Will There Be Coin Fraud Reform in Our Country’s Near Future?
Many officials believe that the problem in the coin industry will worsen, as there are no rules that govern the industry. Coin dealers and sellers can basically do anything they want to do until they are regulated by the federal government. Sadly, regulation in the coin industry has not happened yet; however, other financial industries that provide investment advice to consumers are regulated.
This is prompting reform efforts so that vulnerable adults are not taken advantage of or financially exploited anymore. Because coin fraud is occurring far too often, Congress is considering regulatory oversight. U.S. Representatives may reintroduce legislation this coming fall that would focus on coin dealers needing to disclose their fees, markups, and melt value of the coins they sell.
Last fall the Precious Coins and Bullion Disclosure Act failed to win approval by the Senate because their session concluded, but it did have support from the Federal Trade Commission and it already had passed in the House.
However, many believe that Republicans may oppose the Act because they see the bill as an attack on Fox Television due to conservative host Glenn Beck's endorsement of investments in gold coins with Goldline.
Will We See State or Federal Laws Governing the Gold Industry?
In 2009, Minnesota passed a law that protects seniors from being taken advantage of financially. This law makes it easier for elderly people to sue and recover damages of $10,000, or up to three times the loss, plus attorney fees and costs. Officials and attorneys that pursue gold fraud claims in other states would like to see laws like this come about and would welcome new coin fraud measures being introduced to Congress.
If sellers of precious metals are talking to consumers about investing their money in gold and silver instead of stocks and bonds, then it could be considered investment advice that should be regulated.
If you believe you were a victim of gold coin fraud, please call an experienced coin fraud lawyer at the Voss Law Firm at 888-614-7730 today for a free consultation. You can also request a FREE copy of attorney Bill Voss's book: Coin Fraud - Is Your Investment At Risk, for more information on this subject.
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.