Features > Modern Chinese Coins

**CAUTION** Avoid this dealer!!!

(1/4) > >>

Birdman:
I would recommend that my friends and relatives avoid dealing with Pure Gold Global and Zayne Etienne…

As particular Chinese coins increase in value, there is an incentive for a buyer to find dealers who haven’t yet raised their prices to reflect current market values.  Since major dealers of Chinese coins are typically well informed of market trends and pricing, a person seeking to buy low and sell higher often broadens his search to include coin dealers who aren’t China coin specialists.  Such searching for new sources of material has risks.  If you beat the bushes for deals, you might occasionally hit a hornet’s nest.  I’ll share my experience with one deceptive seller so that others don’t get burned.  Fortunately, I was protected, because I used Paypal, but I almost sent a bank wire, and I could have lost a large sum of money.  After doing some research, I learned that other people apparently lost a lot of money with this “dealer”.  Be careful.

Here is a rough summary of my experience:

My Google search led me to www.puregoldglobal.com.  It is a professional-looking website with high quality images of popular gold coins.  They state that “Pure Gold Global is one of the oldest gold dealers in the United States.  We have helped many individuals and families in protecting their hard-earned assets and increasing their wealth by investing in precious metals.”  At first glance, it looks good.

They have coins from a large number of nations listed in stock, including gold pandas.  Many of their coins seem to be listed at, or even above market value, but I noticed a few that were priced below market.  For instance, their 1998 G1/10 panda (sealed) is listed at $1695, but their 2004 G1/10 (sealed) is listed at only $296.  I called the company, discussed their inventory, and after a few phone calls, arranged to purchase the several dozen 2004 G1/10 that they said they had in stock.  I paid by Paypal.  Everything still seemed to be fine .  My “relationship manager,” Zayne Etienne sent me a confirmation email, followed by the Paypal invoice.  I paid and arranged for them to ship to my PO Box. 

The red warning flags started when I called the next day to clarify the shipping arrangements.  When I called the 1-800 number that I used the previous day, the call did not go through.  Instead, I heard a message from tollfreeforwarding.com saying that this number had been suspended.  The same thing happened for Pure Gold Global’s 917 area code “local” number (New York City).   I thought, “what the heck is toll free forwarding, why would this New York company be forwarding their calls internationally, and why would their phone account be suspended?!

I sent my “relationship manager” Zayne Etienne an email, expressing my concerns and asking for clarification on the shipping.  I did a brief Google search of the company and saw that it might have an affiliation with the island of St. Lucia in the Caribbean, not New York.  I called Paypal and said that this transaction seemed suspicious, but since it had only been one day, I’ll give them more time to see if they send the coins.  Zayne replied to my email saying that they had been having trouble with their phones, but that he’d send out the coins by FedEx, and the phones should be working again soon.  I sent a follow-up email asking for the tracking number.  I received no reply, despite sending another reminder email to him the next day.

The coins did not arrive on the day they were supposed to, and I still had no response to my emails asking for tracking information.  I then conducted a more extensive Google search of Pure Gold Global and of Zayne Etienne, who was the only person that picked up the phone the times I was able to get through to the company.  When my search uncovered more red flags, I called Paypal and initiated a formal non-receipt claim.

The day after I started my Paypal claim, I got a response from Pure Gold Global: Zayne (again) replied by email saying that he apologized for the problems with my order, but the reason I hadn’t received the coins is that they sent the package to the wrong address and FedEx returned it.  They now had the package of coins in their office again, and they asked me what I’d like them to do with it, considering that I’ve already started a Paypal claim (I think this might have been a subtle attempt to get me to drop my non-receipt claim).  I wrote back saying that Paypal doesn’t give a refund until 10 days after the claim is started, so our business will be completed well before that deadline if you FedEx the package and provide both Paypal and me with the new tracking number.  I also asked him to give me the tracking number of the package that was “sent to the wrong address,” so that I could double check his story with FedEx.  I never heard from them again.  Afterwards, he let my calls ring without answering, and he didn’t respond to my emails.  Paypal said don’t worry about it, I’m covered, and we’ll just wait until the 10-day claim period is completed to see what Pure Gold Global’s response is.  Pure Gold Global never responded to Paypal’s requests for information (Today is the 11th day after the claim was initiated).  Paypal informed me this morning that the money is now being returned to my account. 

