Corbett settles with coin collection company
HARRISBURG, Pa. (Legal Newsline) - Pennsylvania Attorney General Tom Corbett announced Tuesday that the State has reached a settlement with two Canton Ohio based coin collectors over allegations the companies falsely advertised services.
Beginning in late 2006 and during 2007, World Reserve Monetary Exchange and World Reserve Monetary Exchange, Inc., both subsidiaries of Universal Syndications, Inc., deceived customers by running full-page newspapers advertisements that claimed millions of U.S. dollars were "up for grab" and were eligible to the public for a limited time, Corbett said.
Under the terms of the agreement, WRME is required to refund the purchase price to all customers who return their merchandise before September 26, 2009.
The agreement also forced both companies to pay $38,000 for investigative costs and to disclose, in all future advertisements, that the company is not affiliated with the United States Government.
"These advertisements led people to believe that they could claim cash that was 'up for grabs,' but that was not the case at all," Corbett said.
"These ads were actually for uncut sheets of U.S. currency that the World Reserve Monetary Exchange bought from the United States Bureau of Engraving and Printing and re-sold to the public."
The agreement also stated the amount and denomination of currency that consumers would receive, that currency offered as "free" could only be obtained with the purchase of other items, and that the time-sensitive nature of the ad was not national in scope.