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NUMISMATIC
CONSUMER ALLIANCE, INC.
a
New Jersey Nonprofit Organization |
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The Numismatic
Consumer Alliance, Inc. Press and Media
Center
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Press Release
December 1,
2006 Numismatic Consumer Alliance,
Inc. (NCA) is pleased to announce that is was able to secure refunds of
$863,902.00 on behalf of five investors within the last several months. In
most cases, coins were sold at a very high markup and represented as
excellent
investments. In all cases, the victims were elderly.
Year to date,
NCA
has recovered $1,220,366.00 on behalf of consumers.
NCA is a not for
profit corporation, incorporated under the laws of the State of New Jersey.
NCA was granted tax-exempt status by action of the Internal Revenue Services
under IRC Sec. 501(c) (6).
For more information on NCA, please visit
our
website at www.stopcoinfraud.org.
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Press Release
February 9,
2006 Numismatic Consumer Alliance
Inc. (NCA) is pleased to announce on
February 7th of 2006 it was able to secure a refund of $18,660.00
on behalf of
a New York City coin investor. The investor purchased a multitude
of bullion
coins graded MS 69 by a prominent third party grading
service.
NCA is a
not for profit corporation, incorporated under the laws of the
State of New
Jersey. NCA was granted tax-exempt status by action of the
Internal Revenue
Services under IRC Sec. 501(c) (6).
For more information
on NCA, please
visit our web site at www.stopcoinfraud.org. |
October 10,
2005 issue of Coin World - Page 8 - Amos Publishing
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Dealers form
organization to secure collector
relief
Group recovers
$326,450 for fraud victim  Numismatic Consumer
Alliance Inc. has been formed as a nonprofit corporation under
the laws of New
Jersey, as an organization of individuals and companies to fight
fraudulent or
illegal conduct within the coin trade.
John Albanese, a
longtime
professional numismatist and a founder of both Professional Coin
Grading
Service and Numismatic Guaranty Corporation of America, is
heading the
organization.
He had first announced plans for the
organization in
2003. Obtaining nonprofit corporation status was a much longer
process than he
envisioned, he said. The group was founded in 2004 and now a Web
site,
www.stopcoinfraud.org, is active. It includes a membership
application form.
Albanese said applications for dealer membership will
begin being taken
this winter. Four levels of annual membership contribution
commitment have been
established: bronze, $100; silver, $500; gold $2,500; and
founder, $10,000.
Five dealers had already committed to the $10,000 level by
mid-September, he
said.
The "primary goals" of NCA as outlined on the Web
site are:
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To
help consumers secure relief for fraudulent and illegal conduct
within the coin
industry. For such purposes, fraud and illegal conduct shall
refer to the
following practices: overcharging; underpaying; overstatement
of investment
potential; overgrading and other misrepresentations of quality,
rarity,
authenticity and fair market value. -
To
disseminate information to consumers with regard to the
prevention and
identification of fraud and other illegal conduct within the
industry.
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To
educate consumers with respect to coin grading so they may
distinguish the
competent coin grading services from others with hidden agenda,
conflicts of
interest or compromised independence.
Albanese and attorney Robert
Boyar said the fledgling NCA already
intervened in the case of a Florida person who bought about 35
coins in two
years from a Northeast telemarketer. The NCA identified the coins
as overgraded
and overvalued. Legal fees were partly subsidized by the NCA. A
settlement of
$326,450 was obtained, representing a full refund of prices paid
and an
additional amount to offset the buyer’s loss of other
opportunities,
Albanese and Boyar said.
All the coins involved had been
certified by
established grading and authentication firms, Albanese said. The
victim was
elderly, he added.
"Some people think certified means
certified, just
like a government bond," he said.
He said he hopes to
enroll prominent
coin dealers to an extent that the group letterhead in itself
"will be
intimidating."
Coin World - October 10, 2005 Issue
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Copyright © 2007
NUMISMATIC CONSUMER ALLIANCE, INC - All Rights Reserved |
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