Counterfeit PCGS Holders and coin alert!

Glasshound

https://www.cointalk.com/threads/fake-coin-seller-idd.257102/

http://nypost.com/2014/12/25/congress-passes-law-to-curb-manufacturing-of-fake-coins/


On December 9th, 2014 at around 11 am CST, Gabriel Garet Owen entered Midwest Coins in Burlington, Iowa with intent to defraud business out of $10K. He brought in a box full of items and after negotiation, did sell three items. Listed as 1 oz. gold U.S. Mint issued gold round and two PCGS (professional coin grading service) certified coins. He was paid in cash and check. He cashed check at our business related bank that same day. He described how an aunt of his in Keokuk, IA had just passed away and he was in town to settle her estate. We immediately mailed items to Heritage in Dallas, TX to sell for an undetermined amount at the time. After receiving the two graded coins on Wednesday afternoon, I was contacted by Chris Lane, senior numismatist at Heritage, who then informed me that the coins were counterfeits from China including the sealed plastic cases. After some research, I contacted Doug Davis, ret. Chief of Police and founder of the Numismatic Crime Information Center, to discuss our case. He immediately remembered the name and after some research found that this incident was not isolated. Turns out Mr. Owen has been on a Midwest Tour of sorts with his counterfeit US coins with losses one could put in the millions.



The U.S. Secret Service has established a precedent and been involved in the past with these cases and has played an important role in the reduction of these crimes. This hobby boast millions of collectors, investors, dealers, and small to large businesses. We plead for your help in capturing this man and bringing his reign of financial terror to an end on small business in the Midwest. I have copied by email and will link several references that may be of interest. Please let us know how we should proceed.



http://www.numismaticcrimes.org/


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Suspect Selling Counterfeits/Fakes



The subject identified below is traveling around the country selling Counterfeit/Fake
PCGS coins and raw gold. On or about November 13, 2014 the subject entered a shop in Littleton, Colorado and sold a coin shop a slabbed 1822 Bust dime and a 1893CC Morgan AU-50. On December 9, 2014 the same subject sold a shop in Burlington, Iowa a 1799 PCGS Bust dollar XF-40, 1822 Bust dime PCGS XF-45 and a raw 1oz Gold Buffalo all counterfeit/fake.


Owen, Gabriel Garet
Alias: Garet Owen
DOB: 9/30/1977
Residence: Atlanta, KS
Owen uses a Kansas driver's license and was last seen driving a white Navigator or Tahoe. The Numismatic Crime Information Center has identified Owen in several cases in Oklahoma, Kansas and South Carolina. Based upon his MO he is targeting coin and pawn shops.
A prior bulletin was sent out on Owen last year. We are attempting to verify a possible warrant that has been issued out of South Carolina but it has not been confirmed.
Anyone with information on this subject should contact:



Doug Davis

817-723-7231 or Doug@Numismaticcrimes.org




The Numismatic Crime Information Center is a 501 (c)(3) non-profit corporation whose mission is to serve as a national and international resource for collectors, dealers and law enforcement in the education, prevention and investigation of crimes involving coins, paper money, tokens, medals and related numismatic items.




The Numismatic Crime Information Center is a 501 (c)(3) non-profit
corporation. P.O. Box 14080 Arlington, Texas 76094.











February 10, 2014

COUNTERFEIT SUSPECT

Dealers in Illinois, Missouri, Oklahoma and Kansas should be on the look out for a suspect selling counterfeit coins and bullion within the last ten days. The suspect has been identified as Gabe Owen and sometimes uses the alias Garet or Gabriel Owen. Owen is a white male and uses a Kansas driver’s license or a passport as identification. The vehicle driven by Owen is a white Yukon or Tahoe.

Owen is attempting to sell gold bars, one ounce gold eagles, a 1795 PCGS VF dollar and silver eagles. The same suspect was identified in similar incidents and reported by NCIC approximately one year ago.

We are working with authorities to get a current photo. At the present time there is no outstanding warrant for this subject.

