Barber Coins, BCC Precious Metals, Len Barber Len Barber, Robert Boyd BCC Precious Metals (aka Barber Coins) investigated Lakeville, Minnesota
You may want to read the article from Mother's Day Star Tribune (Minneapolis, MN):
http://www.startribune.com/local/121413199.html?page=1&c=y
"Keith's dad had suffered a stroke in 1999. A seizure in October 2009 left him with memory and reasoning impairments, she said. His problems gradually worsened until he was hospitalized for two weeks in December as he recovered from cerebral bleeding.
Keith filed a lawsuit last month against Barber Coin, its president, Leonard Barber Jr., vice president of sales Robert Boyd and McNamara alleging that they cheated her father, a vulnerable adult, out of at least $65,768. The newspaper agreed not to name her father, who has a different surname, because he has cognitive impairments.
McNamara, 56, is a fast talker who invokes religion in his sales pitch. He has been convicted of check forgery, possessing counterfeit checks, theft and driving under the influence, but it hasn't stopped him from working at several Twin Cities coin dealers. He now is managing director at International Gold & Silver Exchange in downtown Minneapolis.
"I'm in recovery. I've got three years clean," McNamara said.
After he left BCC in June, Keith said in her lawsuit, Boyd took over her dad's account and began "repositioning" his holdings, first selling gold and buying silver, then reversing the process.
Keith says her parents built their own home and never carried a mortgage until last year. Then she alleges that Boyd persuaded her dad to withdraw just over $174,000 from a reverse mortgage to buy more coins.
He bought some at huge markups, Keith's complaint says. For instance, she alleges that BCC sold him an 1862 half-dollar for $18,000 that appraisers valued at $4,000.
While Keith's father was in the hospital, BCC initiated transactions to convert some of her parents' gold in an individual retirement account to silver, the suit says. Her parents denied "knowingly" authorizing that.
Bloomington police say an investigation is pending. Boyd declined to comment.
McNamara said he conducted one transaction with Keith's father and gave him a good deal. He said what happened after that, though, "was absolutely atrocious." He said he's cooperating with police.
"I do have ethics and I do not believe in taking advantage of people, especially the elderly," McNamara said.
Bergmann, Barber's attorney, issued a statement saying Keith's accusations appear to be based on "suspicion and misinformation." He said BCC, Barber and Boyd are cooperating with police.
"I know some things look bad. He's got some employees who had some bad records," Bergmann said. But he said he expects Barber to prevail.
Bill Voss, a Texas lawyer helping victims of coin fraud, says the fallout from coin rip-offs is only beginning. With prices near record levels, coin companies are popping up left and right and people are buying.
But eventually, he said, they'll want to sell.
"When they start realizing that what they bought, they shouldn't have bought, and that they bought it way too high ... I think there's going to be a major, major problem."
2 Updates & Rebuttals
Aaron
Minnesota,United States of America
Here's the ending to the fraud allegations against BCC Precious Metals
#3General Comment
Mon, January 16, 2012
http://barbercoins.com/about_bcc/bcc_exonerated.html
Accuser now says charges made against Minnesota coin firm were wrong: apologizes for harm caused
Charges involving Lakeville, Minn. firm are dismissed with prejudice in settlement including apology and modest award to BCC by complainant Linda Keith; letters to state attorney general and Better Business Bureau saying dealer did not engage in any illegal or unethical conduct
A woman who had charged a Twin Cities gold and silver coin dealer with fraud has reversed her position, saying in a letter of apology that BCC Precious Metals did not engage in any illegal or unethical conduct. The letter was part of a settlement accepted by Minnesota District Court Judge Ivy Bernhardson that dismissed with prejudice the charges made by Linda Keith.
It is heartening that BCC Precious Metals has been vindicated and that this cloud of doubt and suspicion has been lifted, said Leonard Barber, president and CEO of BCC. We always seek to conduct our business honestly and to treat our customers fairly and with respect.
In her letter of apology, Keith said she filed the lawsuit and contacted authorities thinking that her parents had been exploited. After further discovery and investigation, I learned my assumptions about the business transactions are wrong, said Keith. BCC, Barber, Boyd and McNamara did not take advantage of my parents or engage in any illegal or unethical conduct.
In addition to the civil suit, Keith filed a complaint with the Minnesota Attorney Generals Office and the Better Business Bureau of Minnesota and contacted the Bloomington Police Department.
Soon after the suit was filed, the Star Tribune published an article by Dan Browning which discussed the matter at length and included comments from Keith.
I apologize for starting the Lawsuit, for the statements made to Dan Browning, the complaints filed with the Minnesota Attorney Generals Office and the Better Business Bureau, and for notifying the Bloomington Police Department, said Keith. I recognize that my actions have caused harm to BCC, Barber, Boyd and McNamara and damaged their reputations.
Modest sums were awarded to both McNamara and BCC to defray attorney costs as part of the settlement.
I am pleased that we can now put this matter behind us and proceed to serve our customers, said Barber. This type of action does not affect the firm alone, but there is also personal pain for the individuals accused, and their families.
Founded in 2002, BCC Precious Metals, a division of Barber Coins & Collectibles, markets and buys gold and silver coins and other collectibles nationwide from its base in Minnesota.
Aaron
Minnesota,United States of America
Here's the ending to the fraud allegations against BCC Precious Metals
#3General Comment
Mon, January 16, 2012
http://barbercoins.com/about_bcc/bcc_exonerated.html
Accuser now says charges made against Minnesota coin firm were wrong: apologizes for harm caused
Charges involving Lakeville, Minn. firm are dismissed with prejudice in settlement including
apology and modest award to BCC by complainant Linda Keith; letters to state attorney general and Better Business Bureau saying dealer did not engage in any illegal or unethical conduct
A woman who had charged a Twin Cities gold and silver coin dealer with fraud has reversed her position, saying in a letter of apology that BCC Precious Metals did not engage in any illegal
or unethical conduct. The letter was part of a settlement accepted by Minnesota District Court Judge Ivy Bernhardson that dismissed with prejudice the charges made by Linda Keith.
It is heartening that BCC Precious Metals has been vindicated and that this cloud of doubt and suspicion has been lifted, said Leonard Barber, president and CEO of BCC. We always seek to conduct our business honestly and to treat our customers fairly and with respect.
In her letter of apology, Keith said she filed the lawsuit and contacted authorities thinking that her parents had been exploited. After further discovery and investigation, I learned my assumptions about the business transactions are wrong, said Keith. BCC, Barber, Boyd and McNamara did not take advantage of my parents or engage in any illegal or unethical conduct.
In addition to the civil suit, Keith filed a complaint with the Minnesota Attorney Generals Office and the Better Business Bureau of Minnesota and contacted the Bloomington Police Department.
Soon after the suit was filed, the Star Tribune published an article by Dan Browning which discussed the matter at length and included comments from Keith.
I apologize for starting the Lawsuit, for the statements made to Dan Browning, the complaints filed with the Minnesota Attorney Generals Office and the Better Business Bureau, and for notifying the Bloomington Police Department, said Keith. I recognize that my actions have caused harm to BCC, Barber, Boyd and McNamara and damaged their reputations.
Modest sums were awarded to both McNamara and BCC to defray attorney costs as part of the settlement.
I am pleased that we can now put this matter behind us and proceed to serve our customers, said Barber. This type of action does not affect the firm alone, but there is also personal pain
for the individuals accused, and their families.
Founded in 2002, BCC Precious Metals, a division of Barber Coins & Collectibles, markets and buys gold and silver coins and other collectibles nationwide from its base in Minnesota.