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Bad coin dealer arrested.....anyone in chicago know thos dealer?
mkman123
Posts: 6,849 ✭✭✭✭
He gives dealers a bad name!!! Read the article. Anyone here ever dealt with him?
http://touch.chicagotribune.com/#section/-1/article/p2p-72551604/
http://touch.chicagotribune.com/#section/-1/article/p2p-72551604/
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<< <i>Most "bad" coin dealers are a lot smarter than this guy. >>
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
"Officers mentioned to Coello that the merchandise was stolen, according to authorities. Investigators say that Coello was not recording the sales or requesting identification from the sellers.
According to investigators, Coello assured the undercover officers that he would not reveal the source of the goods and further assured them that he quickly melted the valuables."
He'll find out if he was right or not when he exchanges stories in prison if he really does time:
"During one meeting, an undercover officer told Coello that he had purchased the items he was offering from another burglar, but that he also sometimes stole things himself, authorities said.
Coello advised him that it was "better to be a middleman than a burglar because they typically faced less serious charges when caught,"
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<< <i>Well it looks like he'll soon have 6 years to think about his actions.
That is so humorous.
"Inspiration exists, but it has to find you working" Pablo Picasso
<< <i>Hope he gets a harsh sentence and a cellmate named Bubba! >>
Coin's for sale/trade.
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US Rare Coin Investments
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<< <i>Al Capone look-a-like, or is that too much of a stretch? >>
He does look like a thug and none too happy in his mug shot.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>I tried to stop by that store a couple of times but they never seemed to be open. >>
I've been to a couple of places (not coin shops) where you had to go around back and use the secret knock.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
<< <i>I tried to stop by that store a couple of times but they never seemed to be open. >>
An Evanston rare coin dealer who was allegedly recorded buying thousands of dollars in stolen coins, jewelry, watches and other valuables from undercover police posing as burglars has been charged with multiple felonies, authorities said today.
http://articles.chicagotribune.com/2012-09-26/news/chi-evanston-coin-dealer-accused-of-buying-stolen-goods-20120926_1_coin-dealer-evanston-police-ancient-coins
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<< <i>Chicago coin dealer arrested
An Evanston rare coin dealer who was allegedly recorded buying thousands of dollars in stolen coins, jewelry, watches and other valuables from undercover police posing as burglars has been charged with multiple felonies, authorities said today.
http://articles.chicagotribune.com/2012-09-26/news/chi-evanston-coin-dealer-accused-of-buying-stolen-goods-20120926_1_coin-dealer-evanston-police-ancient-coins
Because, regardless of what the government wants you to believe, there is no proof that the Langbord's double eagles were stolen.
An authorized PCGS dealer, and a contributor to the Red Book.
5 years for stealing about 2 cents worth of soda? Wow.
<< <i>
<< <i>Well it looks like he'll soon have 6 years to think about his actions.
That is so humorous. >>
<< <i>I have never heard of North Shore Coins, but I do now. I would not be the least bit surprised if there are other dealers in the Chicago area that have the kind of ethics this guy has. As far as I'm concerned, the guy sounds more like a pawn broker than coin dealer. >>
Careful not to tar the many decent coin dealers in Chicago with the same brush -- doofus thing to say.
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<< <i>Hope he gets a harsh sentence and a cellmate named Bubba! >>
free 4 hour dance lessons as well with big bubba
<< <i>
<< <i>I have never heard of North Shore Coins, but I do now. I would not be the least bit surprised if there are other dealers in the Chicago area that have the kind of ethics this guy has. As far as I'm concerned, the guy sounds more like a pawn broker than coin dealer. >>
Careful not to tar the many decent coin dealers in Chicago with the same brush -- doofus thing to say.
Let me clarify my previous statement - 90% of the dealers in the Chicago area are decent (and I know most of them from my dealings with them). The other 10%, however, I would put them in the same league as most pawn shop brokers and those traveling hotel buyer gypsies. I have no regard for them at all - in fact, I see them as lower than dirt and avoid them like the plague. Now, I always tell people that when looking for a dealer, the ones with affiliations with one or more numismatic organization are recommended. Why? Real simple - Dealer Code of Ethics. ANA has one, Central States has one, and PNG has one. However, keep in mind that even with the code of ethics, there are those who are less than honest that will do bad things. That is why dealers and collectors need to be on guard when dealing with anyone.
<< <i>
<< <i>
<< <i>I have never heard of North Shore Coins, but I do now. I would not be the least bit surprised if there are other dealers in the Chicago area that have the kind of ethics this guy has. As far as I'm concerned, the guy sounds more like a pawn broker than coin dealer. >>
Careful not to tar the many decent coin dealers in Chicago with the same brush -- doofus thing to say.
Let me clarify my previous statement - 90% of the dealers in the Chicago area are decent (and I know most of them from my dealings with them). The other 10%, however, I would put them in the same league as most pawn shop brokers and those traveling hotel buyer gypsies. I have no regard for them at all - in fact, I see them as lower than dirt and avoid them like the plague. Now, I always tell people that when looking for a dealer, the ones with affiliations with one or more numismatic organization are recommended. Why? Real simple - Dealer Code of Ethics. ANA has one, Central States has one, and PNG has one. However, keep in mind that even with the code of ethics, there are those who are less than honest that will do bad things. That is why dealers and collectors need to be on guard when dealing with anyone. >>
Alot of sellers would not buy the code of ethics deal. There are good and bad in any type of business.