Doug Davis

817-723-7231

Doug@numismaticcrimes.org







We appreciate your interest in this matter,

Glasshound

ricko

Sure hope someone nails this B*stard soon....Cheers, RickO

silverpop

agreed hope they get these people

bosco5041

Are the counterfeits that good???

garrynot

I am seeing some Augusta GA and Aiken SC dealers tonite at a coin club meeting. I will pass the info to them.

Glasshound

We're hoping with as much dust we have stirred up on this man and having the Secret Service on board that PCGS wants to go after him based on the new law. Trademark violation and copyright infringement. He is intentionally importing fake PCGS holdered coins to misrepresent them and defraud. Time will tell.

crazyhounddog

There seems to be a lot of this crap going on these days. I too hope they catch the SOB.

Cougar1978

Hope they get him.

Walkerguy21D

Wondering if he is walking around at FUN peddling his bogus junk....

Timbuk3

Thanks for the information.
Is there a photo available !!!

yosclimber

It seems like a reference weight for empty PCGS holders (by generation) might be useful for detecting fraudulent underweight US gold bullion coins.
Although the Chinese manufacturers might already have a way to increase the holder weight to make the combined coin in holder have the correct weight?

HiBucky

Can you tell us what were the slab coins he sold? It could help.
Thanks

ms70

<< <i>Wondering if he is walking around at FUN peddling his bogus junk.... >>



That's a good point. It wouldn't hurt for anyone with a friend at FUN to forward this to them.

SPalladino

Speaking of bogus PCGS holders: says here "we make coins 23 years from 1991-2014 .now we have about 2000 different world coins .including American coins. Russian coins. China coin. and other country coins.and pcgs coins. you can find a coins factory in here ."

It looks too easy for the bad guys. Makes my stomach turn.

yosclimber

There is a photo of the suspect at the top of the cointalk thread:
https://www.cointalk.com/threads/fake-coin-seller-idd.257102/

BigAl

It's a scary thought that someone can mass produce believable replicas encased in counterfeit holders, I think it's a major risk to the hobby and valuation. I can think of a couple of ways the TPG's can combat this without too much hassle.

Glasshound

Glasshound

He sold a 1799 Bust Dollar and a 1822 Bust Dime both graded XF45 by PCGS (China). Also a raw 1 ounce gold US Buffalo believed to be fake as well. This guys is still out there hitting shops from East to West coasts. I have made numerous attempts to contact PCGS to no avail. Large coin dealers on the circuit say that PCGS and NGC coins that are not authentic and are held in collections are estimated to be in the BILLIONS!!! The Secret Service in Des Moines, IA has been very helpful and willing to strike against the guy but we are hoping that with the new law just signed by the President of the US that PCGS would get on board to go after him as well. It appears however and is popular belief that PCGS doesn't want the publicity of the fake holders public?? One thing is for sure, we are all over Coin World, NGC, and PCGS message boards and a lot of people are abuzz about it.

TwoSides2aCoin

Pond scum

TwoSides2aCoin

Sorry for your loss and I hope we can rid the hobby of the scum who's actions destroy it.

metalmeister

In collections worth Billions?
In days of old, government officials used to hang counterfeiters for the sake of a stable economy. Since we now are on a paper "faith based" fiat money system, governments put folks like us low on the totem pole.

leothelyon

<< <i>There is a photo of the suspect at the top of the cointalk thread:
https://www.cointalk.com/threads/fake-coin-seller-idd.257102/ >>



This guy could be innocent if he is unaware the coins and slabs he bought from someone else are fake. Once he learns something is up with what has most likely been sold to him.........remember, this stuff comes from China and this guy doesn't look Chinese. He would turn himself in and claim that he didn't know. It's difficult to believe that coin dealers with shops have not created a network to communicate to help each other to prevent fraud. That this is the only place word gets out. This happened December 9th and we're just hearing about it a month later? Really?

roadrunner

Large coin dealers on the circuit say that PCGS and NGC coins that are not authentic and are held in collections are estimated to be in the BILLIONS!!!

A close to impossible statement if you ask me. $Billions in transactions per year is close to the size of the entire US coin market ($3 BILL). Fakes are a problem alright, but not on that scale.