Consumer Alerts

September 23, 2013

There are counterfeit 2013 proof American Silver Eagles being pushed into the market place by at least 2 individuals in the lowcountry. North Charleston Police Department has an investigation in progress which, I am told, should include the U.S. Secret Service. Both individuals are cooperating but have not been charged. I have not yet heard from U.S.S.S though. The counterfeits will weigh between 30.7 to 32.0 ozt. The counterfeits will fail an 18K acid test if you cut into the "coin". The copper will boil to the surface. The counterfeits will most likely be in air-tight holders with thumb slots, unlike the U.S. mint air-tight holders, and the holders will be about 2 mm smaller (outer diameter) than the real U.S. mint holders.

Note the key difference in design as depicted in the attached pictures and following description.

Counterfeit: Lettering in "IN and WE" is even-cut (dremel) without the upper left serifs or changes in width.

Counterfeit: Mintmark has wide tops on the "W" whereas the real ASE mintmark will have shorter upper flats.

Counterfeit: Flag (canvas look) background is missing above the arm and replaced with bold angled rays.

Counterfeit: Reverse shield has 12 vertical lines whereas a real ASE has only six. THIS IS THE MOST OBVIOUS PICKUP POINT!

Counterfeit: Date is dremeled in with no serifs and no changes in width. The real ASE will have an upper left serif on the one.

Counterfeit: Obverse and reverse rims will have a milled appearance whereas the rims on a real proof ASE will have the induced cameo effect.


September 17, 2013

Important South Carolina Bills Introduced

Bill H.3522 Sales Tax Exemptions is currently resides in the House Committee on Ways and Means and may revise (if passed into law) current exemptions from state sales tax. As of this writing, the section (70) of this bill has no changes. Thus no tax on coins and bullion. However, it is still in committee and may be changed. Bill sponsors include Representatives Stringer, Harrell, Bannister, Ballentine, Toole, G.M. Smith, Hardwick, Merrill, Edge, K.R. Crawford, Goldfinch, Putnam, Allison, Bingham, Daning, Delleney, Hamilton, Hardee, Henderson, Hiott, Horne, Lucas, Murphy, G.R. Smith and Sottile. We need to let them know we don't want coins and bullion taxed!

Bill H.3504 Use of Gold and Silver in Commerce currently resides in the SC Senate Committee on Finance. This bill will amend the SC Code of Laws to Chapter 1, Title 1 to allow the use of gold and silver coins, foreign and domestic, in commerce, subject to agreement of both parties involved. Bill sponsors include Representatives Delleney, Bedingfield, Toole, Loftis, Hamilton, Norman, Pitts and G.R. Smith. If this passes, SC will become the 3rd of 14 states considering this change, to allow the use of gold and silver in commerce.

Bill H.3149 Precious Metals Dealers controls currently resides in the SC Senate Committee on Labor, Commerce and Industry and will mandate a 14 day hold period on all precious metals, except coins, including the day of purchase, forbids purchases from minors unless they are accompanied by his/her parent or legal guardian, and those without legal state permitted IDs. This law also mandates the use of a record book documenting the purchases of precious metals to include the sellers information. These record books must be retained for a minimum of three years. Each of these bills can be reviewed at The #### is the numeric bill number. IE, 3522, 3504 or 3149 as discussed above.

July 13, 2012

Greenville County Store Owner Arrested

A precious metals dealer is facing charges after three clients said he ripped them off, the Greenville County Sheriff’s Office said. Kevin Andrew Green, the owner of Palmetto Precious Metals, LLC, has been arrested and charged with three counts of breach of trust.

The arrest follows complaints originally made to the Better Business Bureau.

The Sheriff’s Office asks that anyone who may be a victim of these or a similar scam to contact the Sheriff’s Office at 467-5240.
Read the Story


June 15, 2012

Cease and Desist Order Issued for Gold and Silver Business in Greer, SC

On June 15, 2012, the Securities Division of the office of the South Carolina Attorney General issued a Cease & Desist Order for Palmetto Precious Metals, LLC of 405 The Parkway, Suite 500 in Greer, SC, and Kevin Andrew Green. The Better Business Bureau has, as a result of this and other complaints, given the business an 'F' rating, citing "a pattern of complaints with this company alleging breach of contract with regard to the selling and investing of silver."
Read the Order

Better Business Bureau Listing

June 6, 2012

Bill Introduced In Wake of Alleged Ponzi Scheme

EASLEY, S.C. -  In the wake of the investigation of an alleged $70 million Ponzi Scheme, a bill has been introduced in the state Senate to make cease and desist orders public.
Read this Article

June 6, 2012

Easley, SC man Charged with Operating $90 Million Silver Bullion Ponzi Scheme

Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of a federal civil enforcement action charging defendants Ronnie Gene Wilson (Wilson) and Atlantic Bullion & Coin, Inc. (AB&C), both of Easley, S.C., with fraud in connection with operating a $90 million Ponzi scheme, in violation of the Commodity Exchange Act (CEA) and CFTC regulations.
Read the Article from the CFTC

Read the Consent Order from the office of the SC Attorney General

Better Business Bureau Listing

*If you are a victim of this scheme, please e-mail: or call the Attorney General's Securities Division at 803-734-3300.

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