Sound familiar? Someone else in FL should be worried
K6AZ
Posts: 9,295 ✭
The following is a story that broke last year. Armand DeAngelis has pleaded guilty on several counts and will be sentenced in July.
Two charged in $5 million coin scam
The headline goes here
By Catherine Wilson
THE ASSOCIATED PRESS
MIAMI - A couple who advertised in Christian magazines has been charged with running a $5 million fraud by selling gold coins at two to three times their actual value, federal prosecutors said Wednesday.
Customers claim the coins were actually worth as little as 10 percent of the sales price.
The $5 million figure was tied to charges in a 38-count mail and wire fraud and money-laundering indictment, but Assistant U.S. Attorney Richard Boscovich said in court that the coin scam pitched by a self-proclaimed born-again Christian may have cost investors $10 million since 2000.
The Miami couple lived the lifestyle of millionaires as complaints mounted against them in the operations of U.S. Coin Exchange Inc., Coin and Currency Clearing Corp. and Twenty-First Century Grading Service Inc.
Bail was set at $1 million for Armand DeAngelis, who has a New Jersey securities-fraud conviction on his record, and $200,000 for his wife, Marcela Ospina Cardona.
U.S. Coin Exchange used a Christian fish symbol and Bible quotations on its letterhead and promoted itself as the leading Christian gold dealer, the indictment said. Ads appeared in Christian magazines such as World, The American Prospect, Christianity Today, Pulpit Helps and Christian Parenting Today.
All three companies were controlled by DeAngelis even though the grading company was represented as an independent coin assessor, the indictment said. The clearinghouse and grading company shared the same Miami address.
Steven Chaykin, attorney for DeAngelis, a New York native who is charged in all 38 counts, said his client cooperated with investigators, did not commit any crimes and is confident that he will be cleared.
Sam Rabin, attorney for Ospina, said she was "wrongfully charged and should not have been included in this indictment." The Colombian citizen faces a conspiracy charge as president of the clearinghouse, which delivered coins to the grading company.
A disgruntled customer filed a civil racketeering suit against DeAngelis in 2000, claiming DeAngelis preyed on Y2K worries that the U.S. monetary system could collapse and offered a set of four coins with a face value of $37.50 for $3,560, claiming they were rare. Others claimed he targeted the elderly and IRA holders.
Another unhappy customer, Kenneth Viall of Hallstead, Pa., launched a personal crusade, including a Web site, against DeAngelis after Viall claimed he was ripped off on coin deals dating back to 1995.
DeAngelis "has done awful, awful things to people from all over the country. He pretends to be born-again Christian. He sucks them into these contracts," said Viall's attorney, Gerald Houlihan. DeAngelis sued Viall for nonpayment in 1999 in what Viall claims was an attempt to intimidate him into silence.
Two charged in $5 million coin scam
The headline goes here
By Catherine Wilson
THE ASSOCIATED PRESS
MIAMI - A couple who advertised in Christian magazines has been charged with running a $5 million fraud by selling gold coins at two to three times their actual value, federal prosecutors said Wednesday.
Customers claim the coins were actually worth as little as 10 percent of the sales price.
The $5 million figure was tied to charges in a 38-count mail and wire fraud and money-laundering indictment, but Assistant U.S. Attorney Richard Boscovich said in court that the coin scam pitched by a self-proclaimed born-again Christian may have cost investors $10 million since 2000.
The Miami couple lived the lifestyle of millionaires as complaints mounted against them in the operations of U.S. Coin Exchange Inc., Coin and Currency Clearing Corp. and Twenty-First Century Grading Service Inc.
Bail was set at $1 million for Armand DeAngelis, who has a New Jersey securities-fraud conviction on his record, and $200,000 for his wife, Marcela Ospina Cardona.
U.S. Coin Exchange used a Christian fish symbol and Bible quotations on its letterhead and promoted itself as the leading Christian gold dealer, the indictment said. Ads appeared in Christian magazines such as World, The American Prospect, Christianity Today, Pulpit Helps and Christian Parenting Today.
All three companies were controlled by DeAngelis even though the grading company was represented as an independent coin assessor, the indictment said. The clearinghouse and grading company shared the same Miami address.
Steven Chaykin, attorney for DeAngelis, a New York native who is charged in all 38 counts, said his client cooperated with investigators, did not commit any crimes and is confident that he will be cleared.
Sam Rabin, attorney for Ospina, said she was "wrongfully charged and should not have been included in this indictment." The Colombian citizen faces a conspiracy charge as president of the clearinghouse, which delivered coins to the grading company.
A disgruntled customer filed a civil racketeering suit against DeAngelis in 2000, claiming DeAngelis preyed on Y2K worries that the U.S. monetary system could collapse and offered a set of four coins with a face value of $37.50 for $3,560, claiming they were rare. Others claimed he targeted the elderly and IRA holders.
