U.S. Representative Targets Goldline for Deceptive Tactics and Warns Gold Coin Consumers
U.S. Representative Anthony Weiner (D-NY) issued a report last year regarding Glenn Beck and Goldline International's misleading sales tactics and high markup for gold coins. The report alleges that Glenn Beck and Goldline are taking advantage of the American people by playing on fears about the U.S. economy.
Goldline, a Santa Monica, California based gold company, has been under investigation by state and federal committees including the FTC and has had many consumer complaints. Goldline is paying Glenn Beck, a conservative talk radio show host, and other conservative radio personalities to endorse the company.
Weiner's report alleges that Goldline is profiting at others' expense, as the company is overcharging for gold coins and cheating consumers. He believes that the company is misleading the public and playing on fears of inflation and that the government will take over.
Weiner not only warns consumers of Goldline, but also of the media. He explains that Beck "should be ashamed of himself."
Weiner is also a member of the House Subcommittee on Commerce, Trade and Consumer Protection, and introduced legislation requiring precious metal retailers including Goldline to disclose all their fees. This would include the purchase price, melt value, resale value and how much the price of gold would have to increase so that the consumer would profit.
When comparing 18 gold coins that Goldline offers with other retailers, Weiner found that Goldline was more expensive and their average mark-up was 90 percent higher than the melt value of the coin.
Other concerns include that Goldline's salespeople misrepresent themselves, and that they push the sale of numismatic coins over bullion because they make larger commissions on the sale of collector's coins over pure gold coins.
If you have been taken advantage of by Goldline International and you believe you have a gold fraud claim against the company, please contact thee Voss Law Firm and speak with a knowledgeable rare coin fraud litigation attorney today regarding your legal rights. You can reach attorney Bill Voss at (866) 276-6179.
The Voss Law Firm, P.C. represents clients on a local, national and international basis. We proudly serve companies and individuals along the Gulf Coast and around the globe on a contingency fee basis. Our law firm collects nothing unless we recover on our client's behalf.