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  • Family blew through kids' trust funds investing in phony coins

    From nypost.com

    A Long Island businessman who built a textile empire by peddling irregular sweaters at local flea markets thought he had a fool-proof way to boost his assets — invest in a pal’s coin business. Bad move. Rocco Marini, 54, and his wife, Josephine, 50, took money from their kids’ trust funds to pull together nearly $17 million to buy 86 “rare’’ coins from buddy Harold Adamo Jr. — only to learn the pieces were worth a fraction of that. Among the pair’s coin purchases was a 1988 Morgan Silver Dollar that they bought from Adamo for $100,000. The coin turned out to be worth $200, according to court papers. ... (full story)

  •  Guest
  • | IP XX.XXX.234.14
There are fools everyday!!
I dunno why they were worth $17 million if they were dumb to begin with.
Greed doesn't pay off long term.
Everyone can see the chart, but only a few can actually read it.
LOL
use leverage with caution...
Quoting OnlineAddict
Greed doesn't pay off long term.
So true!!!
Aaaand, it's gone!
Looks like it was easy to pull the wool over the couples eyes ! . I suppose he had done to him what he had done to others.
Don't wait for the wind, take to the oars.
  •  Guest
  • | IP XXX.XXX.128.98
Love the full story where it is always someone else's fault at every turn. They still are oblivious to their own folly.

Over and over again throughout history people delude themselves that they have an opportunity that no one else is aware of. They must act fast, there is no time for due diligence, they trust someone. Bernie Madoff, Don Lapre, Charles Ponzi, Lou Pearlman, its a long list and nothing in this is new. Just another reminded, "you ain't that special".

An old movie with George C. Scott, titled the Flim-Flam Man should be a must see for anyone thinking of investing based on information from a friend.
With friends like that, who needs enemies? On the other hand, the first red flag was 86 coins worth that much. Possible, sure. But likely? Not so much...
Should have bought bitcoins instead
Have a nice day
Quoting billv
Should have bought bitcoins instead
ONE MUST LEARN, DO IT AND IT WILL BE KIND TO YOU
Quoting Aussi
{quote}
Or he could have given it to us to invest in forex
Have a nice day
Quoting billv
{quote} Or he could have given it to us to invest in forex
now thats is smart mate
ONE MUST LEARN, DO IT AND IT WILL BE KIND TO YOU
Pure ignorance at its best! How could they believe a 1988 coin could worth $2 million??!!! 1988!! That's just 20 years ago!!! Something worth that much has to be over HUNDREDS years old at least!

But for Adamo, don't worry, Karma would get him, if not him, Karma would get his kids. Unfortunately kids DO pay for debts of the parents sometimes in the most horrific way when it comes to Karma even if a stupid Brooklyn court judge doesn't say so. Just look at Madoff's two sons, died of a dreadful disease and one committed suicide.
Make your losses in demo. Earn your profits live.
Quoting Forexia
Pure ignorance at its best! How could they believe a 1988 coin could worth $2 million??!!! 1988!! That's just 20 years ago!!! Something worth that much has to be over HUNDREDS years old at least!
Its like saying: "Pure ignorance at its best! How could they believe a barely 8-year-old bitcoin could worth $19,000 a piece??!!! 2010!! That's just 8 years ago!!! Something worth that much has to be over HUNDREDS years old at least!"

Bottomline is it boils down to valuation. If there is a buyer who is willing to pay the high price, it is worth that much, even if it is new. Of course then you have to do creative marketing and spin stories to get people to believe that it is worth paying that much for it. Same goes for iPhone, properties, etc etc, you name it.
Quoting Forexia
Pure ignorance at its best! How could they believe a 1988 coin could worth $2 million??!!! 1988!! That's just 20 years ago!!! Something worth that much has to be over HUNDREDS years old at least! But for Adamo, don't worry, Karma would get him, if not him, Karma would get his kids. Unfortunately kids DO pay for debts of the parents sometimes in the most horrific way when it comes to Karma even if a stupid Brooklyn court judge doesn't say so. Just look at Madoff's two sons, died of a dreadful disease and one committed suicide.
Its just like a $100 dollar bill, supposed to be worth $100 but its not , it is only worth $5, as the dollar has lost 95% of its value in the last 100 years, since the creation of the Federal Reserve. Coincidence !
Don't wait for the wind, take to the oars.
at least it really worth that much for the seller
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  •  Guest
  • | IP XX.XXX.254.173
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  • Story Stats
  • Posted: Apr 2, 2018 10:30am
  • Submitted by:
     Newsstand
    Category: Entertainment News
    Comments: 17  /  Views: 5,193