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The E-Sylum:  Volume 10, Number 29, July 22, 2007, Article 23




HOUSTON PRESS ARTICLE RECOUNTS BOILER-ROOM COIN SALES TACTICS

By request we have removed the text of this item from our web site. Below is a copy of the letter we received and follow-up text the Houston Press placed at the end of the article we originally quoted. The URL is shown below for anyone who wants to reconstruct it and access the original article. -Editor

Letter

FOLLOW-UP: In a deposition taken nearly four months after publication of this article, Maureen O'Neill stated that she did not invest her entire life savings in coins; she testified that she had assets worth substantially more than she spent on coins. Ms. O'Neill testified that she lives on a fixed income and had to take money out of a certificate of deposit and stocks to buy coins, that her total purchases were nearly $190,000, and that she believes she was charged about $100,000 more than the coins were worth.

In the deposition, Ms. O'Neill also stated that she did not take out a $50,000 home equity loan for the purpose of purchasing coins. Ms. O'Neill testified that she had a preexisting home equity line of credit and drew $30,000 on that line of credit to buy coins.

Also, Ms. O'Neill testified that she did not use money from her IRA accounts to buy coins because she was unable to do so. She testified that she did move money out of stocks and cashed in a CD to buy coins. Further, she confirmed that her daughter filed a complaint with Florida authorities that 1st National Reserve representatives encouraged her to sell her retirement holdings in order to make coin purchases, which she did.

Finally, the Houston Press article refers to "depositions" of former First Fidelity Reserve employees Lance Loftin and Aaron Freeman. These were actually sworn statements under oath from these former employees, but were not "depositions" because the former employees were not subject to cross-examination.

To read the complete article, see:
www.houstonpress.com/
2007-07-19/news/
texas-coin-companies-target-elderly-investors/

  Wayne Homren, Editor

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