Another unhappy customer, Kenneth Viall of Hallstead, Pa., launched a personal crusade, including a Web site, against DeAngelis after Viall claimed he was ripped off on coin deals dating back to 1995.
DeAngelis "has done awful, awful things to people from all over the country. He pretends to be born-again Christian. He sucks them into these contracts," said Viall's attorney, Gerald Houlihan. DeAngelis sued Viall for nonpayment in 1999 in what Viall claims was an attempt to intimidate him into silence.
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Comments
Does anything good come out of Florida ??
TorinoCobra71
Do I count ???
Russ, NCNE
<< <i>Sound familiar? Someone else in FL should be worried >>
I can make the obvious implied connections but can you explain the reasons why someone in FL should be worried?
Understandable if certain limitations prevent you from elaborating
Check out some of my 1794 Large Cents on www.coingallery.org
<< <i>Sound familiar? >>
Another unhappy customer, Kenneth Viall of Hallstead, Pa., launched a personal crusade, including a Web site, against DeAngelis after Viall claimed he was ripped off on coin deals dating back to 1995.
Yeah, kinda!!!
TPN
I admit I am a west coast guy and have never been to Florida and can not get excited about the prospect of ever going there. I asked a midwestern friend if he could explain 'Florida' to me. He said it was a bunch of old people and a bunch of younger ones trying to scam them.
Course, they have the hurricanes to worry about, again this year.
Should be another good year for metal detecting though...just not for home insurance costs.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
<< <i>I hope there's a special place in hell for those who tout their "faith" as a ruse to steal from people.
Russ, NCNE >>
I am sure there is a place for them. Same as those who use personal or national tragedies to defraud people.
<< <i>I admit I am a west coast guy and have never been to Florida and can not get excited about the prospect of ever going there. I asked a midwestern friend if he could explain 'Florida' to me. He said it was a bunch of old people and a bunch of younger ones trying to scam them.
Hi streeter,
I'm in SF, and have lived in CA for 12 years. I have to respond- many here in CA get a bit smug about where they live.
FL has no mountains, and not really even any hills, but it has some beautiful beaches, amazing islands, rivers, waterholes and wildlife. The coldest ocean water in FL is warmer than the warmest ocean water in CA. Appalachacola oysters are possibly the world's best. Cape Sable is as pretty and remote as any part of CA.
<< <i>I hope there's a special place in hell for those who tout their "faith" as a ruse to steal from people.
Russ, NCNE >>
I hope so as well.
Don
<< <i>.S. monetary system could collapse and offered a set of four coins with a face value of $37.50 for $3,560 >>
A four coin set with a face value of $37.50 is a type set. Double Eagel, Eagle, Half Eagle, and Quarter Eagle. Can't you think of lots of 4 coin gold type sets that you would gladly pay $3,560 for?
Of coure I can also think of lots of sets that would be very over priced at that leve. But unless you know exactly what they were selling you can't jump to conclusions.
The other day I saw the HSN guys offering 3 common date MS 63 CC Morgans as a set for approximately $400 per coin. The actual value of each coin is maybe $225 at best. Is that a crime too?
CG
Russ, NCNE
-------------------------
Greed is good, and the pursuit of profit the loftiest of ideals.©
Apparently as long as greed doesnt trump faith!!!
Just thought it was a bit
TPN
Here is the website of one of his victims:
US Coin Exchange Fraud
<< <i>So what's your point, DeAngelis did not commit a crime? >>
Are you now some sort of grand inquisitor Eric? I have no opinion of whether anyone is guilty of a crime. I cannot tell from the article posted whether a crime has even been commited. What is the crime? Charging a higher price than "market"? Or is that only a crime if the buyer is a little old church going lady?
What in the article even demonstrates that anyone was actually ripped off. You tell me exactly what coins were sold
CG
As a native Floridian I think your remarks are unpleasant bordering on nasty. Why disparge a place you have never visited? Florida has plenty of old folks for sure; that does not bother me because I grew up with a bunch of elderly neighbors and I learned many things from them, including a love of collecting coins. I also learned manners and to show others respect. Something that would have benefited you significantly.
Scams occur everywhere not just in Florida; I dare say that I could come up with quite a few facts about 'west coast' residents that would be inflamatory and inaccurate.
<< <i>
<< <i>So what's your point, DeAngelis did not commit a crime? >>
Are you now some sort of grand inquisitor Eric? I have no opinion of whether anyone is guilty of a crime. I cannot tell from the article posted whether a crime has even been commited. What is the crime? Charging a higher price than "market"? Or is that only a crime if the buyer is a little old church going lady?
