Sunday, August 2, 2015

Glenn Beck's go-to gold firm faces criminal charges

Glenn Beck's go-to gold firm faces criminal charges

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I thought I was pretty much done with posting about Glenn Beck, but here's a (gold) piece of unfinished business:

Goldline, a company that used endorsements from Glenn Beck and other conservative icons to sell hundreds of millions of dollars to consumers, has been charged with theft and fraud in a 19-count criminal complaint filed Tuesday by local officials in California.

Six officials of the company were also charged, but the most important thing is to remember that real people -- often people who respected and trusted Beck and other well-known endorsers -- were the ones who got fleeced in this scam:

"They got the commercials on TV and the way the economy's going I was figuring well, maybe I'll just do it for a little bit, save it for inflation, you know, in case something happens to the economy, it bottoms out and I've got something to fall back on, gold, rather than money," he said.

But Kismartin says he ended up losing almost half of the $5,000 he spent, because, he says, the Goldline salesman pressured him to buy overpriced gold coins, not the gold bullion he had seen in the commercials.

"I wanted to go bullion, I didn't want coins," he said. "I told the gentleman I don't want coins. He said I got the deal here, the special deal, I got Swiss coins. He more or less talked me into buying the coins."

When Kismartin took the coins to a local coin shop, he was told the $5,000 worth of gold coins he bought from Goldline five months earlier was worth just over $2,900, a loss of $2,100. "You know, I'm living month to month, that's a big loss."

It is a big loss. It's tragic. I'd love to know how much Beck pocketed from his role in the scam. I can guarantee you this -- he didn't invested it in Swiss coins.

(h/t Atrios)

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Will Bunch
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