German Gold Bearer Bonds - Pre WWII

Discussion in 'Trading' started by bc1, Nov 26, 2011.

  1. bc1

    bc1

    Hi. I was recently contacted by someone with a bunch of his grandfather's German gold bearer bonds with all coupons. Apparently they were issued in the US by JP Morgan in the 20's or 30's and then Hitler defaulted on them.

    He says there is a market here in the US for about $1200 or so apiece. But that they are worth anywhere from 6 to 9 million bux in Europe making his bonds worth about $200 million based upon the price of gold and inflation. He had wind of a PPP private offering through Credit Suisse where they can be used as collateral for trading in Europe guaranteeing a million dollar return every year. I told him no way. He even had a letter of authenticity for the bonds. He mentioned some Florida lawsuit that states they can collect on their value and I told him to get that lawyer but he said he couldn't afford him.

    However he needed someone to hold them in escrow and send a letter to these bozos with Credit Suisse stating they are held in escrow. Offered me 3% ($6 million) to do this for him. I declined his generous offer. I can smell a nigerian/european scheme when I see one. Told him to take his bonds straight to the Credit Suisse Bank in New York and talk directly or else go to Europe cause if they really were worth millions then people would be at his door step instead of the other way around. He didn't have the money to travel anywhere or to use a bank escrow account. I told him to sell them for what he can get and be better off buying lottery tickets.

    Did some google research and saw the scam he told me about and you could buy those bonds on ebay for $250 and up.

    Nothing I or anyone here can say anything to change his deluded mind on the subject as I've already gone over all the red flags with him but I'm just wondering if anyone here has any particular knowledge on the subject? Thanks. It all smells like something our billionaire buddy would manage and arbitrage.
     
  2. Yes and i was contacted by someone who said my uncle (i never knew i had) has left 10 million US for me. All i have to do is fly down to Nigeria to sign a paper and its mine. Im on my way to the airport right now. Ill give you my opinion about your gold bearer bonds when i get back. If you dont hear back from me it means i was kidnapped raped and murdered
     
  3. zdreg

    zdreg

    sounds like you have
    a fantasy to be raped by the brothers.:D
     
  4. bc1

    bc1

    Sounds like quite the deal if they didn't ask you to front the money for inheritance taxes by wire transfer first.:)
     
  5. you are being screwed.


    I was offered 5% for the same thing.
     
  6. Are the bonds authentic? That is they are real bonds (perhaps with JP Morgan's signature on them)? Might be a nice collectors item.
     
  7. bc1

    bc1

    He had a letter from a forensic examiner saying they were authentic. But anyone can write a letter. But assuming authenicity, the ebay trading seemed to be based upon collector's item value up to $250 or so.

    There is another market for them but based upon the ruling of the lawsuit in Florida, the worth in US dollars is between one and two grand.

    Apparently after the Florida lawsuit, Germany passed a law allowing redemption for some small amount in cash which I forget but under 2 grand. That redemption period expired last year. Apparently there are those in Europe that think these sold in America bonds should be backed by gold with inflation and the price changes factored in resulting in the inflated value. But that would require another lawsuit against Germany. The Florida lawsuit just said that the bond holder had jurisdiction for a legal cause of action that can be brought against the maker.

    I told the guy he probably should have redeemed them when he had a chance. But now his cousin, who inherited the other part of the bonds held by their grandfather, will sell his share to this guy. Another 200 million worth. But this guy is too far up in LaLa land over his millions to be rational.
     
  8. LOL