What in the article even demonstrates that anyone was actually ripped off. You tell me exactly what coins were sold
CG >>
Case Assigned to: Judge Alan S. Gold
ARMAND A DEANGELIS (1) , DOB: Steven Elliot Chaykin
6/10/57 Prisoner #70782-004 FTS 579-9749
defendant [COR LD NTC tmp]
Zuckerman Spaeder Taylor &
Evans
201 S Biscayne Boulevard
Suite 900
Miami, FL 33131
305-358-5000
Pending Counts: Disposition
18:371.F CONSPIRACY TO DEFRAUD
THE UNITED STATES
(1)
18:1341.F FRAUDS AND SWINDLES
(2 - 12)
18:1341.F FRAUDS AND SWINDLES
(13)
18:1343.F FRAUD BY WIRE, RADIO,
OR TELEVISION
(14 - 23)
18:1956-3100.F MONEY
LAUNDERING-LARCENY/THEFT BANK
(24 - 33)
18:1957-3200.F LARCENY AND
THEFT, POSTAL
(34 - 38)
CG
<< <i>As a native Floridian I think your remarks are unpleasant bordering on nasty. >>
Oh, and I lived in Florida for a year. Hated it.
Russ, NCNE
<< <i>
<< <i>As a native Floridian I think your remarks are unpleasant bordering on nasty. >>
Oh, and I lived in Florida for a year. Hated it.
Russ, NCNE >>
I've lived here 25 years. Hate it too.
(But that booming housing market provides for lotsa coin purchases
<< <i>The answer might be that it's because of the large number of seniors from NY that are to stupid to figure out an election ballot. >>
That remark is unpleasant bordering on nasty.
Russ, NCNE
<< <i> The answer might be that it's because of the large number of seniors from NY that are to stupid to figure out an election ballot. >>
I wonder if they are also too stupid to understand the difference beween "to" and "too"?????
<< <i>The answer might be that it's because of the large number of seniors from NY that are to stupid to figure out an election ballot. >>
That remark is unpleasant bordering on true.
Never, never, NEVER trust anyone who wears their "Born Again Christianity" on their sleeve.
Cheers,
Bob
<< <i>
I'm in SF, and have lived in CA for 12 years. I have to respond- many here in CA get a bit smug about where they live.
FL has no mountains, and not really even any hills, but it has some beautiful beaches, amazing islands, rivers, waterholes and wildlife. The coldest ocean water in FL is warmer than the warmest ocean water in CA. Appalachacola oysters are possibly the world's best. Cape Sable is as pretty and remote as any part of CA.
I hope so as well.
Don >>
That would be Apalachicola.
I sincerely apologize for hitting a raw nerve. My friend owns a bank in OHIO and visits Florida regularly. I think he hit the nail on the head.
This is for you..
If they said nothing as to value then it is probably buyer beware. If they made claims that would be known to be untrue by a "coin expert" then they are at a minimum committing a moral crime if not worse.
Reason is that a consumer would have an expectation that someone on TV had expertise that they could depend on and these guys on TV at least give the appearance by their actions and words that they are offering good deals to people.
Maybe no worse than other "scams" but I don't like it because in the end it gives all of us a black eye.
Interestingly enough, I would be very happy if everyone in the good old USA shared your beliefs concerning Florida. Decades ago, when I was growing up in the state, it was a wonderful environment of friendly people, abundant wildlife and villages. Now, it has turned into the standard US megalopolis with the added problems of resource over utilization, corrupt politicians and rampant development. That is what happens when population goes from 2 million (I think) to 17 million in 25 years.
I spent my boyhood poling the waters of Mosquito Lagoon and surfing. Today, we have waverunners and yachts tearing up sensitive seagrass beds and running over each other.
BTW I do not share the bias against New Yorkers, Ohionans or Canadians that is so common amongst natives. I wish everybody would leave.
Grin.
"I am not a coin expert, a coin professional, a coin dealer or a coin grader. Any grading that I may state in an auction listing is my opinion only, unless otherwise noted. I try to base my grading on PCGS & NGC standards. Please look carefully at the pictures. I take very good photographs of the obverse and reverse of every coin so that you can grade the coin yourself. Please bid on your grade, not mine. You are bidding on, and you will receive, the EXACT coin in the ..."
Taken from your auction--nice way to back out of being responsible for your actions. You are not a grader but you base your grading on PCGS and NGC standards??????? So you can grade like them????? But you are not a grader. I was not aware either PCGS or NGC published their standards.
<< <i>I was not aware either PCGS or NGC published their standards. >>
In at least a limited sense they do:
PCGS grading guide:
PCGS Grading and Counterfeit Detection Guide
This 415-page paperback book was edited by Scott A. Travers with text written by John Dannreuther, and contains detailed descriptions of coin grades and the intricacies of counterfeit detection. There are nearly 600 sharply-detailed color and black and white digital images of coins. This new edition contains major innovations and enhancements including grading guides for superb-quality Statehood quarters and modern commemoratives, and updated "insider" information about the way lasers are used to deceptively "doctor" coins.
