Thursday, November 26, 2015

Franklin Mint owner: We want our money back

The latest owner of Franklin Mint says it was robbed by the previous owner, which it says exaggerated sales

Franklin Mint owner: We want our money back


The latest owners of Franklin Mint, the (formerly Wawa-, now Exton-based) "collectibles" company that once employs thousands, are charging fraud against the previous owners who sold them the company for a $16 million investment last year.

JSSI Capital Enterprises LLC, Miami, blames its losses on "false" financial statements in the sellers' "wholly fabricated" business plan that overstated sales by more than half, "grossly" exaggerated its past advertising and the quality of its computer systems, and also exaggerated Franklin Mint's relationships with TV shopping channel QVC of West Chester, motorcycle maker Harley-Davidson, Publisher's Clearing House and other clients, according to a New York State lawsuit. See the complaint here.

JSSI Capital Enterprises LLC bought Franklin Mint and the affiliated Morgan Mint last year. Bloomberg reports JSSI's suit against sellers Moshe Malamud, Sam Malamud and Steven Sisskind seeks "more than $12.6 million in damages, the rescission of $4 million in promissory notes assumed in the deal and the return of $1.975 million paid to two defendants." Case is Franklin Mint LLC v. Franklin Mint Inc., New York Supreme Court (NYC) 652386-2010

We encourage respectful comments but reserve the right to delete anything that doesn't contribute to an engaging dialogue.
Help us moderate this thread by flagging comments that violate our guidelines.

Comment policy: comments are intended to be civil, friendly conversations. Please treat other participants with respect and in a way that you would want to be treated. You are responsible for what you say. And please, stay on topic. If you see an objectionable post, please report it to us using the "Report Abuse" option.

Please note that comments are monitored by staff. We reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable. Personal attacks, especially on other participants, are not permitted. We reserve the right to permanently block any user who violates these terms and conditions.

Additionally comments that are long, have multiple paragraph breaks, include code, or include hyperlinks may not be posted.

Read 0 comments
comments powered by Disqus
About this blog

PhillyDeals posts interviews, drafts and updates that Joseph N. DiStefano writes alongside his Sunday and Monday columns and ongoing articles about Philadelphia-area business.

DiStefano studied economics, history and a little engineering at Penn. He taught writing and research at St. Joe’s. He has written for the Inquirer since 1989, except when he left a few times to work at Bloomberg and elsewhere. He wrote the book Comcasted, and raised six kids with his wife, who is a saint.

Reach Joseph N. at, 215.854.5194, @PhillyJoeD. Read his blog posts at and his Inquirer columns at Bloomberg posts his items at NH BLG_PHILLYDEAL.

Reach Joseph at or 215 854 5194.

Joseph DiStefano
Also on
letter icon Newsletter