Tulving?

imiinc

Hi,

Today/tomorrow morning I'm going to buy a large lot of bullion Gold and Silver:

1 OZ American Gold Eagles
1 OZ American Silver Eagles

People on this board mentioned 2 good places to buy...

http://www.bulliondirect.com/
http://www.tulving.com/

Is Hannes Tulving an honest dealer?

I'm about to "pull the trigger" but don't want to get burned.

Thanks.

Russ

<< <i>Is Hannes Tulving an honest dealer? >>



Lately, yes.

(Note for the uninitiated: Many moons ago he was involved in a scandal, but no worries with buying now).

Russ, NCNE

NevadaMac

All my transactions with Tulving are handled very promptly and professionally. Highly recommended

imiinc

<< <i>

<< <i>Is Hannes Tulving an honest dealer? >>



Lately, yes.

(Note for the uninitiated: Many moons ago he was involved in a scandal, but no worries with buying now). >>



Yeah, I just "Googled" his name and found the scandal article.

I'm emailing back and forth and just set up the buy, but what about an invoice or receipt?

Geez, this is a lot of money we're talking here.

Barry

CALIFORNIA COIN DEALER AGREES TO SETTLE - 06/92

Hannes Tulving, Jr., president of Hannes Tulving Rare Coin Investments, Inc., a California retail marketer of numismatic coins, has agreed to settle Federal Trade Commission charges that he created and maintained an artificial coin market to induce the purchase of coins at inflated prices.

Under the proposed settlement filed in federal court, Tulving would be prohibited from misrepresenting, among other things, the degree of risk or any other fact material to a consumer's decision to purchase any investment offering. The order also imposes a monetary judgment, which will be partially satisfied by the payment of $260,000 over a five-year period.

In August 1990, the FTC filed a complaint against Tulving and his company, Hannes Tulving Rare Coin Investments, Inc., of Newport Beach, alleging that they misrepresented the degree of risk and appreciation of their coins, falsely represented that the figures published in their coin price guide reflected the actual wholesale market price of their coins and that their customers' portfolio updates reflected the current value of the customers' coins; and that they failed to maintain a reserve of funds to enable them to honor their buy-back guarantee. The case against the corporate defendant, Hannes Tulving Rare Coin Investments, Inc., is still pending.

Under the terms of the proposed consent order settling the charges against Hannes Tulving, Jr., he would be prohibited from, among other things, falsely representing that his coins are an excellent, low-risk investment or that they have consistently appreciated in value; that portfolio updates given to customers reflect the current value of their coins; and that the prices he charged for his coins were at or near the prevailing market price.

He also would be prohibited from falsely representing the profitability of any investment offering, the services he offers in connection with such an offering, or the earnings of any of his customers.

Further, the proposed order would prohibit Tulving from falsely representing that he has a reserve of funds sufficient to honor any buy-back guarantee for a substantial number of customers, if he offers such a guarantee; misrepresenting any other fact material to consumers' decisions to purchase any investment from him; and from representing that the FTC endorses or approves his activities. Misrepresenting the terms of the settlement also would be prohibited.

The proposed settlement would further require Tulving to place a written notice on all coin-related promotional material to alert consumers to the risk of investing in rare coins. If he offers a buy-back option, he also would be required to disclose clearly and conspicuously the following notice on all promotional material:

"BUY-BACK OF COINS: We cannot guarantee that, when you desire to liquidate your coins, we will be able to repurchase them from you. Moreover, if we are unable to repurchase your coins and you are forced to sell them to another dealer at the current wholesale price, you will probably receive much less for the coins than what you paid for them."

Defendant Tulving has agreed to the imposition of a $10 million judgment. In light of his recent filing for bankruptcy and the absence of security, however, the Commission cannot be assured that it will collect the full judgment. The $10 million judgment against him would be non-dischargeable in bankruptcy -- that is, he still would owe it. Under the settlement, Tulving would pay $50,000 within 14 days of the entry of the court order, $210,000 over five years, and the remainder at the end of the five years.

