Cash 4 Gold SCAM exposed in Palm Springs

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psfinestjewelry
October 14, 2009

Several customers had told us they were selling gold jewelry at these goldparties. They said they were encouraged to breakup the jewelry and they did not care where the jewelry came from (meaning it could be stolen or obtained in illegal trades such as bookmaking and drug deals). So we went undercover to shed the light on the cash 4 Gold cards that were left door to door in Cathedral City. Card says highest prices paid, which sounds great until they only offer $10 a gram on all gold including 18k gold. In one part he weighs my husbands signature necklace, everyone knows his necklace. He weighs it and quotes it as 89.2 grams it is really 140.2 grams with double rows of 1/8 ct diamonds on its borders. He also says break up the jewelry smash it, so you can fence off stolen jewelry and he says he does not take ID. To top it all off they say they will complete a transaction over $10,000 in cash which is against the patriot act!! First it is against the law to not get ID ongold items, 2nd they do not hold the items for 30 days, they encourage to manipulate the jewelry to render it unidentifiable, there is a 3rd person in the car with a weapon (the original video is cut short because this weapon was spotted), 4th they misweigh the jewelry, and 5th they will complete a transaction over $10,000 in cash (against Patriot laws) and IRS laws
B&P 21625. It is the intent of the Legislature in enacting this article to curtail the dissemination of stolen property and to facilitate the recovery of stolen property by means of a uniform, statewide, state-administered program of regulation of persons whose principal business is the buying, selling, trading, auctioning, or taking in pawn of tangible personal property and to aid the State Board of Equalization to detect possible sales tax evasion. Further, it is the intent of the Legislature in enacting this article to require the uniform statewide reporting of tangible personal property acquired by persons whose principal business is the buying, selling, trading, auctioning, or taking in pawn of tangible personal property, unless the property or the transaction is specifically exempt herein, for the purpose of correlating these reports with other reports of city, county, and city and county law enforcement agencies and further utilizing the services of the Department of Justice to aid in tracing and recovering stolen property.

B&P 21626 (a) which states what a second hand dealer is.. It is a person or business BUYING, SELLING, TRADING, AUCTIONING, or taking on CONSIGNMENT tangible property for sale. It states under B&P 21640 it is unlawful to engage as a second hand dealer without a license. In B&P 21641 it states everyone can get a second hand dealers license unless they have been convicted of receiving stolen property. So it is rather easy to obtain a DOJ #. Most people do not get a license because they do not want to hold the items for 30 days. B&P Code 21628 states that everyday merchandise that was "taken in" must be reported, B&P 21628 (c&d) must have an accurate description. B&P 21628 (b) legal identification of the pledgor must be received. B&P 21628 (g) fingerprint of pledgor on report and B&P code 21636.6 all items are then placed on 30 day hold. B&P Code 21636.6 It is unlawful for any person, who is required to be licensed under Section 21640, to publicly advertise any matter relating to the business for which the license is required without including the license number.

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