Has anyone ever dealt with Stanford Coins & Bullion?

pcgs69 · May 22, 2008 1:19PM

Just curious...

edix2001 · May 22, 2008 1:21PM

They are here in Houston. They carry top flight material.

MrEureka · February 14, 2009 7:00AM

They are here in Houston. They carry top flight material.

"I took a speed-reading course and read War and Peace in twenty minutes. It involves Russia." - Woody Allen

roadrunner · February 14, 2009 7:44AM

I did one $8K or so transaction with them in late 2007. They paid strong for the material. At that time they took the material and paid 30 days later. Those were their terms up front. I would imagine that is still the case.

JPKinla had a fairly lengthy thread about a recent group of deals he did with SCB. You should have no trouble digging those up as they are only a few months old.

roadrunner

quickwing · February 14, 2009 8:14AM

Billionaire Stanford’s Firm Said to Face U.S. Probe

Be careful with this group

PerryHall · February 14, 2009 8:21AM

<< At that time they took the material and paid 30 days later. >>

In today's economic climate, there is no way I would wait 30 days for payment.

edix2001 · February 14, 2009 8:31AM

Numismatists will soon see quite a number of high profile coin firms biting the dust in one way or another.

MrEureka · February 14, 2009 8:40AM

In today's economic climate, there is no way I would wait 30 days for payment.

Would you risk taking an immediate check from anyone or do you always require cash?

MrEureka · February 14, 2009 8:49AM

Numismatists will soon see quite a number of high profile coin firms biting the dust in one way or another.

I do not believe that at all.

PerryHall · February 14, 2009 9:03AM

<< In today's economic climate, there is no way I would wait 30 days for payment.

Would you risk taking an immediate check from anyone or do you always require cash? >>

A check would be fine from an established company but a lot can happen in 30 days.

Elcontador · February 14, 2009 9:18AM

I would not do business with any outfit which aggressively markets its material unless someone I trust (and there aren't many of these people) said they were above board and gave me an acceptable explanation as to why they thought so.

pcgs69 · February 14, 2009 9:32AM

I was a little surprised when this old beast resurfaced. I read the thread title and thought, huh, who would ask this question...oh, that was me.

I dealt with them twice (which is why I originally started the thread), and both times were less than stellar. The first time I returned a coin but they never issued a refund. I finally had to dispute the charge and it left a sour taste in my mouth.

I was "dumb" and thought to give them a second chance, although this time it wasn't as bad, it still wasn't satisfying. Never again will I deal with them. They told me the man who I originally dealt with was no longer with the company, but that doesn't matter at this point.

element159 · February 14, 2009 10:06AM

<< Billionaire Stanford’s Firm Said to Face U.S. Probe

Be careful with this group >>

Repeating for emphasis... If that dealer (I personally know nothing of them) is related to the Stanford Group in that article, be very suspicious. The Stanford Group apparently ran an investment fund, which has posted suspiciously high returns (especially on things like CDs) for some time. The auditor is a no-name organization in Antigua. Sound familiar??

roadrunner · February 15, 2009 12:40AM

Some interesting information in that Bloomberg article.

roadrunner

MrEureka · February 15, 2009 1:21AM

If that dealer (I personally know nothing of them) is related to the Stanford Group in that article...

LINK

For the record, I think it's premature to condemn this company.

element159 · February 15, 2009 5:23AM

So they are related... As I said, I have never dealt with these people. The numismatic people may be entirely straight dealers - I have no personal reason to believe anything else... But the financial dealings of the parent group definitely set off warning signals. Some more articles about the Stanford Group:
NY Times
portfolio.com
The Stanford guy is apparently big in the cricket scene, so this story is likely to become more mainstream (at least in places where people care about cricket!). I would be very careful dealing with any of the Stanford Group.

BlindedByEgo · February 15, 2009 5:32AM

They have marketed through TV and radio a fair bit here in So Cal. I would never have thought of them as a source for coins in which I would have an interest; I always assumed that their bullion would be sold at a premium greater than that to which I am accustomed.

quickwing · February 15, 2009 7:46AM

<< For the record, I think it's premature to condemn this company. >>

I think you'll find out soon enough MrEureka that this is just the tip of the iceberg.

jdillane · February 15, 2009 8:05AM

But Sean Hannity recommends them!

MrEureka · February 16, 2009 10:12AM

I think you'll find out soon enough MrEureka that this is just the tip of the iceberg.

Perhaps. Maybe even likely. Still, innocent until proven guilty.

bidask · February 17, 2009 2:10AM

Are they related to a Stanford Financial....also in Texas?

