Reputable Rare Coins Accused of Scams Targeting Seniors
Minnesota Attorney General Lori Swanson filed suit against Reputable Rare Coins (RRC) this week, accusing the company of fraud and engaging in deceptive trade practices. She says the company knew much of its audience were senior citizens.
In the lawsuit, Swanson gives several examples of shoddy behavior. In one case, a 91-year-old Texas woman paid RRC $50,000 for 140 Swiss Franc coins. She never received the coins or a refund of her money.In another case, a 71-year-old South Dakota man was told he could exchange his $20 gold coins for Liberty gold coins from RRC. He sent the coins and got a call that they were received. But he never received the exchanged-for coins from RRC.
Swanson specifically points to Tory Hughes, 41, the CEO of the company, for having "made misrepresentations directly to consumers in connection with the sale of coins by RRC."
The attorney general's office is seeking penalties as well as a court order to stop the company from misrepresenting their products.
Swanson's office did not immediately return a call from Consumer Ally for comment about the suit. Repeated calls to the RRC line were met with a busy signal.
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