The Commission vote to file the consent order was 4-1, with Commissioner Deborah K. Owen dissenting. Owen stated, "I find no financial justification for reducing the defendant's required monthly payments from $5,000 to $2,500 after two years. More- over, I disagree with imposing, on paper, a monetary judgment that may be 'empty' in practice. Such an empty judgment is a departure from recent practice, and could give the impression that the Commission's monetary judgments are illusory."

7over8

I've never had a problem with Tulving. Many of my closest friends have purchased large orders from him with absolutely no issue. He has the cheapest prices around on generic bullion. And value of my friends orders were $30+K.

500Bay

I would check out California Numismatic investments CNI
I have both bought and sold from them - they are great - with free shipping and good prices (plainly listed).

NoGvmnt

"Defendant Tulving has agreed to the imposition of a $10 million judgment. In light of his recent filing for bankruptcy and the absence of security, however, the Commission cannot be assured that it will collect the full judgment. The $10 million judgment against him would be non-dischargeable in bankruptcy -- that is, he still would owe it. Under the settlement, Tulving would pay $50,000 within 14 days of the entry of the court order, $210,000 over five years, and the remainder at the end of the five years."



5. Hannes Tulving Rare Coin (X900050) A consent order was signed by the court on June 22, 1992. The financial records for this case show that the defendant complied with the order and made all payments between 1992 and 1997. There has been no payment activity since December 1997. As of 09/30/99, there was $245,309 in the account. According to the FTC attorney, because so little was collected relative to the value of the scam (estimated at $10 million or more), redress was never considered.

http://www.ftc.gov/oig/agingmemo.htm

Jim

BrianKuszmar

Feel free to call me, I can help you get a square deal.
M-F Eastern 10:00am- 3Pm


954-493-8811

Brian Kuszmar
Second generation full time Coin Dealer since 1977
Lbts. Fla. 33308

majorbigtime

<< <i>

<< <i>Is Hannes Tulving an honest dealer? >>



Lately, yes.

(Note for the uninitiated: Many moons ago he was involved in a scandal, but no worries with buying now).

Russ, NCNE >>




I "know nothing" about Tulving today, but look carefully at the source of this advice (of "it's a legitimate estate auction" fame)!

Russ

<< <i><<

<< Is Hannes Tulving an honest dealer? >>

Lately, yes.

(Note for the uninitiated: Many moons ago he was involved in a scandal, but no worries with buying now).

Russ, NCNE >>

I "know nothing" about Tulving today, but look carefully at the source of this advice (of "it's a legitimate estate auction" fame)! >>





Russ, NCNE

Fountainhead

I have done several transactions with Mr. Tulving over the past few years and have always been pleased with the results. I will also add that I have found that NOBODY packs coins for shipment better than he does - some are nearly as good, but none better. Sadly, his health has deteriorated somewhat, and his minimums have increased beyond the range of this collector.

I always kick myself for not taking his advice and buying 1995W Silver Eagles when he offerred them at $1,500 apiece.

fountainheadgold

Hannes is a real straight guy, do not believe all the bad hype

ANACONDA

Wow, since 1992 the guy has been followed by his past.

Reminds me of a coin dealer who posts regularly to this forum who I have heard has passed bad checks and has taken bankruptcy and has been kicked out of coin shows. This person has become apparently successful with a huge (dollar wise) inventory yet this person doesn't pay back the people who this person shafted in the bankruptcy. Yes, it's true that bancruptcy eliminates the debt but it would seem that this person would want to pay back the people who they shafted instead of seeing them at coin shows knowing they have never repaid these monies (and of course paying back the money would seem to be a good idea since they seem to have the money). This person's name still comes up as an example of low morals even though they did these things many years ago.

(By the way, don't ask me who this person is in this thread, another thread or in a PM. Thanks in advance. I will neither confirm nor deny their identity.)

imiinc

Thanks for all the info.

Sounds like Tulving is cool.

I'll proceed with the purchase.

tpfnar

His criminal conviction has long been forgotten