The principals are being arrested for fraud at Stanford Financial.

quickwing · February 17, 2009 2:14AM

And who would have thought?

OnlyGoldIsMoney · February 17, 2009 2:26AM

Breaking news on Drudge. Federal agents at the door. It's related to uninsured CD's from Antigua.

mrearlygold · February 17, 2009 2:26AM

Front page of todays NY Times:

Texas Financial Firm Is Accused by U.S. of $8 Billion Fraud
Fraud at Stanford

MrEureka · February 17, 2009 2:55AM

Are they related to a Stanford Financial....also in Texas?

SF is the parent company. Not good...

element159 · February 17, 2009 4:46AM

Supposedly all assets of these companies have been seized, which presumably includes the coins, although the coin business has not been mentioned in any of the fraud articles that I have read.

Doogy · February 17, 2009 5:05AM

<< But Sean Hannity recommends them!

>>

well if ole' Elmer Fudd likes them, that is all I need to hear. In that case, I wouldn't touch 'em with a ten foot pole.

7Jaguars · February 17, 2009 5:06AM

As an alumnus of Stanford UNIVERSITY, I have always hated that the name was co-opted by this company. I hope they prove legitimate in the long run. Other than that I don't have anything to add as all I have seen is their advertisements in Coin World which tend to feature higher priced bits.

Purple73 · February 17, 2009 6:53AM

Yes, I bought a 10 ounce silver bar from them.

PURPLE!

roadrunner · February 17, 2009 7:53AM

So much for 10-15% returns per year from 1995-2007. And like Madoff, the principal of this company was a fine upstanding person who was even knighted by the country of Antigua and called "Sir Stanford"........I kid you not. You can't make stuff like this up.

It bears repeating: if it's not in your hand, you don't have it.

roadrunner

mrearlygold · February 17, 2009 7:54AM

<< So much for 10-15% returns per year from 1995-2007. And like Madoff, the principal of this company was a fine upstanding person who was even knighted by the country of Antigua and called "Sir Stanford."
roadrunner >>

BlindedByEgo · February 17, 2009 7:55AM

<< 
It bears repeating: if it's not in your hand, you don't have it.

roadrunner >>

Word.

mrearlygold · February 17, 2009 7:56AM

<< 

<< 
It bears repeating: if it's not in your hand, you don't have it.

roadrunner >>

Word. >>

Like, Dig it

Elcontador · February 17, 2009 8:00AM

As I said earlier, I am immediately suspicious of people who aggressively market any product. As a former co-worker put it, "what do you EXPECT from THOSE PEOPLE."

As far as Hannity goes, ele é cheia de b*sta.

elwood · February 17, 2009 8:23AM

I believe Stanford purchased Superior Galleries several years ago and are still a major share holder.

I hope people who consignored to any of their auctions will be okay.

jpkinla · February 17, 2009 9:10AM

I do not believe that they have ANY involvement with the parent company in the alleged wrongdoings. I have had my differences with Stanford in the past but their coin company is, in my opinion, solid and reputable. I suspect that it will be business as usual in the coin division but that this alleged fraud will destroy the parent company. I suspect the coin company will be sold or closed eventually.

mrearlygold · February 17, 2009 9:22AM

<< I believe Stanford purchased Superior Galleries several years ago and are still a major share holder.

I hope people who consignored to any of their auctions will be okay. >>

Now there's a credible bunch

edix2001 · February 17, 2009 9:23AM

They had local coverage on the news tonight since one of the places raided was here in Houston. Some investors came out looking like they'd just been Bernie Madoffed. (It musta been fun making 10-15% on CDs while you did, but now it's all gone -- boo-hoo!)

timber100 · February 17, 2009 9:59AM

I was listining to Hannity telling me to buy gold from them on the way home on Monday. He was saying he starting to also buy old gold coins form them, not just bullion. I hope he took delivery on his coins!!!

element159 · February 17, 2009 4:04PM

I doubt that this company will continue to operate. The articles I read imply that the coin part is part (a subsidiary) of what is under receivership now, although the coin stuff is nowhere mentioned explicitly. If true, I would think the only thing to do then is to liquidate the business and use the proceeds towards the fraud losses in the CD stuff. Whether or not the coin business would be viable as a continuing operation, I don't see it continuing under receivership. But it isn't up to me.

I think it will be interesting to see exactly what happens with the coin business, it might shed some light on the other stuff. One thing - law enforcement would surely consider the possibility of Mr. Stanford escaping with a large value of rare coins, and my understanding is that he is not cooperating. So the coins will surely be carefully watched.

