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Jupiter FL: Man accused of stealing $630K in S. African coins from seller...sad story
Goldbully
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Stories like this make me sick.....not to mention the perp's mug.
Kevin King
****************************************************************************************************
by
Kate Jacobson
Sun Sentinel
The deal was all but done..
Jerry Price had researched what his life's collection of nearly 500 gold Krugerrand coins were worth, and, at 82, he was finally ready to part with them.
He found Kevin King, a coin collector and seller with a storefront in West Palm Beach, on the Internet, he said. After he sold 15 coins to King in August 2014, King told him he could sell the rest for $633,000. He had a buyer, a guy he knew.
They agreed to meet on Sept. 26 at a Jupiter deli, and Price popped open a suitcase full of coins to show King.
But King left with the coins, police said, and Price left with nothing.
Jupiter police said King stole the 490 Krugerrand coins after tricking Price during what was supposed to be a sales transaction.
According to an arrest report, King instructed a friend to go into Price's car to get the coins while the two discussed a potential sales price out of sight of the suitcase.
King was arrested Tuesday.
"Most people are honest, you know," Price, now 83, said in an interview Wednesday. "When you talk straight to people, they're honest. That's the way I am. I thought he was, too."
The two men met at Too Jay's, a deli at 4050 S. Federal Highway to negotiate the sale. Price showed up with his suitcase full of coins, police said, and together the men sat in the car and examined them.
The Krugerrand is a South African coin worth thousands of dollars. Price said he had been collecting the coins since he was a young man — fascinated by both their sleek design and their high value.
As the two sat in Price's car, King, the owner of National Numismatic and Precious Metals in West Palm Beach, suggested they go inside the restaurant to grab a drink. Price got out and so did King, but King left his door just slightly ajar, police said.
Inside the restaurant, Price went to sit down by a table at the window. A booth in the back was better, King insisted, far away from the window. He excused himself to the restroom, police said, leaving Price by himself in the back of the restaurant.
According to the arrest report, surveillance tape showed King making a call on his phone before heading into the bathroom. He emerged a short while later, police said, and started texting on his phone before returning to the booth.
As King made his way to the back of the restaurant, his friend was driving toward the parking lot.
The man, who has not been charged, would later tell police King told him he had left a suitcase in a friend's car who picked him up from the airport. He described the car and the suitcase, and assured his friend the door would be unlocked.
He grabbed the suitcase from the car, and 20 minutes later, swung back around to the deli to pick up King. He told police he dropped King off at the Jupiter marina and the two went their separate ways.
The man told police he thought he was doing a favor for a friend and did not realize the contents of the suitcase.
Price got back into his car when the two couldn't negotiate a deal. Almost immediately he realized the coins were gone.
"When I came out, I only knew that there was he and I [at the restaurant]," Price said. "When the suitcase was gone, I knew there was somebody else working on it too."
But by then it was too late. King and his friend were long gone, police said.
King didn't pawn the coins, rather he slowly sold them off in the following months to private buyers and national coin collecting agencies, which forced police to subpoena all of King's financial records and the records of his buyers.
Records show King sold the coins and made about $700,000.
King is charged with grand theft and money laundering. He was released from the Palm Beach County Jail later on Tuesday.
When reached by phone Wednesday, King said he was innocent, calling Price an "unhappy customer."
"I didn't do anything wrong," he said. "I didn't."
Price is still reeling from his loss, he said.
As a young man, he acquired one of his first Krugerrand coins after selling magazines on the street and saving his money. He was a hard worker, he said, who loved collecting.
The money was meant to help Price in his old age. He told King that it was his lifelong collection, and that he needed the money.
But King took every cent he had, Price said.
As of Wednesday, he said he hasn't seen any of the money from the sale of the Krugerrands.
"He knew what I had," Price said. "He knew all along, and he kept spending it. The whole time he knew where it came from, he knew everything."
SS Link
Kevin King
****************************************************************************************************
by
Kate Jacobson
Sun Sentinel
The deal was all but done..
Jerry Price had researched what his life's collection of nearly 500 gold Krugerrand coins were worth, and, at 82, he was finally ready to part with them.
He found Kevin King, a coin collector and seller with a storefront in West Palm Beach, on the Internet, he said. After he sold 15 coins to King in August 2014, King told him he could sell the rest for $633,000. He had a buyer, a guy he knew.
They agreed to meet on Sept. 26 at a Jupiter deli, and Price popped open a suitcase full of coins to show King.
But King left with the coins, police said, and Price left with nothing.
