Word: bullion
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...calls were flooding Abrams' office because he had become suspicious after hearing the radio spots and asked some of his aides to snoop around. Oddly enough, they could find no complaints against Saxon and his firm, Bullion Reserve of North America. It had headquarters in Los Angeles and offices in Dallas and Hong Kong. No one in gold trading in New York seemed to know Saxon well, but his company was paying its bills. On instinct, Abrams' men asked Richard Arfa, a vice president of Bullion Reserve, to produce financial records. Arfa stalled and questioned Abrams'jurisdiction...
...worth of metal owned by Saxon's company was found in 200-ft.-deep underground vaults managed by Perpetual Storage Inc. near Salt Lake City. A Brink's vault in Los Angeles contained an additional $150,000 in metal for Saxon's company. The Bullion Reserve records showed that the firm had loaned at least $13 million to Saxon and his wife and more to other companies they controlled. According to the California department of corporations, which began an inquiry, the losses could reach $100 million...
...Saxon's apparent swindle gone undetected for two years? Incredibly, no government agency at the state or federal level has clear-cut authority to regulate bullion dealers. The FBI and state or local police normally enter such cases only after complaints of fraud are brought by the victims. By that time, it is usually too late for help. Contends Abrams: "These are interstate frauds that cry out for federal regulation...
...London last month, two men set up a phony business firm, then hired security guards to present forged letters and forged drafts to collect gold coins from bullion dealers. At the same time, one accomplice sawed through local telephone lines, while another intercepted the bullion dealers' calls to check on the letter and draft. The four men thus hauled in 2,400 gold coins valued at $1.2 million. Three days later, thieves broke into the projection room of the Classic Cinema in Hastings and spirited away a 50-lb. reel of Return of the Jedi. Police assumed that within...
...waited for metals prices to dip so that the company could pay less for the gold or silver sent to the client. The scheme worked well from 1980 to mid-1982, when metals prices were on a downward trend. But late last year prices started to rise, and the bullion often cost the company more than customers had paid. Says Attorney Tew: "The house of cards collapsed...