Serious problem with major US grading house - Heavyweight advice req'd

VRS

VRS

Well-Known Member
Silver Stacker
Can't say too much in terms of explicit detail owing to potential of sub-judice but I'd be v grateful if anyone with extensive experience of dealing with US grading co's could give us some advice, particularly on the aspects of loss of property, abrogation of duty of care, negligence, possible complicity in or facilitation of theft etc.

We're currently working with Federal Law agencies here & in US to establish exactly what's transpired, but we're talking about a 'loss' of around $20k or more of our stock sent for grading, involving some extremely rare coin sets, silver coins, gold coins, proof numis and bullion.

If anyone has avenues into or contacts with primary editorial journo's in industry publications and lawyers here/in US specialising in numismatics we'd like to hear from you too, because we may need to harness some serious leverage to get this sorted out.

I hope I'll be able to explain things soon - it's a bombshell really - or could be, if the press got hold of the story - just an incredulous set of circumstances, overseen by (apparently) a clueless bunch of clowns - that or calculating, methodical thieves - we can't decide which yet - but that's all I can say at this point.

Cheers,
VRS
 
VRS said:
Can't say too much in terms of explicit detail owing to potential of sub-judice but I'd be v grateful if anyone with extensive experience of dealing with US grading co's could give us some advice, particularly on the aspects of loss of property, abrogation of duty of care, negligence, possible complicity in or facilitation of theft etc.

We're currently working with Federal Law agencies here & in US to establish exactly what's transpired, but we're talking about a 'loss' of around $20k or more of our stock sent for grading, involving some extremely rare coin sets, silver coins, gold coins, proof numis and bullion.

If anyone has avenues into or contacts with primary editorial journo's in industry publications and lawyers here/in US specialising in numismatics we'd like to hear from you too, because we may need to harness some serious leverage to get this sorted out.

I hope I'll be able to explain things soon - it's a bombshell really - or could be, if the press got hold of the story - just an incredulous set of circumstances, overseen by (apparently) a clueless bunch of clowns - that or calculating, methodical thieves - we can't decide which yet - but that's all I can say at this point.

Cheers,
VRS
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Sounds terrible. I assume its one of the major grading services. That's very worrying. But legal action may also end up costly, ESP since you're here and they're over there.

Best of luck Vrs.
 
Hope you will solve this as soon as possible in your favor. Wish you all the best. Was recently just thinking of maybe grading some coins, but this really turned me away... F**** thieves! :mad:
 
Sorry I cannot shed any light or provide assistance in what you're looking for, VRS, but suffice to say I hope the outcome is a good one for you!

The only tip I can offer would be to contact the FBI if you have not already done so, I believe they have a section that deals with this type of fraud.
 
@ VRS

Sorry to hear that you are having some sort of major issue with a grading company.

Can't you reach out to entities like numismatic associations & societies? There's many of those. Or even entities like the Wall Street Journal? The WSJ has published articles on notable numismatic issues.

I think you have lots of options for media. Personally, I have no connections but you shouldn't wait to see if anyone here has connections or not.
 
Stark said:
Hope you will solve this as soon as possible in your favor. Wish you all the best. Was recently just thinking of maybe grading some coins, but this really turned me away... F**** thieves! :mad:
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this is why you will get looked after imho. they cant afford to lose reputation over what really is a small amount ($20k)
if word gets out that people can lose coins that they sent in then they may develop the same attitude as Stark leading to a direct loss in business far exceeding the $20k they will need to pay to settle this. as an example pcgs grade over 100k coins a month. if it was them and they lost 1% of grading's due to this story breaking out then that would equate to 1000 lost grading's and over $50k lost business per month.
consumer confidence is very important to them and with this in mind I hope you get looked after with your loss or that the coins turn up
good luck and please keep us all informed
 
Sorry to hear this VRS, if the coins were in the companies possession surely they would be covered under their own insurance policy for theft etc? If this is not the case then there is a very serious problem with this company and if this did get out they will be finished! As who in their right mind would take such a risk! Good luck and hope you get yer money back
 
Most Liability Insurance Policies only cover loss of customers goods as are result of negligence.
 
clear said:
Most Liability Insurance Policies only cover loss of customers goods as are result of negligence.
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Bingo - but not if there was criminal intent or collusion with persons unknown outside the organisation - in which case in the US it may fall under RICO... See how complicated this is?
 
Hi VRS

I know a producer at 60 Minutes if it goes that far.

I could see if they have an interest in the story.

Good Luck, Kick some Yank butt.

Regards

Bigfella
 
This is not advice (not a lawyer etc.)

Is the figure of $20K ungraded or graded?
Of course, they were sent in to be graded, but it is reasonable to assume that you sent only the best examples, and that they are worth more graded.
Even if they were lost before being graded - a claim for the expected graded value does not seem unreasonable.

From your wording, it seems that they were not "lost in the mail," but lost after being delivered.
After being delivered...<insert conspiracy theory here>
 
pegleg said:
Wasn't anything to do with this guy was it?

http://www.inforum.com/event/article/id/409638/group/homepage/

A Fargo man has been charged in the theft from the UPS shipping center here of more than $65,000 worth of gold and silver coins being shipped by Treasure Island Coins to a customer.
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WTF? He was released on $500? This piece of shit who was involved with stealing tens of thousands of $$ worth of gold and silver. Where's the justice?

I say throw this scum in jail for 10 years to protect others.

.
 
AUD$20k ungraded

S. Ohno said:
This is not advice (not a lawyer etc.)

Is the figure of $20K ungraded or graded?
Of course, they were sent in to be graded, but it is reasonable to assume that you sent only the best examples, and that they are worth more graded.
Even if they were lost before being graded - a claim for the expected graded value does not seem unreasonable.

From your wording, it seems that they were not "lost in the mail," but lost after being delivered.
After being delivered...<insert conspiracy theory here>
Click to expand...
 
dollars said:
Hi VRS any update on this?
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You wont get anything that makes remotely any sense from him.

HE only talks in puzzles wrapped in enigmas, surrounded by a mystery.
 
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