Jupiter police said King stole the 490 Krugerrand coins after tricking Price during what was supposed to be a sales transaction.
According to an arrest report, King instructed a friend to go into Price's car to get the coins while the two discussed a potential sales price out of sight of the suitcase.
King was arrested Tuesday.
"Most people are honest, you know," Price, now 83, said in an interview Wednesday. "When you talk straight to people, they're honest. That's the way I am. I thought he was, too."
The two men met at Too Jay's, a deli at 4050 S. Federal Highway to negotiate the sale. Price showed up with his suitcase full of coins, police said, and together the men sat in the car and examined them.
The Krugerrand is a South African coin worth thousands of dollars. Price said he had been collecting the coins since he was a young man — fascinated by both their sleek design and their high value.
As the two sat in Price's car, King, the owner of National Numismatic and Precious Metals in West Palm Beach, suggested they go inside the restaurant to grab a drink. Price got out and so did King, but King left his door just slightly ajar, police said.
Inside the restaurant, Price went to sit down by a table at the window. A booth in the back was better, King insisted, far away from the window. He excused himself to the restroom, police said, leaving Price by himself in the back of the restaurant.
According to the arrest report, surveillance tape showed King making a call on his phone before heading into the bathroom. He emerged a short while later, police said, and started texting on his phone before returning to the booth.
As King made his way to the back of the restaurant, his friend was driving toward the parking lot.
The man, who has not been charged, would later tell police King told him he had left a suitcase in a friend's car who picked him up from the airport. He described the car and the suitcase, and assured his friend the door would be unlocked.
He grabbed the suitcase from the car, and 20 minutes later, swung back around to the deli to pick up King. He told police he dropped King off at the Jupiter marina and the two went their separate ways.
The man told police he thought he was doing a favor for a friend and did not realize the contents of the suitcase.
Price got back into his car when the two couldn't negotiate a deal. Almost immediately he realized the coins were gone.
"When I came out, I only knew that there was he and I [at the restaurant]," Price said. "When the suitcase was gone, I knew there was somebody else working on it too."
But by then it was too late. King and his friend were long gone, police said.
King didn't pawn the coins, rather he slowly sold them off in the following months to private buyers and national coin collecting agencies, which forced police to subpoena all of King's financial records and the records of his buyers.
Records show King sold the coins and made about $700,000.
King is charged with grand theft and money laundering. He was released from the Palm Beach County Jail later on Tuesday.
When reached by phone Wednesday, King said he was innocent, calling Price an "unhappy customer."
"I didn't do anything wrong," he said. "I didn't."
Price is still reeling from his loss, he said.
As a young man, he acquired one of his first Krugerrand coins after selling magazines on the street and saving his money. He was a hard worker, he said, who loved collecting.
The money was meant to help Price in his old age. He told King that it was his lifelong collection, and that he needed the money.
But King took every cent he had, Price said.
As of Wednesday, he said he hasn't seen any of the money from the sale of the Krugerrands.
"He knew what I had," Price said. "He knew all along, and he kept spending it. The whole time he knew where it came from, he knew everything."
SS Link
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When reached by phone Wednesday, King said he was innocent, calling Price an "unhappy customer." ....ain't it always like that.
It's never "hard" to find a buyer for 500 Krugs. No different than trying to sell $600K in FRN's. What made this dealer so special? And why the rush to sell 500 all at once? Was the seller looking to pay more in taxes?
Early American Copper, Bust and Seated.
<< <i>Holy Carp. What a mug. Not a face I'd trust with even 1 Krug. >>
<< <i>Wait, the guy in the pic ACTUALLY owns a coin shop? If so, why did they meet at a DELI? >>
just the way things are. RARELY are all or even close to all pertinent facts given. gotta be careful what you swallow in life otherwise you end up with a gullet full of b.s.
.
Great transactions with oih82w8, JasonGaming, Moose1913.
<< <i>If I were to walk into a coin shop and see THAT face behind the counter, I would trip over myself trying to get out the door. >>
"As a young man, he acquired one of his first Krugerrand coins
after selling magazines on the street and saving his money."
and
"Price said he had been collecting the coins since he was
a young man. . . ."
If Mr. Price was 82 in August 2014, he was born in 1932. The
Krugerrand was first minted in 1967, when he was 35 years old.
They weren't legal to own in the United States until 1974, when
he was 42. The article makes it seem like he was a kid selling
Grit and Reader's Digest door to door to buy the
coins. I don't get it.
<< <i>I'm struggling with the math of it:
"As a young man, he acquired one of his first Krugerrand coins
after selling magazines on the street and saving his money."
and
"Price said he had been collecting the coins since he was
a young man. . . ."
