Elderly customers sue coin company for fraud

Elderly customers thought they were making a sound investment when they bought rare coins from a Beaumont company, but instead found themselves in what may have been a scam to defraud the elderly.

Stephen Dinneen, Kurt Kumetat, Roland Smith, Joseph Tice and Harold John Tice as the legal representatives of the deceased Harold Joseph Tice filed a lawsuit on May 2 in Jefferson County District Court against U.S. Rare Coin & Bullion Reserve Inc., U.S. Money Reserve Inc., Capitol Mint Inc., Providence Rare Coins, U.S. Vault Collection, U.S. Vault Collection LM, Annette Renaud, Milton Verrett and Tony Califa.

According to the original petition, plaintiffs collectively were convinced by defendants’ false, misleading and high-pressure sales tactics to purchase $420,000.00 in “rare” gold, platinum and silver coins. Specifically, defendants intentionally and knowingly made various false and misleading representations to plaintiffs, in an attempt to increase their monetary investment in defendants’ “rare” coins, the suit says.

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