For emphasis - none of this suggests at all that the people involved in the coin business there are anything other than fair dealers. But their owner is not.

This link mentions someone who was unable to pick up gold coins as a result of all this.

Unknown · February 17, 2009 10:06PM

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RYK · February 17, 2009 10:14PM

<< For emphasis - none of this suggests at all that the people involved in the coin business there are anything other than fair dealers. But their owner is not.

Why would you deal with a company with problems when there are so many other solid choices available? Everything that we have seen go wrong in banking and finance is present in the coin business. >>

With all due respect, Joe, as collectors, how are we supposed to know who are the "solid choices" in the coin business, in a business environment in which everything has seemingly turned upside down?

Unknown · February 17, 2009 10:46PM

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MrEureka · February 17, 2009 10:58PM

With all due respect, Joe, as collectors, how are we supposed to know who are the "solid choices" in the coin business, in a business environment in which everything has seemingly turned upside down?

For those of us in the business, it's pretty obvious who could have problems. So perhaps the best way to find out if your dealer is "safe" is to talk to other dealers about your dealer.

RYK · February 17, 2009 11:30PM

<< With all due respect, Joe, as collectors, how are we supposed to know who are the "solid choices" in the coin business, in a business environment in which everything has seemingly turned upside down?

For those of us in the business, it's pretty obvious who could have problems. So perhaps the best way to find out if your dealer is "safe" is to talk to other dealers about your dealer. >>

On the surface, that makes sense, but their are significant problems with this. As a fairly seasoned collector, I have a network of dealer contacts. However, many collectors are probably not as well-connected as I am. If a random collector, perhaps a guy to whom you sold one coin for $500 three years ago, called you and asked if it were true that his favorite dealer, XYZ, was having financial difficulties, you might be put in an uncomfortable position. And if you confirm these rumors, how does the guy know that you are not trashing XYZ to try to steal away his business? And what if you believe that XYZ is having financial trouble, and it is not the case? Unless you are their accountant, you probably really do not know the truth. And what if you do not know and say that you do not know? The collector might read more into this. And so on and so forth. Big can of worms, if you ask me.

If you have exposure to a coin dealer through memo deals, layaways, funds on deposit, it is entirely appropriate to ask questions about the dealer's finances. Additionally, while it is often overlooked, you should also ask if your dealer has any exposure to other dealers who are playing a little too close to the edge. In the months to come, many will wish that they had paid more attention to that second question.

Two problems with this:
1. How do we know that we are getting a truthful answer?
2. Perhaps the dealer does not recognize that he is in financial jeopardy, as I would guess that quite a few are accustomed to being close to the edge.

Bottom line: Collectors really have little access to the truth in this area and probably have more risk than they realize.

Unknown · February 17, 2009 11:53PM

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roadrunner · February 18, 2009 1:15AM

I've been inundated with emails from dealer X the past 2 weeks about guaranteed 1 yr 100% no risk buybacks, opportunity of a lifetime, 30 year market outperformer, and other such catchy phrases if I plunk down 5 figures with them. They incidently do wear suits a lot and have fancy brochures and advertising. What should I do?....and by the way, my name is Forrest.

roadrunner

quickwing · February 18, 2009 1:53AM

<< What should I do?.... >>

Same as always RR. Look at the fruit not the tree.

au58 · February 18, 2009 2:49AM

<< I've been inundated with emails from dealer X the past 2 weeks about guaranteed 1 yr 100% no risk buybacks, opportunity of a lifetime, 30 year market outperformer, and other such catchy phrases if I plunk down 5 figures with them. They incidently do wear suits a lot and have fancy brochures and advertising. What should I do?....and by the way, my name is Forrest.

roadrunner >>

I think I know the answer - Is it -- Run ??

streeter · February 18, 2009 4:31AM

If you are going to gamble in this biz environment-just be prepared to roll snake eyes. There are people on the edge who talk a great game.
It's pays to have a little leverage unless you like to fly blind.

Res · February 18, 2009 4:42AM

<< I think you'll find out soon enough MrEureka that this is just the tip of the iceberg.

Perhaps. Maybe even likely. Still, innocent until proven guilty. >>

Innocent until proven guilty is for the courts. Would you want to give your money to Madoff right now? He is still "innocent"

Has anyone ever dealt with Stanford Coins & Bullion?

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Has anyone ever dealt with Stanford Coins &amp; Bullion?

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Has anyone ever dealt with Stanford Coins & Bullion?