Normally: $19.95
Sale: $18.95
NGC grading guide:
The Numismatic Guaranty Corporation grades countless coins and now shares years of experience and knowledge with all collectors. This instructional guide gives informative data on what to look for when buying graded modern U.S. coins. The book will teach you how to identify and grade coins. This 1st edition is ideal for any beginner or experienced coin collector.
$14.95
Bite me, Fantasy Boy!
<< <i>
<< <i>
I'm in SF, and have lived in CA for 12 years. I have to respond- many here in CA get a bit smug about where they live.
FL has no mountains, and not really even any hills, but it has some beautiful beaches, amazing islands, rivers, waterholes and wildlife. The coldest ocean water in FL is warmer than the warmest ocean water in CA. Appalachacola oysters are possibly the world's best. Cape Sable is as pretty and remote as any part of CA.
Don >>
That would be Apalachicola.
Either way, they taste great, and foil a spellchecker.
I'll try to spell it correctly nest time.
Don
<< <i>VAMS--did you ever figure out what you are? >>
I see, when you have nothing intelligent to say you just resort to direct personal attacks... again. Sorry, I just won't reduce myself to your level and play your childish immature games. You obviously can't keep up with the topic, so I suggest that you move to another thread.
GAT -
<< <i>Vams4U2BuyHere, Clayton, run back to your master AH and kiss his rear. We know who you are. >>
<< <i>Mark, this Vams4U2BuyHere is another ACG plant. >>
You make accusations based on nothing. I don't know who or what AH is. I have no affiliation with ACG or any other organization. Again, like your buddy Streeter, when you have nothing intelligent to say you just resort to direct personal attacks, even if you have to fabricate them. You obviously can't keep up with the topic either, so move to another thread.
It's amazing to witness the complete and total lack of intelligent discussion here. It seems when somebody can't understand the topic, or can't think of anything to contribute, it's just right back to mud-slinging and direct personal attacks. You people really are pathetic. Bad mouth me all you want, but base it on facts, not some bull&#!+ fabricated theory.
Don't try to spoil the good times!!
<< <i>Bad mouth me all you want, but base it on facts, not some bull&#!+ fabricated theory. >>
Okay.
Fact: On this forum you stated "I'm just a dealer who can't afford to be a collector."
Fact: In your auction descriptions you state, "I am not a coin expert, a coin professional, a coin dealer or a coin grader."
Which time were you lying?
Russ, NCNE
Example Here
In the last week, have been adding a 3 day return privilege to all of my single coin sales.
Does this satisfy you?
<< <i>Streeter
Interestingly enough, I would be very happy if everyone in the good old USA shared your beliefs concerning Florida. Decades ago, when I was growing up in the state, it was a wonderful environment of friendly people, abundant wildlife and villages. Now, it has turned into the standard US megalopolis with the added problems of resource over utilization, corrupt politicians and rampant development. That is what happens when population goes from 2 million (I think) to 17 million in 25 years.
I spent my boyhood poling the waters of Mosquito Lagoon and surfing. Today, we have waverunners and yachts tearing up sensitive seagrass beds and running over each other.
BTW I do not share the bias against New Yorkers, Ohionans or Canadians that is so common amongst natives. I wish everybody would leave.
Grin. >>
Hi RV
Actually, there were almost 10 Million Floridians in 1980, according to the census bureau. But your point is well taken- population has increased more than 4 fold since 1960- and alot of the growth has been poorly planned.
Now if the transplants to Fl would just stop buying vacation homes in the NC mountains, I'd be a happier man.
Grin and grimace
Don
Good point I know a number of folks who have gone to NC for vacation. Sorry about that, man.
You missed my boyhood by about 35 years; 10 million in 1980 sounds about right. What was the population in 1960? Whatever the numbers, growing up 200 feet from the ocean on a barrier island was a gift I did not appreciate until too late.
On topic, I think it is awful how folks take advantage of elderly. My mother took her car to a dealer for a PCV valve replacement and ended up with a $780 bill for a bunch of stuff she did not need. Yep, in Florida.
I used to drive to Hatteras and Waves to surf the summer storm breaks. Tremendous!
Rick
<< <i>I admit I am a west coast guy and have never been to Florida and can not get excited about the prospect of ever going there. I asked a midwestern friend if he could explain 'Florida' to me. He said it was a bunch of old people and a bunch of younger ones trying to scam them.
OK, where is the "spit-take" smiley?
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
I was looking at this piece. 3971052288. How come you didn't just have one of your two mentoring grading companies slab it ???? and you'd be up several hundred dollars.
Oh by the way--it's a washed out 58 not your proclaimed 66.
ANA I believe offers a grading class.
I need to go back to school. Your auctions are fascinating.
editted: Thank you for the link.Someone please teach me that.