Another Radio Shyster heading to jail

National Gold Exchange – ring a bell? Phoenix Gold Exchange?

Turns out it was a grubby little sweat shop in Tampa. One of the principals talked a bank into loaning him $35 million which went to building a $23 million house. In 2009, the bank conducted a surprise audit and was given a fabricated financial report that didn’t check out and the company declared bankruptcy.

Shockingly, he was commingling “investors'” gold with inventory. Never ever buy gold then let the seller “keep it in their safe vault”. Never buy rare gold coins. Even legitimate dealers (if there is one) charge up to 50% “spread”. They do it on the back end. You buy an ounce of gold for $1200, then want to sell it back tomorrow – you might get an offer for $700. You protest and say “but the spot price is $1200 in the papers!”. Tha’s the wholesale price for dealers. You’re not a dealer.

2011 bankruptcy report

Mark Yaffe is headed to federal prison for up to 5 years

Guilty Plea

Bank of America was also on the hook for over $10 million on the 25,000 square foot mansion. The home finally sold for $5.8 million to undisclosed buyers

Yaffe mansion sale

The trend in talk radio to scare listenersinto buying survival food, gold, and identity theft “protection” is a large part of why I feel no sense of purpose in helping people listen to the shows.

If you are still convinced that you will die if you don’t own gold, at least follow this advice

If you believe society is going to disintegrate to the point that all law and order will break down and financial assets become worthless, a better investment now would be to buy a gun and learn how to use it. Then you can steal your neighbor’s food and gold, or if you find that morally objectionable – you can blow your brains out.

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4 Responses to Another Radio Shyster heading to jail

  1. CC1s121LrBGT says:

    This shyster could not find any of Lois Lerner’s emails, but kept track of your school mascots and first cars. Time to contact your high school and have them change their school mascot…. and keep it a secret when they do. 😉

    from: http://www.reuters.com/article/2015/05/26/us-usa-tax-cybersecurity-idUSKBN0OB2H520150526
    “In addition to names, addresses and Social Security numbers, the attackers would have needed so-called “out of wallet” data, personal information such as a person’s first car or high school mascot, he said.”

  2. CC1s121LrBGT says:

    “It’s a global recession at least, but that doesn’t mean we will be bribing the border guards with gold,” – Jeff Macke on 10 Oct 2008

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