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BDistheBestest

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Reply with quote  #1 
There are many industry associations related to bullion dealers, some of which Bullion Direct lists on its website as "members".  Those of you who are industry insiders or in the know, please feel free to enlighten us as to formal complaint processes that are around.  I'm sure some of these voluntary self-regulating bodies (like a BBB for bullion dealers) have a way for customers to report abuses.

I'd suggest everyone use the following links to complain to organizations that Bullion Direct lists on their website.  These are just generic "contact us" forms, but if they get enough complaints, they will probably take action.  I'm sure they don't want their respective organizations associated with a company that hasn't been fulfilling customer orders.

Professional Coin Grading Service
P.O. Box 9458
Newport Beach, CA 92658
http://www.pcgs.com/contactus/contact.aspx
U.S. 800-447-8848
Int'l 949-833-0600

Numismatic Guaranty Corporation
P.O. Box 4776
Sarasota, FL 34230
United States
http://www.ngccoin.com/contact-us.aspx
1-800-NGC-COIN toll free
+1 941-360-3990
+1 941-360-2553 fax
Service@NGCcoin.com

International Precious Metals Institute
5101 North 12th Avenue, Suite C
Pensacola, FL 32504

http://www.ipmi.org/contact/index.cfm
(850) 476-1156 Phone
(850) 476-1548 Fax
mail@ipmi.org



Question to JG or anyone else:  are there other industry associations we should be contacting?  Is it likely that they all are already aware of the situation?  I have also contacted some of Bullion Direct's competitors, and some of them were nice enough to give me advice, but not sure if there's anything they can do.
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JG

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Reply with quote  #2 
Quote:
Originally Posted by BDistheBestest
Question to JG or anyone else:  are there other industry associations we should be contacting?  Is it likely that they all are already aware of the situation?


I am confident that at least one or two of those organizations are already aware of what is going on. My guess is that the best they can do is remove the membership of Bullion Direct; I do not believe they get involved in issues like this on a customers' behalf (but could be wrong, as I sometimes am!).

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jbholmes

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Reply with quote  #3 
JG,

Should we maybe hold off on more complaints and see if something else develops per the leaked e-mail. Is it possible we might just do more damage if we do anything other than give this a few days to develop?
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JG

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Reply with quote  #4 
Quote:
Originally Posted by jbholmes
Should we maybe hold off on more complaints and see if something else develops per the leaked e-mail. Is it possible we might just do more damage if we do anything other than give this a few days to develop?


This is why the silence is so problematic.

I want to say "Gee, it looks like Bullion Direct is indeed working on things" based on that leaked E-mail. But, it is not possible to verify that it was indeed sent by Mr. McAllister. Or it could have been sent by him in an attempt to slow complaints down a bit. Who knows? He won't say directly.

My instinct all along has been that Mr. McAllister got stuck in this situation for some reason, and feels bad about it, and quite possibly the IP is worth more than what is owed (and I'll bet he honestly believes that). But the silence is extremely damning -- why would someone advise him to be silent if doing so will put more pressure on him via the various government agencies?

In any case, if it were me, I would probably hold off on any further complaints for a week.

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nobody

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Reply with quote  #5 
I'm not sure I buy it.  Shortly after he went silent, I reached out to make an offer of adding liquidity to either the cash or physical side of his books, or to open talks on buying his patent -- neither was met with a response.
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JG

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Reply with quote  #6 
Quote:
Originally Posted by nobody
I'm not sure I buy it.  Shortly after he went silent, I reached out to make an offer of adding liquidity to either the cash or physical side of his books, or to open talks on buying his patent -- neither was met with a response.


When and how did you try contacting him?

When I had first E-mailed him (June 14), he responded within a few hours, and it sounded like we would have an open line of communication. But I have been unable to get a response since then, and have the feeling that he may not even be checking his @bulliondirect.com E-mail.

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nobody

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Posts: 360
Reply with quote  #7 
Yeah, I tried some @bulliondirect.com email's - I don't know him personally, but I always thought he had a bangup business model in the making, and was worth evaluating as an investment opportunity.

Seeing the Chap 11 suggestion is actually a bit relieving to me - as at least its movement.
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JG

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Reply with quote  #8 
Quote:
Originally Posted by nobody
Seeing the Chap 11 suggestion is actually a bit relieving to me - as at least its movement.


Agreed. It forces the company to handle the situation, eliminates the silence, and answers some of the big questions.

Tulving's bankruptcy petition was disappointing, as it was a "skeleton filing" with information that appeared to have been taken from memory (it was filed in a hurry, within a couple days of the Secret Service raid). But this one should provide details such as the approximate number of creditors, roughly how much is owed, and roughly how much there is in the way of assets.

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Khachir7

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Reply with quote  #9 
Well, Chad should know that, if he comes clean and it is evident that he did not cause the issue through fraud or outright gross negligence, and if he files Chapter 11 - and his future operating model makes sense (that's the premise of Chapter 11, right?) - i will keep giving him my business. Currently, I am facing a loss of $12-13k, but I am willing to give him another chance if he can demonstrate that he deserves it. I am also willing to invest in his business (small %, and not on shark tank terms!). I think he should know that some of the customers feel this way - and, for now, I keep giving him the benefit of the doubt.
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BDistheBestest

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Reply with quote  #10 
After contacting all industry groups listed on Bullion Direct's website on July 16th via online contact forms, I have received replies from two of the three thus far:

From IPMI (International Precious Metals Institute):

"We have looked at their website and on it they admit to having delivery issues. Yes, they are a current member. We are only a membership association. We do not regulate or certify."

From NGC (Numismatic Guaranty Corporation):

"Thank you for the email. We are aware of this and are in the process of suspending Bullion Direct's NGC Authorized Dealer membership."

From PCGS (Professional Coin Grading Service):

(no reply received to date, other than the initial auto-reply)
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