Congressman: Goldline International preyed on consumers' fears, lied

Ira Teinowitz
Looking at a large gold brick
Looking at a large gold brick

Frightening investors with a tale of government seizing gold bullion - which last happened in 1933. Salesmen suggesting the only "safe" gold investments are coins and commemoratives. A doctor telling of buying $160,000 in gold coins and six months later learning they were worth $80,000 less than he paid because of a high markup.

A House committee on Thursday examining TV gold ads heard accusations of fraud and misrepresentation, most directed against Goldline International.

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