Wilson County News
Consumer Updates blog header
Wilson County News • 1012 C St • Floresville • TX • 78114 • Ph: 830-216-4519 • Fax: 830-393-3219 • Email:
Saturday, Apr 19, 2014
Login
Not a subscriber? Click here.
Are you a WCN subscriber?
Set up your password.

 
E-Mail
Password
  Remember me
 
  Forgot password?
La Vernia News
Google
Google

Preview the Paper
Preview this week's Paper

Consumer Updates

Agreement Provides Restitution to U.S. Money Reserve Customers




E-Mail this Story to a Friend
Print this Story

Disclaimer:
The author of this entry is responsible for this content, which is not edited by the Wilson County News or wilsoncountynews.com.
November 17, 2011 | 1349 views | 1 comment

Texas Attorney General resolves investigation into commemorative coin marketer

AUSTIN -- The Texas Attorney General’s Office today resolved its investigation into U.S. Money Reserve Inc., an Austin-based commemorative coin marketer that does business as U.S. Rare Coin and Bullion Reserve. Under today’s agreement, U.S. Money Reserve must provide $5 million in restitution to its customers and comply with the Texas Deceptive Trade Practices Act in the future.

The State’s investigation into U.S. Money Reserve centered on the firm’s efforts to market commemorative gold coins. Customers who contacted U.S. Money Reserve to inquire about the gold bullion coins featured in its telelvision advertisements encountered sales personnel who urged them to buy more expensive commemorative coins. According to state investigators, U.S. Money Reserve’s sales team claimed that the commemorative coins would both retain and increase their value more effectively than ordinary bullion coins. However, the significantly higher prices that U.S. Money Reserve charged for its commemorative coins rendered the products so expensive that customers would not actually realize an increase in value for many years. The State’s investigation also addressed U.S. Money Reserve’s refund policy.

Under the agreement finalized this week, U.S. Money Reserve has agreed to fully reform its sales practices. The firm further agreed to conduct all aspects of its business in strict compliance with the Texas Deceptive Trade Practices Act. Finally, U.S. Money Reserve will provide up to $5 million in restitution to reimburse customers for their financial losses.

To inquire about eligibility for this restitution program, customers should contact U.S. Money Reserve at (800) 867-6101. The amount of restitution depends upon the date of purchase of coins.
 
« Previous Blog Entry (November 17, 2011)
 


Your Opinions and Comments
 
Elaine K.  
Floresville  
November 17, 2011 11:29am
 
 
New post.
 

Share your comment or opinion on this story!


You must be logged in to post comments:



Other Consumer Updates


 
^Top
  Copyright © 2014 Wilson County News. All rights reserved. Web development by Drewa Designs.
^Top