CALIFORNIA COIN DEALER AGREES TO SETTLE - 06/92 Hannes Tulving, Jr., president of Hannes Tulving Rare Coin Investments, Inc., a California retail marketer of numismatic coins, has agreed to settle Federal Trade Commission charges that he created and maintained an artificial coin market to induce the purchase of coins at inflated prices. Under the proposed settlement filed in federal court, Tulving would be prohibited from misrepresenting, among other things, the degree of risk or any other fact material to a consumer's decision to purchase any investment offering. The order also imposes a monetary judgment, which will be partially satisfied by the payment of $260,000 over a five-year period. In August 1990, the FTC filed a complaint against Tulving and his company, Hannes Tulving Rare Coin Investments, Inc., of Newport Beach, alleging that they misrepresented the degree of risk and appreciation of their coins, falsely represented that the figures published in their coin price guide reflected the actual wholesale market price of their coins and that their customers' portfolio updates reflected the current value of the customers' coins; and that they failed to maintain a reserve of funds to enable them to honor their buy-back guarantee. The case against the corporate defendant, Hannes Tulving Rare Coin Investments, Inc., is still pending. Under the terms of the proposed consent order settling the charges against Hannes Tulving, Jr., he would be prohibited from, among other things, falsely representing that his coins are an excellent, low-risk investment or that they have consistently appreciated in value; that portfolio updates given to customers reflect the current value of their coins; and that the prices he charged for his coins were at or near the prevailing market price. He also would be prohibited from falsely representing the profitability of any investment offering, the services he offers in connection with such an offering, or the earnings of any of his customers. Further, the proposed order would prohibit Tulving from falsely representing that he has a reserve of funds sufficient to honor any buy-back guarantee for a substantial number of customers, if he offers such a guarantee; misrepresenting any other fact material to consumers' decisions to purchase any investment from him; and from representing that the FTC endorses or approves his activities. Misrepresenting the terms of the settlement also would be prohibited. The proposed settlement would further require Tulving to place a written notice on all coin-related promotional material to alert consumers to the risk of investing in rare coins. If he offers a buy-back option, he also would be required to disclose clearly and conspicuously the following notice on all promotional material: "BUY-BACK OF COINS: We cannot guarantee that, when you desire to liquidate your coins, we will be able to repurchase them from you. Moreover, if we are unable to repurchase your coins and you are forced to sell them to another dealer at the current wholesale price, you will probably receive much less for the coins than what you paid for them." Defendant Tulving has agreed to the imposition of a $10 million judgment. In light of his recent filing for bankruptcy and the absence of security, however, the Commission cannot be assured that it will collect the full judgment. The $10 million judgment against him would be non-dischargeable in bankruptcy -- that is, he still would owe it. Under the settlement, Tulving would pay $50,000 within 14 days of the entry of the court order, $210,000 over five years, and the remainder at the end of the five years. The Commission vote to file the consent order was 4-1, with Commissioner Deborah K. Owen dissenting. Owen stated, "I find no financial justification for reducing the defendant's required monthly payments from $5,000 to $2,500 after two years. More- over, I disagree with imposing, on paper, a monetary judgment that may be 'empty' in practice. Such an empty judgment is a departure from recent practice, and could give the impression that the Commission's monetary judgments are illusory." http://www.crimes-of-persuasion.com/Crimes/Telemarketing/Outbound/Major/Investments/rare_items.htm
Not hedging, asset allocation. Here's a very basic overview: http://www.forbes.com/2009/12/23/as...fs-personal-finance-bogleheads-view-dogu.html
re Tulving, I have never encountered any issues on the retail sales side of the house and they have a great local reputation for one thing, getting your silver shipment to you rapidly and reliably and their premium has always been competitive. They seem to receive wire transfers very quickly. I once had a case of silver maples damaged on one corner, it looked like the shipper tried to open it but couldn't. The contents were fine but I did let Tulving know about it. They covered shipping to get me another case just so I would have a perfect plastic container. I have never sold to them so I don't know what issues exist on that side of the business. I mean, who sells their physical? Its only a very small percentage of net worth and is intended to be held/accumulated so far as I am concerned. There was some silly language on their site about buying back your purchase blah blah. I guess they ran into some trouble over it. The family is in business there as always. I didn't realize the old boy had trouble back then. I'll keep buying from his sons I suppose, as long as they have a fair premium over spot. (shrug)
farmland is a great investment, you might plant a walnut orchard also, the wood has a pretty good return and walnuts are healthy
I read the article, thanks for the post. Seems like using your age for bond allocation and the rest in equities seems like a good rule of thumb. Perhaps use equities that got solid books, excess cash and good dividend history. Is that it, this is why portfolio managers get paid so much ?
The euro area securities issues statistics are produced by Eurosystem statisticians in accordance with the principle of decentralisation as part of the commonly agreed framework for producing statistics. The ECB is responsible for the provision of euro area aggregated securities issues statistics, while the dissemination of national datasets is under the responsibility of the individual Member State. The euro area securities issues statistics cover issues of securities other than shares (i.e. debt securities) and issues of quoted shares by euro area residents. The statistics cover outstanding amounts (stocks), transactions (gross issuance, redemptions and net issuance) and growth rates. Information about securities issues is an important element in monetary and financial analysis. For borrowers, securities issues are an alternative to âbank financeâ. Holders of financial assets may view securities issued by ânon-banksâ as partial substitutes for bank deposits and negotiable instruments issued by banks. Over time, shifts between direct finance (through securities markets) and indirect finance (through the banking system) may affect the transmission mechanism of monetary policy, as such shifts may change the euro area's financial structure.
Hopefully, youâve had the opportunity to save money toward retirement and grow a comfortable nest egg. But, like many, you may be hesitant to spend down your nest egg, because you do not know for how long youâll need that money to last. Discover how you can achieve financial security in retirement.
get a single pay immediate annuity that draws from actuarial tables to pay you out for the rest of your life. you should be able to get $200,000 guaranteed for life.
There is no future safety quaranteed for anyone and anywhere. Buy some land in selected locations for inflation hedge and hide some money cash for deflation hedge. I am not sure you can do any better than that. I have a small amount - relatively to you - in cash hidden in a hole on a wall and then painted over and I am now buying a piece of land in an area where I think prices will fall the least if deflation hits but they will explode if inflation rises. The rest put it in German bonds. They will be the last to go down (The only ones with surplus). Also, pray to God.
That reminds me of this: http://www.msnbc.msn.com/id/27608773/ A good idea though, which I'm considering as well.