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<< <i>I have never heard of North Shore Coins, but I do now. I would not be the least bit surprised if there are other dealers in the Chicago area that have the kind of ethics this guy has. As far as I'm concerned, the guy sounds more like a pawn broker than coin dealer. >>
Careful not to tar the many decent coin dealers in Chicago with the same brush -- doofus thing to say.
<< <i>Let me clarify my previous statement - 90% of the dealers in the Chicago area are decent (and I know most of them from my dealings with them). The other 10%, however, I would put them in the same league as most pawn shop brokers and those traveling hotel buyer gypsies. I have no regard for them at all - in fact, I see them as lower than dirt and avoid them like the plague. Now, I always tell people that when looking for a dealer, the ones with affiliations with one or more numismatic organization are recommended. Why? Real simple - Dealer Code of Ethics. ANA has one, Central States has one, and PNG has one. However, keep in mind that even with the code of ethics, there are those who are less than honest that will do bad things. That is why dealers and collectors need to be on guard when dealing with anyone. >>
<< <i>A lot of sellers would not buy the code of ethics deal. There are good and bad in any type of business. >>
I agree. As I said - that is why the dealers (the good ones) need to be on guard when dealing with anyone. As both a dealer and an ANA Life Member, I am required to conduct my dealings honestly, as per ANA Dealer Code of Conduct. And even if I wasn't a member, I would still conduct business with honesty and with ethics. One's reputation can either be made or broken based on their actions. You will always get someone who decides to get really stupid and give clients the shaft, without giving a flying
<< <i>
<< <i>I tried to stop by that store a couple of times but they never seemed to be open. >>
I've been to a couple of places (not coin shops) where you had to go around back and use the secret knock. >>
I don't think we want to know about those places.
<< <i>First as a clarification, Evanston is NOT CHICAGO. It is the suburb next to Chicago and they have their own ordinances and such. They are in Cook County which is the same county as Chicago so similar corruption in that regard. I too tried to go in there multiple times and was actually once able to get in. Nothing exciting or worthwhile to buy there. For those of us in Chicago proper, we are required to get government issued photo ID. That means everyone who sells us anything we are required to see and record a DL/ State ID, Passport, FOID, Police/Military ID and I think we have even taken a prison ID. We are also required to hold all jewelry for 30 days before we can melt it. Though we are careful it has happened that we bought stolen items. Police have come in asking did you buy XYZ, show us the report and we provide them with the items and the ID. If we failed to do that our tails would be in a vice. The guy was greedy and will get what he deserves. >>
Yes, Greeniejr, we know that Evanston is not Chicago. I usually refer to Evanston as a place for Chicago people who do not like to pay Chicago taxes (and I wouldn't blame them for that.) I understand the whole photo ID thing, but it has caused an unintended side effect - no coin shows in the City of Chicago - period. Chicago International Coin Fair (show for the "darksiders") used to be in downtown Chicago. Not anymore, as it has been in Rosemont for the past 5 years or so. And a growing number of the suburbs are having laws where you need an ID when selling at a coin shop. And guess what - it is causing coin shows to either relocate to a friendlier suburb or end completely.
I also agree on your last sentence - indeed, the guy was greedy and will get what he deserves!
<< <i>6 years is too light. 25 is more like it! >>
For buying stolen goods you want him to have 25 years, that's 1/3 of a mans life. That's a long time to repent. Seems a bit harsh don't you think." He without sin, cast the first stone".
<< <i>
<< <i>First as a clarification, Evanston is NOT CHICAGO. It is the suburb next to Chicago and they have their own ordinances and such. They are in Cook County which is the same county as Chicago so similar corruption in that regard. I too tried to go in there multiple times and was actually once able to get in. Nothing exciting or worthwhile to buy there. For those of us in Chicago proper, we are required to get government issued photo ID. That means everyone who sells us anything we are required to see and record a DL/ State ID, Passport, FOID, Police/Military ID and I think we have even taken a prison ID. We are also required to hold all jewelry for 30 days before we can melt it. Though we are careful it has happened that we bought stolen items. Police have come in asking did you buy XYZ, show us the report and we provide them with the items and the ID. If we failed to do that our tails would be in a vice. The guy was greedy and will get what he deserves. >>
Yes, Greeniejr, we know that Evanston is not Chicago. I usually refer to Evanston as a place for Chicago people who do not like to pay Chicago taxes (and I wouldn't blame them for that.) I understand the whole photo ID thing, but it has caused an unintended side effect - no coin shows in the City of Chicago - period. Chicago International Coin Fair (show for the "darksiders") used to be in downtown Chicago. Not anymore, as it has been in Rosemont for the past 5 years or so. And a growing number of the suburbs are having laws where you need an ID when selling at a coin shop. And guess what - it is causing coin shows to either relocate to a friendlier suburb or end completely.
I also agree on your last sentence - indeed, the guy was greedy and will get what he deserves! >>
Actually the taxes in Evanston are only marginally different than Chicago. The ID rules have nothing to do with why there are no shows in Chicago proper. Harlan has been trying to bring a show to Chicago proper for years but the thing stopping us is the fact that all the down town hotels cost far too much. In order to get a ballroom for 4 days solid, you need to give them a huge food guarantee or pay an arm and a leg for a room. McCormick place does not have a room small enough and the Merchandise Mart is hard to reserve.
On another note, would it be wise for the authorities to release a list of recently stolen items in the area so those who have made purchases at that location could check and see if some of them are in their possession? Or would that just be a lost cause?
<< <i>With all the violent crimes going on in Chicago, maybe he was too afraid not to buy the coins or to turn in the suspects for fear of retribution. >>
That I would believe,being from NY.