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JG

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Reply with quote  #61 
Quote:
Originally Posted by bull123
Just think about it ... you are on to something with what you are doing, but there is so much more than you think ... fyi

It's not just Tulving and CM ... it is so much more than that ... they are the tip of iceberg ... just saying =)


There is a huge amount of fraud out there -- you can take a look at http://about.ag/GoldSilverFraud.htm (you'll see Mr. Berman there).

Most of the fraud, though, is intentional, preying on people who never intended to invest in precious metals. A lot of it is cold-calling people (often the elderly), convincing them to buy gold, often on margin (pay $10K to control $40K of metal -- if the price goes up 25%, you double your money!).

So far, there have been very few well-known typical bullion dealers that have gone under for any reason. Aside from Tulving and Bullion Direct, the only other one that comes to mind is Mulligan Mint, which wasn't really that well known.

I am starting to get some insight into some of the shenanigans that are out there, behind the scenes. I'm aware of at least 3 bullion wholesalers that I believe are either [1] marketing inappropriate products to bullion dealers, or [2] have legal power (for lack of a better word) that is surprisingly large.

What is important to remember is that only a handful of well-known bullion dealers offer their own storage, and by tracking shipping delays it should be possible to predict most bullion dealers that will fail before they do.

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JG

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Reply with quote  #62 
Quote:
Originally Posted by bull123
and they won't prosectute him ...

they will claim he was just bad at doing business which is not a crime ...

it's pitiful ...


Yes, what you are predicting is pitiful.

However, what actually happens may well be different.

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bull123

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Reply with quote  #63 
JG ... you are still a little off saying few Bullion dealers have gone down ...

MOST Bullion dealers, if forced to deal with payment and delivery in real time, would be put out of business tomorrow ...

The business is notorious for slow pay ... slow shipment ... and yes STORAGE

Why? ... cash flow ...

but there is a danger to playing the float ... if something big happens ... it all crumbles ...

Notice that a lot of these problems started for Tulving and CM when GOLD was actually going up in price ... You would think that would be good, but in fact, it killed them both.

Why? ... they need the client money before they lock in orders ...  and eventually, they need the client money to pay for earlier client orders ... slippery slope so to speak

There is a lot more to this thing than meets the eye ...

[comp]
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bull123

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Reply with quote  #64 
Here's the problem ... They say the FBI is "investigating"

but that could simply mean that a file is on someones desk with 5,000 other investigations

fraud is everywhere these days ... it's not like the 1990's where folks were too busy working at regular jobs ... everyone is trying to make a quick buck today ...

things are totally out of control

look at the 2008 financial crisis ... not a single person on Wall Street was prosecuted

the best bet, is this entire thing gets swept under the rug

If it was 1994, his a** would be in prison right now (guilty or innocent)

Since it's 2015 ... CM has a charmed life ahead ...

[comp]
1
bull123

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Reply with quote  #65 
the customers are not in good hands ... they are screwed

let's be real

[comp]
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ChevyRacer

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Reply with quote  #66 
Quote:
Originally Posted by bull123
Here's the problem ... They say the FBI is "investigating"

but that could simply mean that a file is on someones desk with 5,000 other investigations


And it could also mean that he's being investigated...what's your point? Adamant speculation is still just speculation--unless you have actual information (and if you do, feel free to share it), who cares? Yes, we know--fraud is rampant. In fact, my cat mentioned it to me the other night. And we also know that x number of people are convicted of fraud in this country every year. So, um...that's where we are! But I guess this is the venting thread, so feel free to continue to vent...
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bull123

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Reply with quote  #67 
trust me ... if it was 1994 ... guilty, innocent or angel wings

CM would be in jail right now

the country is going to hell ...

trump would be at 0% if it was 1992 or 1996

instead he is on his way to the nomination, based on simply saying how screwed up everything is

and guess what ... he's right

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afterdark

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Posts: 17
Reply with quote  #68 
Well the country does have a lot of problems, I think it all accelerated with  Cartoons like Bart simpson and  MTV,).   Or to be politically incorrect as a guy I knew used to call it,  M.R. tv     (oh yeah and Clintons BJ didn't help)  
            Anyway in regards to our BD situation, based on  the evidence we have, it appears to me that we will get no or very little restitution.   CM will probably get probation because the records are so screwed up they won't have enough evidence to pin anything on him.   I at this point am more interested in how I can just be done with it and get a tax deduction for the loss.   
       Even if he has millions buried somewhere, I do not envy CM that dude will be looking over his shoulder the rest of his life .
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bull123

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Reply with quote  #69 
I agree with the looking over his shoulder

I also believe he will be looking over his shoulder from an island somewhere with a margerita in his hand

SICK what america has become ...

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bull123

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Reply with quote  #70 
Sure ... CM is going to pay the price for what he did ...

all I can say ... is don't hold your breathe

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robertmbeard

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Posts: 81
Reply with quote  #71 
liezel:

You are welcome.  I still expect Bensimon and Martinec to bleed the remaining liquid assets of Bullion Direct dry before converting to Chapter 7 liquidation.  I'll be shocked if any of us get more than 2 pennies on the dollar as partial restitution...
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bull123

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Reply with quote  #72 
Not many posts lately ...

Remember, the folks still running Bullion Direct are getting paid between $300-375 per hour ...

For that rate we can expect some really, really good news soon ... RIGHT ???

Huge licensing deals ... Money or Gold found that belongs to clients ... etc ...

LOL ... the whole thing is a freaking joke ... sad thing is the jokes on the clients

IMHO [comp]
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jkline

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Posts: 83
Reply with quote  #73 
Dude,

What is there to say?  Welcome to bankruptcy court.  We get to just sit and wait for developments.

Unless you are Nemo, who with his decoder ring will be getting his money back through his very own proprietary legal system.  
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ChevyRacer

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Reply with quote  #74 
Quote:
Originally Posted by bull123
LOL ... the whole thing is a freaking joke ... sad thing is the jokes on the clients


You seem to be the only one who hasn't really figured this out yet...
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bull123

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Posts: 217
Reply with quote  #75 
You would want to be in CM's shoes if you saw how much money he allegedly had hidden away

remember, the $24 million number is just current value of the gold

gold and silver are way down since 2011

that means folks sent him a lot more money than $24 million to buy that gold

he's going to get off with a light slap on the wrist

[comp]
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