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Goldline Charged with 19 Counts of Fraud
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Gold Price
Nov 24, 2011, 2:22:25 AM11/24/11
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Goldline International, the California precious metals retailer promoted by
Glenn Beck and other right-wing radio hosts, was formally charged with 19
criminal counts-including grand theft by false pretenses, false advertising,
and conspiracy-on Tuesday by the Santa Monica City Attorney's Office. The
criminal complaint also implicates Goldline CEO Mark Albarian, along with
two other company executives and two salespeople.
The charges detailed in the complaint support what MoJo's Stephanie Mencimer
first reported in 2010: Using aggressive telemarketing tactics, Goldline
employees routinely pressured customers to purchase expensive coins with
mark-ups so steep that it was very unlikely the consumer would ever make his
money back. The company racked up a long list of complaints with the Federal
Trade Commission, and at one point was sanctioned by the state of Missouri.
But Beck and other endorsers ( lent an air of legitimacy to the whole
operation, sowing fears of a total economic collapse to help make the pitch
for Swiss Francs. Beck's pitch went a step further, arguing that in the
event of a total financial meltdown, the government would confiscate gold
bullion-meaning you should invest your money in coins instead.
Glenn Beck and other right-wing radio hosts, was formally charged with 19
criminal counts-including grand theft by false pretenses, false advertising,
and conspiracy-on Tuesday by the Santa Monica City Attorney's Office. The
criminal complaint also implicates Goldline CEO Mark Albarian, along with
two other company executives and two salespeople.
The charges detailed in the complaint support what MoJo's Stephanie Mencimer
first reported in 2010: Using aggressive telemarketing tactics, Goldline
employees routinely pressured customers to purchase expensive coins with
mark-ups so steep that it was very unlikely the consumer would ever make his
money back. The company racked up a long list of complaints with the Federal
Trade Commission, and at one point was sanctioned by the state of Missouri.
But Beck and other endorsers ( lent an air of legitimacy to the whole
operation, sowing fears of a total economic collapse to help make the pitch
for Swiss Francs. Beck's pitch went a step further, arguing that in the
event of a total financial meltdown, the government would confiscate gold
bullion-meaning you should invest your money in coins instead.
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