Confessions of a Gold Scammer

Buyer Beware

Unfortunately this story is becoming all too common. Precious metals have surged in price, creating opportunities for firms to take advantage of uneducated investors.

Before buying precious metals:

1. Compare price, premiums and delivery options.
2. Research the company you are considering buying from.
3. Always, always, always take delivery! If you cannot get physical gold & silver in your hand - forget it!

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[ScrapMetalJoe]

Crocodile tears... if he is going to get 5 years what about the CME? I'd like to see if they have the Gold and Silver they are leveraging from. I love the way the interviewer at the start says " this man didn't have any gold to back up his claims" maybe he should persue this further at the Comex or Fort Knox to see if their gold is actually there? See what sentences are dished out then eh!

[clearasvodka]

@ScrapMetalJoe Exactly. They only nail the little guy, never the real sharks who are leveraged to the hilt. My fear about this is that the Fed may try to convince the government to reglulate the gold & silver market. They have already implemented form 1099 reporting for all precious metals purchases in excess of $600 come 2012. What's next?

[FreedomForYouAndMe]

Hope he gets the whole 25 years, save your tears

[kenetra]

LOL...he has the nerve to cry, maybe he is remorseful idk but he should def spend time behind bars for taking advantage of folks livelihood. The thing that boggles me is what about the crimes of MFGlobal, JPMorgan, The friggin Govt, Social Security these are all scams as well...the people are being sold paper with nothing backing it. And don't even get me started on derivatives and EFT's...Lord help my people see the light!

[ScrapMetalJoe]

@clearasvodka

why not buy over the counter with cash? or through stacker forums face to face? I know it's tough and as we are seeing governments & other organisations simply move the goals posts to suit their needs and normally the sheep jump through the hoops - try your best not to be the sheep:)

[bezant1971]

2:49 he said very well.... in other words do not buy ETF

[stormrider4040]

I wonder if he had any at all.....or he just blew it on hookers and snow?

[jhanders]

Surely this sociopath loves the attention on TV and the lesser sentence he most probably received for breaking out his story of deception coupled with pathetic crocodile tears.

This report is perfect for the FEDs and TPTB! Drag this scam artist out in front of the Good Morning America watchers and scare them into believing that gold investing is an absolute no go! TPTB must keep all yuppie TV heads holding paper. The public cannot pile into gold yet. Unquestioning idiots must stay in $'s

[patrikkorda]

great stuff

[halfasheep]

The scam probably did not "sound to good to be true".

He has surely messed up a lot of peoples lives. Wow.

I hope he gets a stiff lesson in jail.