, it often being a cash business.

[Warthogg]

Wart, would you rather be living someplace else?



To answer seriously I'm considering re-locating to Baguio City, Philippines about April - May 2012.


It seems you are down on America.


I'm down on the American electorate that continues to elect and re-elect fools and thieves. I'm down on the Congress peopled by said elected. I'm disgusted with the media in general. Fox only looks fairly good because the others are so awful.

Unlike most of you, I became disgusted and disillusioned with the presidency sometime during the 5th year of Dubya Bush so I've had about three more years of loathing than the average here. I see Dubya and Barry as Progressives and have a hard time understanding why Dubya's position as a Progressive isn't as painfully obvious to you folks as to me.

I don't exactly know what happened to open my eyes in Dubya's 5th year but I found I could no longer believe things would get better with the next election cycle. I lost the ability to lie to myself and believe the lie.


Wart

Our Representative Democracy is in the final stages. We learned nothing from history.

The Federal .gov has wasted, and now we owe, $15 trillion.
The State .govs have wasted and now owe $3.2 trillion.

Our cities have begun to go bankrupt......Pritchard, Alabama and Harrisburg, Pa.

O.S.O.K., maybe you can tell me where I'm wrong....please.

[Warthogg]

Bait and switch is illegal....



True. Yet practiced every day by thousands of automobile dealers among tens of thousands of others..


To me this isn't specifically anti-Beck, likely he thought he was giving good info in good faith, although honestly he may not have done his due diligence on it before endorsing it.......


I assure Beck did his due diligence diligently. He checked and re-checked how much he was going to be paid for selling out his followers. (Actually, people like Beck have attorneys and CPA's to clear their endorsements. )

Watching fundamentalist Christians - the variety I consider 'professional' Christians - preying (no pun intended) on other fundamentalist Christians I consider a spectator sport.


Wart


(Yes I know the Jews produced Bernie Madoff.)

[Izzy]

Yes "Goldline" is full of cr@polla.

There are MULTIPLE reporting regulations, anti-money laundering regs that everyone gets recorded in the 3,000 - 5,000 dollar level, the 1099 regs, the tracking of every Gold Eagle U.S. Coin via serial number, and other means...the newest Regs will come into effect in 2012 along with the "Healthcare" law(s) passed in 2009/2010 ( the 600 USD or more gold sale 1099 law comes into effect in 2012) .

http://news.coinupdate.com/irs-and-government-reporting-requirements-for-coin-and-bullion-dealers-0353/

Just because numismatics ( e.g. collectible coins) were not forcibly conficated in 1933, does not mean that any new laws would take into consideration numismatics, or restrict reporting of them...

As for Beck, he not the only one who sold out to Goldline, but I was listening to him when he announced he was taking their sponsorship " after much consideration and research...etc. etc." From what I read YEARS AGO Goldline is WAY OVERPRICED for numismatics as well.

[Partisan1983]

I don't own any gold (not counting jewerlery)....buying high is stupid. Just like the housing market....back in '06 she really wanted a house, so we looked at about 6 or 7. I said no way are any of 'em worth that, she got pissed and the Realtor was confused....what do you mean? the Realtor said.....buying a house is a solid investment! I chuckled and said, darlin anything I have to sell to make a profit, is not an investment....and besides wages haven't been going up, unlike everything else. The bottom will drop out soon. She was speechless for a moment, then she said I was naive. To which I replied, well I may be young, but I am sure as shit not naive.


The wifey was upset about it for awhile, but thank God '06 was the biggest party year of our lives....she soon forgot about it quickly.



As for Beck.......


Fuck him! What he said about full auto's is all anyone needs to know about the douchebag.

[stinker]

Here's the dirty secret nobody hardly mentions about the goldline and beck "conspiracy"...

A lot of the openly left wing commie libtard talk show hosts advertise for them too.
Listen to sirius left for a while and you will hear a live host advertisement.
So much for the vast right wing conspiracy theory.

[L1A1Rocker]

Goldline's prices seemed a bit out of step with most. After doing some research I went with APMEX.

[El Laton Caliente]

Anyone have complaints about http://www.apmex.com ?

[El Laton Caliente]

Goldline's prices seemed a bit out of step with most. After doing some research I went with APMEX.

Great minds and all that... LOL

[L1A1Rocker]

Great minds and all that... LOL

LOL! Their policy used to be that they would pay for shipping AND insurance for orders over 25k. They really do not like to do small orders. You may want to check what their policy currently is. I don't know what you are looking to buy but if you can get a family group buy together it is really a good deal to order more than the 25K.

For security reasons you will not be told who the delivery company will be (it may be Fed-Ex, UPS, or USPS) nor will you be given the tracking number. They do have the tracking number and will tell you when to expect delivery. I thout it strange at first but then relized it a sound security policy. If a person with fraud in mind knew when their shipment was "out for delivery" it would be a simple task to hijack the UPS truck (or whatever) and get the insurance claim.

Anyhow, my family has used them and they are above board with fair prices. If something is not in stock you can sign up with them and get an email when it is in stock.

PS, no matter who you go with remember to figure in their cost of shipping and insurance.

[El Laton Caliente]

I had been buying over the counter, but the price is generally higher. Plus I'm thinking of moving some IRA money into their IRA account. The wife is for me pulling all of the IRA, taking the hit and putting all of it in gold and silver. If the dollar collapse happens, I can pay off the mortgage with inflated dollars and likely have money left over. At worst, as the Fed keeps monetizing the debt, I'll be protected from the inflation.

What I love is the Fed talking about deflation. What they are really talking about is the loss on banking investments. The housing market bubble busting (mortgages), credit defaults losing value, commercial property going down (mortgages again), possible [likely?] collapse of the derivatives market, etc.

[Kadmos]

I had been buying over the counter, but the price is generally higher. Plus I'm thinking of moving some IRA money into their IRA account. The wife is for me pulling all of the IRA, taking the hit and putting all of it in gold and silver. If the dollar collapse happens, I can pay off the mortgage with inflated dollars and likely have money left over. At worst, as the Fed keeps monetizing the debt, I'll be protected from the inflation.


No, at worst the prices will tank like they did in the late 70's and it will be another 30 years before you make your initial investment back.

http://www.kitco.com/LFgif/au75-pres.gif

[El Laton Caliente]

On the high side, the Fed has created $27 trillion. Real inflation han't hit yet. But I'm thinking silver more than gold.