Show dealer who doesn't want to be "found"?
logger7
Posts: 8,631 ✭✭✭✭✭
I know a dealer who talks big, says he calls the FBI if he sees a major whiff of fraud by others, I see him at a number of shows, yet he is not registered with PCGS, NGC, not in the dealer directory, doesn't pop up in a google search. Is that suspicious? Most every dealer I know wants to be found by customers, not be like "the invisible man". Is there any reason for that?
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I think he values his personal and financial privacy. To give a better answer I would need to know does he have a big inventory and attend shows nationwide or in just one area? Perhaps he is a professional like an engineer or attorney.
Many dealers - coins are not their only source of income. I myself work in Financial, use a DBA for my business name, and have used a stage name on my business cards. A friend who I used to share tables at shows with was a realtor. Being an invisible man is not a bad idea vs being a target especially with all the modern ways somebody can look you up.
I do find it odd he would talk big and claim to call the FBI. Not exactly running silent, running deep. In Texas, all one needs is a sales tax certificate to set up at shows. Being a submitter to PCGS or NGC or being in the CDN dealer directory is not a requirement. Perhaps he does not want to spend money on grading fees or be in some directory. He may also feel unless someone at a show has something to sell him at his price or is a retail buyer he does not have time for them.
One guy in my coin club was undergoing a bankruptcy and divorce around the same time. He still set up at shows but was staying "under the radar."
Thanks for likely reasons and I do understand reasons for privacy. I think the guy was an accountant; strange thing on this I checked with the state and there was no registration of the guy.
i think dba does not. maybe doesnt have an rrmc. im sure some dont.
also i +1 cougar. under the radar has many pros/cons and works for me, not all are nefarious.
i'd change my user id but i think its too late to go back. plus my faith in the big Guy in the sky is high. if it happens, it does so for a reason.
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Our Founding Fathers seemed to possess a deep understanding of this concept.
There are lots of ways to protect privacy while still being a registered dealer; and many of the biggest or most successful dealers have contact information without being exposed for theft if that is the concern. "Below the radar" because? You have people trying to avoid state regulations which demand registrations for buying and selling bullion and certain numismatic items. Tax related compliance issues are unavoidable though people can try dodging them.
Anyone can call the FBI at anytime to report suspisious activity. You do not need any special contacts. The number for your local office can be found in your phone book or online.
They don't do anything on minor (under $50K) cases; plus they just investigate and then refer cases to the appropriate department.
Some people JUST want to do business at shows, why is that so hard to comprehend?
Perhaps he just does wholesale and therefore has no need.
Other than the reporting fraud "whiffs" that description perfectly applies to the years I spent as a dealer. 99% of my business was wholesale. Other than a business card, filing a schedule C every year, and having some state resale numbers, you wouldn't have found me either, unless you asked or ran across me at a show or at auction viewings. And as far as being invisible to the retail side, that was fine with me. I got stronger prices from dealers and was able to move out material to a small number of very strong buyers. It also gets tiring to offer coins at wholesale prices to collectors and then be told it's not cheap enough....lol. Besides, most collectors would rather pay 10-25% more and buy the same coin from their valued and trusted "visible" dealers....something about "peace of mind."
Security is a real issue. Don't underestimate it. Every dealer displaying big dollar material is a target these days, especially at the more local shows. Less visibility is actually a good thing....as long as your go-to-guys know how to reach you.
If anything I would tighten security / privacy protocols. At a show I am there to buy and sell at my price not necessarily win friends and influence people. In paying a table fee, having travel costs I am in a fixed cost hole before selling a single item. Consequently time is money and I want to spend it buying or selling.
After the show, I want nothing to do with coin people. I might go for a drink, stress relaxation at a club like Imperial Theatre in Anaheim say if at LA area show. In Houston somewhere like Ritz Houston.
Most of the dealers I was aware of had a small fleet of Beachcraft King 350i's with extra fuel tanks.
They definitely were the invisible men, flew under the radar (literally), but they also never called the FBI.
I can see the value to some extent for privacy and security but I don't know any major dealer who is hard to locate. These days with cell phone and mailing addresses it isn't that hard to control your business maximizing profit while minimizing trouble. But have known a number of people trying to avoid legal compliance, living in the cash economy, it is how the underworld operates.
The guy sets up at shows for retail customers, acts like a significant entity at club and show functions, is ingratiating and a little evasive. It would not be that hard to scate by the law without that many triggers deposing checks and stashing cash for safe keeping and discrete deals. Maybe I can be a little suspicious as I am familiar with the MO of shady characters.
Sounds suspicious to me. Compulsive liar? Stealing customers? Running a scam?
If he's lying, there must be a reason.
Maybe he's mildly schizophrenic. But c'mon, he's suffering from a paranoid delusion that he's a dealer searching for fraud at a coin show? Sounds far-fetched.
Successful BST transactions with forum members thebigeng, SPalladino, Zoidmeister, coin22lover, coinsarefun, jwitten, CommemKing.
I try to keep my true identity concealed.... and appear at coin shows under different names....all a matter of security and numismatic mystery..... my FBI ties have been valuable in routing coin gougers and coin doctors at shows.... You never know when you may be talking to the REAL RickO......See y'all at the next show...
Cheers, RickO
Anonymity is preferred.
You guys are probably a lot smarter than I am. I would not do business with this guy.
Lance.
I hear that. A lot of people tend to do that. There's a lot of dealers who do not have websites either. To each is own I guess I my opinion
What this thread needs is a good chain cent for sale, or view.
Better still... make it a Fugio
He sounds like a recluse sniper in the sense he likes to monitor others and get them in trouble. I'll bet if he actually does report anyone he's wrong 100% of the time and the FBI has him on a frequent flyer nutjob list.
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