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Texas Gold Dealer Agrees To Refund $5 Million; BBB Issued Alert On Firm In March

12/7/2011

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gold coins

St. Louis, Mo., Nov. 22, 2011 – U.S. Money Reserve of Austin, Texas, has agreed to pay $5 million in restitution to its customers as part of a settlement with the Texas attorney general.

The firm, better known as United States Rare Coin and Bullion Reserve, also agreed to change its sales practices and to comply with the Texas Deceptive Practices Act. The Texas attorney general found that the firm advertised lower cost gold bullion coins but then urged customers to buy commemorative coins, saying that the higher-priced coins would appreciate faster.

The St. Louis BBB issued an alert on U.S. Money Reserve on March 15 after a joint investigation with the Austin BBB. The BBB also found that the company encouraged customers to buy more expensive “proof” or “collector” coins at prices that were higher than other dealers. Its ads, with a picture of the U.S. Capitol, could lead consumers to believe the company was affiliated with the federal government, the BBB said.

Details of U.S. Money Reserve’s restitution program can be obtained by calling the company at 800-867-6101.

Consumers can learn how to protect themselves or find BBB Business Reviews of businesses or charities by calling (314) 645-3300 or by going online to www.bbb.org.

Contacts: Michelle Corey, President & CEO, 314-584-6800, mcorey@stlouisbbb.org; or Chris Thetford, Vice President-Communications, 314-584-6743 or 314-681-4719 (cell), communications@stlouisbbb.org; or Bill Smith, Investigator, 314-584-6727, tpc1@stlouisbbb.org

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