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Wednesday, November 2, 2011

Goldline executives face fraud charges

prison bars You hear conservative talk show hosts including Glenn Beck, Sean Hannity, Mark Levin and Laura Ingraham discussing Goldline on their programs, and they are featured on the company website. Now the discussion of Goldline will turn to a court of law, after several company executives have been named in a 19-count fraud complaint. ABC News reports authorities in Santa Monica, California have filed allegations that the company, which has become synonymous with purchasing gold as a safe haven due to the tough economic times, committed theft by false pretense, false advertising, and conspiracy, among other charges. According to the complaint, Goldline "runs a bait and switch operation in which customers, seeking to invest in actual gold, are switched to highly overpriced coins by using false and misleading claims." At issue is the gold itself - instead of selling pure bullion, they instead offer customers gold coins at what is alleged as a "significant mark-up in price." One Goldline customer told ABC that he bought $5,000 worth of gold coins from Goldline, and found out five months later the coins were worth $2,900. None of the radio hosts, nor two former Republican presidential candidates who also promoted Goldline, are accused of any wrongdoing and were not charged. You can listen to radio hosts' testimonials from the Goldline website here.

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