Armand DeAngelis runs a scam and fraud business that preys on gullible victims and elderly people. He operates his frauds through U.S. Coin Exchange. While he gives the impression of being very professional, he does this so that you will not verify his credentials and otherwise check him out. He cleverly lures you into a false sense of security and makes you want to trust him. BUT, all the while he is setting you up to commit a fraud. He claims to sell RARE Coins but when you get the delivery, they will only be COMMON Coins worth only a fraction of what you paid to him.in most cases, by the time you realize what is going on, it's too late, or because it is a long-term investment most people don't even know that they have been cheated for a long time.
Armand DeAngelis and U.S. Coin Exchange defrauded me (Kenneth Viall) out of my IRA Retirement funds by falsely claiming that it was selling me Rare Gold Coins and telling me that U.S. Coin Exchange was an approved IRS Non-Banking Custodian for Precious Metals, authorized by the IRS to legally keep my gold investment. This turned out to be totally false. I took delivery of what they told me were Rare Coins by special delivery at my home.
For verification of my investment, before I returned the coins to U.S. Coin Exchange for IRA Custodial Deposit, I made highly detailed photographs of my various coins. The photographs show each coin, the registration number and the grade of the coin. After I became suspicious, I asked that my coins be returned to me for appraisal. It turned out that my coins were not Rare Coins as I was told, but only Common Coins worth a fraction of the value I paid. Also, these coins were worth on the retail market on the date that I bought them, and on the date they were appraised, only 1/3 of the value that I paid for them.
When I requested the return of the coins, DeAngelis and U.S. Coin Exchange demanded $25.00 per month as custodial fees for keeping the coins. Finally, with the help of the Florida Attorney General, I was able to get the return of the coins.in the end, U.S. Coin Exchange returned, NOT THE ORIGINAL COINS I PURCHASED, but similar coins of about the same value (1/3 of my original investment).
In the end, Armand DeAngelis and U.S. Coin Exchange committed several frauds as follows:
They sold me what were falsely claimed to be Rare Coins but delivered what was actually only Common Coins. While Rare Coins have a good history of appreciation, Common Coins are so plentiful and common that they sell practically for the weight of the gold and nothing more.By defrauding me, they deprived me of the chance of investment appreciation on the coins purchased
While I paid for Rare Coins and paid a premium price, they delivered only Common Coins worth a fraction of the value and so I paid 300% more than what they were worth in order to purchase the coins in the first place, and
Because U.S. Coin Exchange and Armand DeAngelis were NOT IRS Authorized Custodians for Precious Metals, the entire transaction with my IRA Retirement Funds had the effect of terminating the tax benefits of my IRA. The transfer to their custody was fraudulent and it contradicted exactly what they told me about their IRS Authorization. This is also a Federal Crime to falsely claim to be an Authorized IRS Custodian
The charge me $25.00 per month for custodial services in keeping the coin for me not only violated the IRS Rules, but also was a charge that was never disclosed to me when I set up the account with them in the first place
When I finally got my coins returned to me, I compared them with the photographs that I previously made and found that the coins returned were NOT THE SAME COINS that I originally purchased. So, not only were they attempting to charge me $25.00 per month for custodial services, they did not even maintain custody of my coins during this period. Furthermore, they obviously sold my original coins to someone else (probably defrauding them as well) and then fraudulently replaced my coins with some other batch of Common Coins worth no more than 1/3 of my original purchase price.
At the present time there are numerous lawsuits pending against Armand DeAngelis and U.S. Coin Exchange, Inc. For fraud and deception. The coins that Armand sells are not investment grade coins and will never be worth what you will or may have already paid for them. Armand DeAngelis of U.S. Coin Exchange, Inc. Is a convicted felon from the state of New Jersey. The charges were "misapplication of entrusted property" and "unlawful offer, sale or purchase of securities". A copy of the Judgment of Conviction can be obtained form the Superior Court Clerk, Middlesex County Court House, New Brunswick, N.J., Indictment No. 87-04-00702-1, Prosecutor No. 87177869-001. The substance of the underlying conviction is summarized in this NJ appellate opinion.
Armand DeAngelis is not authorized by the appropriate branch of the IRS to be an IRA Custodian now or was he ever. Do not roll over the proceeds of an approved IRA or 401K and allow Armand to invest this or any other money for you.
Kenneth
Hallstead, Pennsylvania
U.S.A.
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