If Mr. Price was 82 in August 2014, he was born in 1932. The
Krugerrand was first minted in 1967, when he was 35 years old.
They weren't legal to own in the United States until 1974, when
he was 42. The article makes it seem like he was a kid selling
Grit and Reader's Digest door to door to buy the
coins. I don't get it. >>
+1
My YouTube Channel
<< <i>And everyone who bought K-rands from King is now subject to claw back. A bad deal all around. >>
Yah, like most of em are traceable. You can't claw back blood from a turnip. Per the IRS that buyer should be giving the seller a 1099-B!
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
<< <i>Holy Carp. What a mug. Not a face I'd trust with even 1 Krug.
When reached by phone Wednesday, King said he was innocent, calling Price an "unhappy customer." ....ain't it always like that.
It's never "hard" to find a buyer for 500 Krugs. No different than trying to sell $600K in FRN's. What made this dealer so special? And why the rush to sell 500 all at once? Was the seller looking to pay more in taxes? >>
Most likely he was looking to pay NOTHING in taxes. Which is exactly what he'll pay since he has nothing to pay taxes on or with.
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
<< <i>I'm struggling with the math of it:
"As a young man, he acquired one of his first Krugerrand coins
after selling magazines on the street and saving his money."
and
"Price said he had been collecting the coins since he was
a young man. . . ."
If Mr. Price was 82 in August 2014, he was born in 1932. The
Krugerrand was first minted in 1967, when he was 35 years old.
They weren't legal to own in the United States until 1974, when
he was 42. The article makes it seem like he was a kid selling
Grit and Reader's Digest door to door to buy the
coins. I don't get it. >>
It could be an 83 year old looking to stiff the dealer. Who knows these days.
<< <i>
<< <i>And everyone who bought K-rands from King is now subject to claw back. A bad deal all around. >>
Yah, like most of em are traceable. You can't claw back blood from a turnip. Per the IRS that buyer should be giving the seller a 1099-B! >>
The buyer is probably in violation of Patriot Act 2 as well which states if they buy more than $50K per year in bullion items they need to provide a written money laundering plan per PA2 guidelines and train employees on it. Last I checked the failure to follow PA2 is a fine of up to $250K and 5 yrs in prison.
The perp (who looks like the textbook example of a meth-head) is the stereotypical con man. Bought a few coins straight up to establish trust, then once the old guy divulged how many more he had, played the guy like a fiddle. Probably spooked him with talk of 1099s and taxation, then came up with "I have a guy that will pay cash but I don't wanna run it through my storefront-Big Brother might find out- so meet me at the deli"... bye bye gold. Disgusting. Hope he rots. Looks like he's already rotting from the look of that mugshot.
As far as the clawback thing...sounds good in theory but if this scumball was mostly selling for cash I doubt they'll have much of a paper trail to work with. I hope the old guy gets back as much as possible or the cash equivalent.
RIP Mom- 1932-2012
<< <i>
<< <i>
<< <i>And everyone who bought K-rands from King is now subject to claw back. A bad deal all around. >>
Yah, like most of em are traceable. You can't claw back blood from a turnip. Per the IRS that buyer should be giving the seller a 1099-B! >>
The buyer is probably in violation of Patriot Act 2 as well which states if they buy more than $50K per year in bullion items they need to provide a written money laundering plan per PA2 guidelines and train employees on it. Last I checked the failure to follow PA2 is a fine of up to $250K and 5 yrs in prison. >>
Does that apply to personal purchases too? $50K in bullion for a bullion business is chump change.
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
The perp resembles both Beavis and Butthead.
<< <i>....The buyer is probably in violation of Patriot Act 2 as well which states if they buy more than $50K per year in bullion items they need to provide a written money laundering plan per PA2 guidelines and train employees on it. Last I checked the failure to follow PA2 is a fine of up to $250K and 5 yrs in prison...........
Does that apply to personal purchases too? $50K in bullion for a bullion business is chump change. >>
The statute actually says purchases and sales or total transactions which is nebulous at best. Never did really get a great answer on that. But the $50K level was to keep the little guy and collectors out while ensuring that all the larger dealers, B&M's, pawn shops, jewelers, etc all have to record/track/screen purchases. Note that it's even easier to make that $50K threshold because they define "bullion" as a coin that gets at least 50% of its value from the intrinsic metal. This means $20 Saints up to MS65 for one. If you as a collector sold 30 MS65 $20 Saints in one year at >$50K total, you could be required to file a "plan." And with copper prices way down I think circ wheat cents now fall into the 2X range. Yet, mint state Morgans would not apply since even a MS61 1921 Morgan probably exceeds the 2X "melt" requirement. When silver was back at $40/oz, lower grade BU Morgans were in the <2X range.
