CRAIG R. SMITH
Chairman, Swiss America
3.12.12 UPDATE: Swiss America has attempted to respond to allegations by Mr. Voss on his blog page, but they refused to display our response.
I would like to address statements made by representatives of a Texas law firm who claims the following:
Do You Have a Gold Fraud Claim Against Swiss America Trading Group?
Swiss America Trading Group, located in Phoenix, Arizona, is another gold retailer that has used conservative hosts and radio personalities to help sell their products. For example, Christian conservative host Pat Boone and talk show host Michael Savage have been known to pitch Swiss America on their shows and recommend that consumers purchase gold bullion and collector coins to add to their portfolios.
Unfortunately, because the public trusts these conservative personalities, they start trusting the companies that these hosts recommend. Swiss America is not unique in having conservative talk show hosts recommending their company and pushing their product. Many of the other major gold coin dealers like Goldline, Rosland Capital, and Lear Financial take part in these business practices as well.
It is our understanding Swiss America has had gold fraud complaints, mainly due to bad selling practices. Other complaints included getting a coin that was a lesser value than what was promised, receiving a different coin than what was ordered, having a salesperson guarantee that the gold coin would increase in value, and experiencing high markups on bullion coins as well as rare collector coins.
If you have been taken advantage of by an unscrupulous gold coin dealer, we suggest you file a complaint with the Federal Trade Commission (FTC) and the Better Business Bureau. You also may have a legal claim against the fraudulent company.
Call The Voss Law Firm and speak with experienced gold fraud claim attorney Bill Voss. The call is absolutely free and comes with no obligation. If you believe you have been a victim of a gold coin scam, a rare coin fraud lawyer may be able to help you and answer your questions. Call the Voss Law Firm at 866-276-6179 today.
Make sure to download a FREE copy of attorney Bill Voss's book: Coin Fraud - Is Your Investment At Risk?, for more information on this subject.
It is true Swiss America has celebrity representation, such as Pat Boone and Michael Savage who voice our radio commercials. These individuals decided to become spokesmen after first becoming clients of the firm, which is true of almost all those who have endorsed us over the last 30 years. This is a common practice in business and should not be viewed as derogatory. Swiss America's public representatives trust our service, based on first hand knowledge of purchasing and taking delivery of their products. Public trust in spokesmen and spokeswomen is out of our control, but we cherish their reputations and will defend them when necessary.
It is true Swiss America has had a few complaints over the last 30 years, as any company dealing with the public. However, Swiss America does not have any outstanding, unresolved complaints with any regulatory or consumer agency. Our purchase "lock-in" procedure was the first in the industry to protect consumers and the firm from the non-disclosure of risks, bid-ask spread and other common consumer complaints. From the moment a trade is "locked-in" with good funds in house the order is processed for shipment within 72 hours*, considered among the fastest delivery in the nation. It is true that sometimes a gold coin's value does not perform as expected as with any product subject to a supply/demand marketplace, but these risks are explained and agreed upon during the trade lock-in.
*barring any unforeseen circumstances which would be addressed immediately with the client
False Claim #1: "bad selling practices". We regularly monitor our account executives who are considered the most professional in our industry. We have dozens of senior brokers who have been with the firm for over a decade, some two to three decades. All our representatives are held to the highest of ethical standards.
False Claim #2: "having a salesperson guarantee that the gold coin would increase in value". Our representatives are specifically instructed NOT to guarantee any product will rise in value, including U.S. gold coins. They discuss the 10-year track record of gold while also discussing the downside risks.
False Claim #3: "experiencing high markups on bullion coins as well as rare collector coins". Our bid/ask spreads on bullion and numismatic coins are fair and well within industry standards, ranging from 5% on bullion to 14%-28% on numismatics depending on the coin's rarity and cost of acquisition.
False Claim # 4 and #5: "getting a coin that was a lesser value than what was promised, receiving a different coin than what was ordered". Both accusations are simply false. We ship exactly the coin ordered at the exact price quoted with a verbal agreement from the customer on what is being purchased. If we make a mistake, we correct it, at no cost to our customers. If we've done anything incorrect, we rectify it. We research any and every concern brought to us by any customer and are happy to answer to any inquiry by any agency regarding our practices.
If you have been taken advantage of by an unscrupulous gold coin dealer, we suggest contacting the Numismatic Consumer Alliance (NCA). Visit www.stopcoinfraud.org or call (908) 781-7947. Since its establishment, NCA (a non-profit organization) has helped consumers recover well over $5 Million. The next step would be filing a complaint with the Federal Trade Commission (FTC) and the Better Business Bureau.
Lastly, a word of warning to consumers considering using a costly law firm to resolve a dispute over a bullion or numismatic trade. Consumers are always best served to speak and deal with professionals within an industry first. We are on the front lines and able to resolve any complaint quickly and with no cost to our customers who have experienced an issue with service.
Craig R Smith