Since I sent the payment through Paypal and used my credit card as the source of funds, I fortunately had two layers of protection.  Indeed, because I knew I had those two layers of protection, I probably didn’t do my full due diligence.  It could have been worse.  Besides having some cash tied up for a few weeks while the Paypal claim was pending, and having some time wasted, and getting irritated by dealing with a deceptive individual, I’m OK.  If I had used a bank wire, however, I think I could have lost BIG.   

Below, I’ve assembled in one place some of the material I found online regarding Pure Gold Global.  At best, they are a company that realized after the sale that they sold me their entire stock of 2004 G1/10 pandas too cheaply, so they decided not to deliver them, and they will try to sell them to someone else at a higher price.  If that were the full story, it is in itself bad business practice.  I think you will see from the information below, however, that there is a bigger fraudulent component to the story of Pure Gold Global and Zayne Etienne.  Most of the incidents are within the last year.  I’m not going to keep quiet and let any of my friends and associates get taken, so heads up!

-------------

Additional Fraud #1.   A May 2013 customer complaint to the Better Business Bureau claiming that Pure Gold Global accepted a $70,000 wire transfer but never sent out the coins

http://www.bbb.org/new-york-city/Business-Reviews/gold-buyers/pure-gold-global-in-new-york-ny-137791/complaints

BBB did not receive a response from business (1 complaint)

5/1/2013    Delivery Issues | Read Complaint Details

Additional Notes
Complaint: Made two orders of gold coins from Pure Gold Global in New York for a total of $70582.56. Seller/Company claim received money(wire transfer) but not deliver coins. After some careful research and thinking, I am highly suspect that this is a scam. Seller info: ******* ******** Relationship Manager Pure Gold Global World Financial Center *** ****** ****** *** *** ***** ** ***** www.puregoldglobal.com ###-###-#### ###-###-####4 Money transferred to: Company Name: Pure Gold Global, Inc. Account No.: 4********* Swift No.: NRTHUS33 ROUTING NO. ********* Bank: TD Bank, USA. Please help.
Desired Settlement: I believe this is a fake company. Please help to stop the seller's bank activities and don't let more people get scammed.
Consumer Response: Better Business Bureau:

At this time, I have not been contacted by Pure Gold Global regarding complaint ID *******.

The company is not real. It is operated over the internet and only one person sometimes answer the phone. Take my money but never send the product. I am helpless with huge lost.

Sincerely,

*** ***
###-###-####
BBB's Final Determination: Business failed to respond to the BBB to resolve or address the complaint issues.

--------

ADDITIONAL FRAUD #2.  Another fraud by Pure Gold Global for $20,400 earlier this year.  They never sent a dozen gold coins.
http://www.justanswer.com/fraud-examiner/7er05-sent-bank-transfer-gold-broker-two-months-ago-stil.html

-------------
Pure Gold Global Website claims to be accredited by the Better Business Bureau on their website, but is not.  It is in fact rated “F” by the BBB. 

http://www.bbb.org/new-york-city/Business-Reviews/gold-buyers/pure-gold-global-in-new-york-ny-137791

The BBB website goes on to say,
•   This firm has misrepresented itself as a BBB Accredited Business on its Web site at http://www.puregoldglobal.com/top50bullion.html on November 16, 2012, the BBB requested that this firm cease and desist all unauthorized use of the BBB logo on its website. THIS FIRM IS NOT CURRENTLY A BBB ACCREDITED BUSINESS with the Better Business Bureau Serving Metropolitan New York, the service area in which it is headquartered. As of November 26, 2012, the business has not responded and the case has been closed as unpursuable.
On March 18, 2013, the Better Business Bureau raised concerns about this firm’s advertising on http://www.puregoldglobal.com/ and requested that this firm substantiate their claims regarding the following: "The best way to buy precious metals";"…America's trusted name in precious metals";"...America's premier precious metals dealer"; and "...America's best dealer with the most competitive precious metals prices." As of April 12, 2013, the business has not responded and the case has been closed as unsubstantiated.

