CU/David Hall Working With FBI To This End
wondercoin
Posts: 16,911 ✭✭✭✭✭
I thought the forum members might find this press release interesting:
Collectors Universe Uncovers Sportscard Fraud Scheme by Sportscard Dealer
Wednesday January 15, 7:00 am ET
NEWPORT BEACH, Calif., Jan. 15 /PRNewswire-FirstCall/ -- Collectors Universe, Inc. (Nasdaq: CLCTD - News), the leading provider of value-added grading and authentication services and products to dealers and collectors of high-end collectible coins, sportscards, currency, stamps, sports and entertainment memorabilia, autographs and other collectibles, today confirmed that Collectors Universe and its PSA (Professional Sports Authenticator) division have assisted the FBI in an investigation leading to fraud charges against a major dealer in collectible baseball cards.
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On December 23, 2002, the U.S. Attorney for the Southern District of California filed mail fraud charges against When It Was a Game, Inc. and its principals John Slight and Craig Kreider, accusing the defendants of selling sportscards "by means of false or fraudulent pretenses, representations or promises that the sports cards sold were of the quality represented." The charges were based, in part, upon evidence provided to the FBI by PSA that cards sold by the defendants over the Internet were purported to have been graded by PSA when, in fact, they were not. Consequently, the cards did not merit the grades defendants represented them to have.
No Collectors Universe personnel were involved in the fraudulent scheme. Rather, Collectors Universe, using proprietary security measures that it has developed to protect collectibles consumers from fraud and misrepresentation, helped to uncover the fraud and to assist the Federal Government in the investigation that led to the filing of charges against the dealer.
Collectors Universe and its PSA division expect no material financial impact resulting from claims related to the disclosed fraud matter.
Joe Orlando, President of PSA, said, "It's extremely important that collectors are confident that the certified sportscards they buy are exactly what they appear to be. While the vast majority of sellers are scrupulous, unfortunately, a few are not. PSA employs various overt and covert security systems to ensure that collectors can trust that PSA products are genuine, and that persons selling fraudulent PSA cards can be identified and stopped in their tracks."
PSA founder and Collectors Universe President David Hall added, "We are pleased that a Collectors Universe company has again successfully uncovered activities that appear to be inconsistent with honest dealing within our market. This is the fourth time since 1988 our experts at PSA and Professional Coin Grading Service helped uncover fraudulent activities in the sportscard and rare coin marketplace.
"We are dedicated to protecting collectibles consumers from fraud and misrepresentation in any form. We also fervently value our brand name. We will continue to work to protect collectors, and our own reputation, zealously."
Collectors who believe they may have purchased fraudulently graded cards from the When It Was A Game company should watch the PSA website (psacard.com) for further announcements regarding what to do and how PSA can help them.
About Collectors Universe
Collectors Universe, Inc. is the leading provider of products and essential services to the high-end collectibles market. The Collectors Universe brands, including Professional Sports Authenticator (PSA) are among the strongest and best known in their respective markets. The company grades and authenticates collectible coins, sports cards, stamps, and autographs. The company engages in collectibles commerce, selling coins, currency, sportscards and sports memorabilia, and entertainment memorabilia through direct sales, auctions, catalogs, and the Internet. The company also compiles and publishes authoritative information about collectible sportscards and sports memorabilia, United States and world coins, and entertainment memorabilia. This information is accessible to collectors and dealers at the company's website, www.collectors.com, and is also published in print.
Forward-Looking Statement Disclaimer
This news release contains statements regarding our expectations about our future financial performance that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Our actual results in the future may differ, possibly materially, due to a number of risks and uncertainties. Those risks and uncertainties include, but are not limited to: changes in general economic conditions, including a potential further slowing of the economy, and changes in conditions in the collectibles markets in which we operate, such as a possible decline in the popularity of some high-end collectibles that could reduce the volume of grading submissions and therefore the grading fees we generate and the volume of collectible sales that we are able to make; increases in competition for and difficulties in obtaining consignments of collectibles that could reduce the size and profitability of our auctions; potential losses on owned collectible merchandise or the need to adjust these inventories to fair market value; and seasonality and potential fluctuations in quarterly operating results and quarterly cash flows; and the dependence on a limited number key management personnel the loss of any of which could adversely affect future financial performance. Certain of these risks and uncertainties, in addition to other risks, are more fully described in our Prospectus dated November 4,1999, which was part of our Registration Statement on Form S-1 filed with the Securities and Exchange Commission and the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2002. These forward-looking statements are made only as of the date of this news release and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
--------------------------------------------------------------------------------
Source: Collectors Universe, Inc.
Collectors Universe Uncovers Sportscard Fraud Scheme by Sportscard Dealer
Wednesday January 15, 7:00 am ET
NEWPORT BEACH, Calif., Jan. 15 /PRNewswire-FirstCall/ -- Collectors Universe, Inc. (Nasdaq: CLCTD - News), the leading provider of value-added grading and authentication services and products to dealers and collectors of high-end collectible coins, sportscards, currency, stamps, sports and entertainment memorabilia, autographs and other collectibles, today confirmed that Collectors Universe and its PSA (Professional Sports Authenticator) division have assisted the FBI in an investigation leading to fraud charges against a major dealer in collectible baseball cards.