Update: http://bangordailynews.com/2017/08/08/news/midcoast/man-who-hid-stolen-gold-guns-and-drugs-in-maine-home-pleads-guilty/?ref=polbeat
I'm glad he was able to receive some of them back.
A lot of the time they become the 'property of the state'.
Let's see, he stole $633K, the Police recovered about $215K, so net, net he stole over $400K and gets to serve 1 year in jail. Who says crime doesn't pay?
An authorized PCGS dealer, and a contributor to the Red Book.
I agree, he has a life long rap sheet and an adult lifetime of prior convictions.
He should have been put away for life.
Crazy stuff!
My YouTube Channel
Slap on the wrist, unbelievable.
eBay ID-bruceshort978
Successful BST:here and ATS, bumanchu, wdrob, hashtag, KeeNoooo, mikej61, Yonico, Meltdown, BAJJERFAN, Excaliber, lordmarcovan, cucamongacoin, robkool, bradyc, tonedcointrader, mumu, Windycity, astrotrain, tizofthe, overdate, rwyarmch, mkman123, Timbuk3,GBurger717, airplanenut, coinkid855 ,illini420, michaeldixon, Weiss, Morpheus, Deepcoin, Collectorcoins, AUandAG, D.Schwager.
We must try to understand career criminals like, this, must have suffered abuse as a child, never was understood or got the help he needed. Through enlightened therapy and proper treatment, it is our hope he can be rehabilitated and admit he has done wrong and change his ways.
This human fecal matter should be fed to the gators.....however, that would be animal cruelty.... Cheers, RickO
Anyone watch "Shameless" ? Dude looks like Frank Gallagher, William H. Macy's character
Maybe be a little bit, if Frank got shot in the face with a round of buckshot. This dude obviously has some issues.
eBay ID-bruceshort978
Successful BST:here and ATS, bumanchu, wdrob, hashtag, KeeNoooo, mikej61, Yonico, Meltdown, BAJJERFAN, Excaliber, lordmarcovan, cucamongacoin, robkool, bradyc, tonedcointrader, mumu, Windycity, astrotrain, tizofthe, overdate, rwyarmch, mkman123, Timbuk3,GBurger717, airplanenut, coinkid855 ,illini420, michaeldixon, Weiss, Morpheus, Deepcoin, Collectorcoins, AUandAG, D.Schwager.
Looks like Heatmiser retired to Florida and discovered meth.
I think we need PCGS to sticky a Florida scammer thread before someone busts the new topic button.
He's a drug addict.
This is a coin forum. This is not the place to discuss opioid addiction. But please don't blame society for his problems.
I hope he regains his sobriety and becomes a productive member of society in the future.
Thanks I was being facetious, but looks like a couple people took me seriously. I have seen enough "Law and Order" episodes to realize the DA tries to cut deals when the sociopaths have valuable information.
I figured he played an alcohol or drug abuse card for a reduced jail time.
he can get drugs in jail. the thought of a jail rehab might not work.
My bad.
Very sad...I feel terrible for Mr Price.
Moral of story: Don't leave $700,000 in gold in an unattended car.
Dave
way too many "odd, very odd" holes in that report.
A old new scam IMO presented in another light.
If it is as reported, I feel sorry for the old fellow. But , HOW stupid can one be?
stupidity has its price...
Terrible story. Moreso for the person that has their trust demolished. However, when you are dealing with 600K in gold coins, trust should be meted out with incredible diligence. Secondly, a trustworthy buyer would never request that the seller "trust" him. You set a seller at ease by being transparent, upfront and with arrangements that remove the need for blind trust.
That aint just meth, this dude has Karposi's sarcoma.
When you're 83 year old man 70 is a young man so 30 or 40 actually makes sense . As a man in his 30's and 40's he could have owned a magazine stand. That was my takeaway
mark
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Why do so many, if not most, of these coin theft threads end with the theft happening because the coins were left in the car?
"Hey, lets go inside for a drink.
Sure, lemme just leave my life savings in the car.
OK now that we're inside, let's find a seat. How bout a window seat, where I can see the car?
No sir, lets just sit over here instead where the car's out of sight.
Sure, I'll go along with that. Hey bud where ya goin?
Oh I just gotta hit the can and take an important call at the same time. Stay here."
?????