-------------------

Pure Gold Global steals high quality images from other websites.   May 16, 2013.
http://goldcopyright.co.uk/copyright-abuse/pure-gold-global-using-one-ounce-platinum-noble-images-without-our-permission/

---------------

Two St. Lucia court cases against Zayne Etienne
http://www.eccourts.org/wp-content/files_mf/causelist063rdto6thjune2013justicerosalynwilkinson.pdf

“Chamber Hearing on 6/5/2013, at 9:00 am
13 - SLUHCV2010/1093 Nature of Matter: Judgment Summons - For Review
1st National Bank St Lucia Limited Vs Zayne Etienne
Addit. Parties: Claimant Atty: Floissac Fleming & Associates
Claimant: 1st National Bank St Lucia Limited
Defendant: Zayne Etienne”

http://www.eccourts.org/wp-content/files_mf/b1courtgrosislet22ndto24th26thjuly2013magistratevelonjohn.pdf

“Civil Trial on 7/24/2013, at 9:00 am
8 - SLUMCV2013/0297
Tania Alphonse v Zayne Etienne
Addit. Parties: Claimant Atty: Donna Jacobie
Claimant: Tania Alphonse
Defendant: Zayne Etienne”


----------------

www.puregoldglobal.com was created on December 12, 2011 in Castries, St. Lucia, which seems rather odd since they claim to be “one of the oldest gold dealers in the United States”

http://who.godaddy.com/whois.aspx?k=dJf1cUh5jqL+RyHAawZuq16fiKgEn04G8ufwU3MZRuT71i+uSYBAOOVjDZgvLWNRwnAm/k63W+Q=&domain=puregoldglobal.com&prog_id=GoDaddy

globalpuregold.com is registered to Zayne Etienne in Castries, St Lucia
http://whois.domaintools.com/globalpuregold.com

trustedgolddealers.com also registered to Zayne Etienne in Castries, St Lucia
http://whois.polodomains.com/domain/g1Qlesiq7HbzHkJ8bfOZh0k-j-cntdVo_info.html

puregoldglobal.com, globalpuregold.com, and trustedgolddealers.com all funnel to the same Pure Gold Global website.


Flegend35:
Wow! Look at the Management team picture. I bet that's fake.

Russ 736:
Thanks for the heads up Birdman. After my brush with the second chance offer scam, I made not sending a bank wire  my #1 rule. If they won't take a credit card or Pay pal, I don't need their stuff. As for the  person that lost the 70,000$, I would think a quick trip to St. Lucia armed with a baseball bat might be in order.

Russ

comeaux:
Glad to see that you didn’t get scammed.

Scum like this make a living off of trusting and unknowing people … they didn’t get you but that won’t stop them.

Also I doubt they even had the 2004 gold pandas, at best all they had was pictures of gold pandas.

NBM:
From a helpful post from wjruth at Bullion Stackers:

--- Quote ---Phone number on their website comes up as Millachts, a yacht media group. They use the same company picture.

    Graybar Building
    420 Lexington Ave
    NY
    New York
    10170-0002
    United States

    Contact: Jonathan Peters
    Tel: 917-300-0644
    Fax: +646-929-6374
    Email: jonathanpeters541@gmail.com
    Website: http://millachts.com/
--- End quote ---

Navigation

[0] Message Index

[#] Next page

Go to full version