ADVERTISEMENT
On December 23, 2002, the U.S. Attorney for the Southern District of California filed mail fraud charges against When It Was a Game, Inc. and its principals John Slight and Craig Kreider, accusing the defendants of selling sportscards "by means of false or fraudulent pretenses, representations or promises that the sports cards sold were of the quality represented." The charges were based, in part, upon evidence provided to the FBI by PSA that cards sold by the defendants over the Internet were purported to have been graded by PSA when, in fact, they were not. Consequently, the cards did not merit the grades defendants represented them to have.
No Collectors Universe personnel were involved in the fraudulent scheme. Rather, Collectors Universe, using proprietary security measures that it has developed to protect collectibles consumers from fraud and misrepresentation, helped to uncover the fraud and to assist the Federal Government in the investigation that led to the filing of charges against the dealer.
Collectors Universe and its PSA division expect no material financial impact resulting from claims related to the disclosed fraud matter.
Joe Orlando, President of PSA, said, "It's extremely important that collectors are confident that the certified sportscards they buy are exactly what they appear to be. While the vast majority of sellers are scrupulous, unfortunately, a few are not. PSA employs various overt and covert security systems to ensure that collectors can trust that PSA products are genuine, and that persons selling fraudulent PSA cards can be identified and stopped in their tracks."
PSA founder and Collectors Universe President David Hall added, "We are pleased that a Collectors Universe company has again successfully uncovered activities that appear to be inconsistent with honest dealing within our market. This is the fourth time since 1988 our experts at PSA and Professional Coin Grading Service helped uncover fraudulent activities in the sportscard and rare coin marketplace.
"We are dedicated to protecting collectibles consumers from fraud and misrepresentation in any form. We also fervently value our brand name. We will continue to work to protect collectors, and our own reputation, zealously."
Collectors who believe they may have purchased fraudulently graded cards from the When It Was A Game company should watch the PSA website (psacard.com) for further announcements regarding what to do and how PSA can help them.
About Collectors Universe
Collectors Universe, Inc. is the leading provider of products and essential services to the high-end collectibles market. The Collectors Universe brands, including Professional Sports Authenticator (PSA) are among the strongest and best known in their respective markets. The company grades and authenticates collectible coins, sports cards, stamps, and autographs. The company engages in collectibles commerce, selling coins, currency, sportscards and sports memorabilia, and entertainment memorabilia through direct sales, auctions, catalogs, and the Internet. The company also compiles and publishes authoritative information about collectible sportscards and sports memorabilia, United States and world coins, and entertainment memorabilia. This information is accessible to collectors and dealers at the company's website, www.collectors.com, and is also published in print.
Forward-Looking Statement Disclaimer
This news release contains statements regarding our expectations about our future financial performance that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Our actual results in the future may differ, possibly materially, due to a number of risks and uncertainties. Those risks and uncertainties include, but are not limited to: changes in general economic conditions, including a potential further slowing of the economy, and changes in conditions in the collectibles markets in which we operate, such as a possible decline in the popularity of some high-end collectibles that could reduce the volume of grading submissions and therefore the grading fees we generate and the volume of collectible sales that we are able to make; increases in competition for and difficulties in obtaining consignments of collectibles that could reduce the size and profitability of our auctions; potential losses on owned collectible merchandise or the need to adjust these inventories to fair market value; and seasonality and potential fluctuations in quarterly operating results and quarterly cash flows; and the dependence on a limited number key management personnel the loss of any of which could adversely affect future financial performance. Certain of these risks and uncertainties, in addition to other risks, are more fully described in our Prospectus dated November 4,1999, which was part of our Registration Statement on Form S-1 filed with the Securities and Exchange Commission and the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2002. These forward-looking statements are made only as of the date of this news release and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
--------------------------------------------------------------------------------
Source: Collectors Universe, Inc.
Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
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Comments
K S
Notice the source at the bottom of the article.
Joe
Mess with our holders...go to jail!
09/07/2006
<< <i>To be clear...the message is... Mess with our holders...go to jail! >>
So a crack-out is a crime?
We'll use our hands and hearts and if we must we'll use our heads.
<< <i>To be clear...the message is...
Mess with our holders...go to jail! >>
As it should be! It's bad enough to misrepresent a collectable, but to make it appear to be genuine and/or overgraded with phony third-party certification is lower than low. I hope your press release gets good exposure in the mainstream media to send this message out loud and clear.
Joe
"Consequently, the cards did not merit the grades defendants represented them to have.
While the vast majority of sellers are scrupulous, unfortunately, a few are not.
and that persons selling fraudulent PSA cards can be identified and stopped in their tracks.
"successfully uncovered activities that appear to be inconsistent with honest dealing within our market.
"We are dedicated to protecting collectibles consumers from fraud and misrepresentation in any form.
Collectors who believe they may have purchased fraudulently graded cards from the When It Was A Game company should watch the PSA website (psacard.com) for further announcements regarding what to do and how PSA can help them
Bravo!
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection