This Business Is Not BBB Accredited

Midas Resources, Inc.

Midas Resources, Inc.

(651) 289-4333

Midas Resources, Inc.

190 Cobblestone Lane
Burnsville, MN 55337
Fax Numbers
  • (651) 289-0777
Additional Phone Numbers
  • (800) 686-2237
BBB File Opened: 03/17/1998
Business Started: 12/01/1996
Business Started Locally: 12/01/1996
Business Incorporated: 12/01/1996 in MN
Type of Entity
Corporation
Business Management
  • Principal: Ted Anderson, President
Contact Information
  • Principal: Ted Anderson, President
Business Category
  • Gold, Silver & Platinum Dealers
  • Coins & Tokens - Manufacturers
  • Coin Dealers, Supplies

Licensing, Bonding or Registration
This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
The following describes an enforcement action taken by the Minnesota Department of Commerce. For further information you can contact them directly.

"Commissioner of Commerce Mike Rothman ("Commissioner") has determined as
follows:
1. I Pursuant to Minn. Stat. ?? 45.027, subd. 7, and 80G.10, subd. 4 (2014), on
September 11, 2015, the Commissioner commenced action against Midas Resources, Inc.
("MRI"), by issuing an Order to Show Cause and Order for Summary Suspension, and an action
against Theodore Anderson and John C. Huebner by issuing an Order To Show Cause. The
Commissioner alleged as follows:
A. MRI, Anderson and Huebner engaged in acts and practices that demonstrate they
are incompetent, financially irresponsible, and otherwise unqualified to act under the authority of
the Commissioner in violation of Minn. Stat. ?? 45.027, subd. 7(a)(4), and 80G.03, subd. 1 (5);
B. MRI regularly misappropriated money received in the course of buying, selling,
soliciting, or marketing bullion coins or investments in bullion coins to consumers in violation of
Minn. Stat. ?? 80G.03, subd. 1(5), and 80G.07, subd. 1(13);
________________
O MRI routines failed without prior agreement to deliver bullion coins to its
customers within 30 days of payment and otherwise misrepresented to consumers the terms of
sale and delivery date of bullion coins in violation of Minn. S t a 4 ^ 8 0 G . 0 3 , s u l ^ . l ^ ^
80G.0^suhd.l^^(l^and,
D. Anderson and Huebner misappropriated a customer's money and otherwise
misrepresented terms of sale and delivery dates in violation of Minn.^
and80G0^subdl^l3^1^
2. Mi^, Anderson, and Huebner^collectively "Respondents") acknowledge that they
were advised of their right to a hearing in this matter, to present argument to the Commissioner,
and to appeal from any adverse determination after a hearing. Respondents hereby expressly
waive those rights. Respondents farther acknowledge that they were advised of their right to be
represented by legal counsel and that they were represented by Mark R. Miller, Esq
3. Respondents have agreed to an informal disposition of this matter without a
hearing as provided under Minn. Stat.^l4.59andMinn. Rule 1400.5900.
4. For purposes o f M i n n . S t a t . ^ l ^ . l 7 ( l ) , Respondents expressly waive their right
to any notice or opportunity for a hearing on the civil penalties imposed by this Stipulation and
Consent Order.
5. Respondents acknowledge that any civil penalties or judgments arising from this
Stipulation and Consent Order are non dischargeable in any bankruptcy proceeding. ^ 1 1
^SC^3(a)(7)^Adischarge under
^^^^h^^i^ivi^^h^from^y^h^
fine, penalty, or forfeiture payable to and for the benefit ofagovemmentaluni4 and is not
compensation for actual pecuniary loss ,other than a tax penalty...").

6. The following order is in the public interest.
IT IS HEREBY STIPULATED AND ORDERED, pursuant to Minn. Stat. ?? 45.027, and ^
80G.10, as follows:
A. The Order to Show Cause and Order for Summary Suspension issued against MRI
on September 11, 2015, is vacated.
B. The Order to Show Cause issued against Theodore Anderson and John C.
Huebner on September 11, 2015, is vacated.
C. Theodore Anderson's bullion coin representative registration. No. 40389579, is
revoked. Further, Theodore Anderson is prohibited from being an owner, officer, member, or
shareholder of any entity that holds a bullion coin dealer registration in the State of Minnesota
for two years.
D John C. Huebner's bullion coin representative registration. No. 40389474, is
suspended for 6 months.
E. MRI's bullion coin dealer registration, No. 40389320, is revoked and MRI shall
immediately cease and desist from acting or holding itself out as a bullion coin dealer in
Minnesota.
F. MRI shall pay full restitution to all customers within 12 months from the date of
this Stipulation and Consent Order, including customers from whom it has accepted money and
not delivered bullion coins or precious metals or to whom it has issued credit memoranda. Prior
to the execution of this Stipulation and Consent Order, MRI shall submit for the Commissioner's
approval a plan to liquidate MRI's bullion coin and precious metals inventory and repay MRI's
customers on a pro rata basis. All restitution to customers shall be paid in accordance with the
plan developed by MRI and approved by the Commissioner. MRI shall make an initial $310,000
restitution payment on a pro rata basis and shall thereafter strive to pay at least $60,000 every month toward restitution, however, at a minimum MRI shall pay at least $10,000 in restitution
to its customers every month over the next l2 months until restitution has been paid. MRI
shall make months reports to the Commissioner regarding MRI's restitution payments and^
addition, shall respond in writing to any requests from the Commissioner within 3 business days.
G MRI shall pay a $100,000 civil penalty to the State of Minnesota; however, that
$100,000 civil penalty shall 1^ stayed forI2 months from the date of this Stipulation and
Consent Order so long as MRI complies with this Stipulation and Consent Order, including
making the initial $310,000 restitution payment followed by minimum monthly payments of at
least $10,000. If MRI pays full restitution to its customers within 12 months from the date of
tins Stipulation and Consent Order in accordance with the plan developed by MRI and approved
by the Commissioner,the$100^000civilpenaltyshallautomaticallyhevacateduponsatisfactory
proof submitted by MRI to the Commissioner. The stay on the $100,000 civil penalty shall
automatically he lifted and it shall become due and payable if MRI fails to comply with this
Stipulation and Consent Order or to pay:^the initial $310,000 restitution payment^ii^a
minimum payment of at least $10,000 each month over the next 12 months on any outstanding
restitution; or (iii)full restitution within 12months.
H Nothing herein prohibits MRI and Anderson from selling any assets, including
MRI's customer lists or goodwill, to a bona fide purchaser. MRI and Anderson agree that any
money received from the sale of MRI's assets shall be applied to restitution If MRI and
Anderson fail fail to apply the proceeds from any asset sale toward restitution, the stay on the
$100,000 civil penalty against MRI shall automatically be lifted and it shall become due and
payable.

J. Respondents are currently involved in a pending lawsuit in Dakota County
District Court (Court File No. 19HACV15^related to the sale of silver rounds to the
plaintiff Respondents have advised the Department that they dispute any civil liability to the
plaintiff in that case. The parties to that litigation have filed cross motions for summary
judgment and a jury trial is currently scheduled for January^20l^.Due to the contested and
indeterminate nature of the plaintiffs claims against Respondents, this Stipulation and Consent
Order does not require restitution to the plaintiff at this time. MRI, Anderson, and Huebner
acknowledge that if they jointly or individually become judgment debtors to the plaintiff at the
conclusion of the lawsuit, including any appellate review, ^judgment debtors) will make
efforts to satisfy any non discharged, final judgment against the judgment debtors). The
Commissioner expressly reserves his right and authority to take action against any such
judgment debtor if the judgment debtor fails to satisfy any final judgment resulting from the
pending lawsuit, including seeking an order for restitution or the imposition of civil penalty
and Respondents expressly reserve their rights under applicable Minnesota law to contest any
future action by the Commissioner.
IT IS FURTHER ORDERED THAT, pursuant to Minn. Stat. 16D.17, if the $100,000
civil penalty imposed against MRI is not vacated within 12 months, or if the stay is lifted, the
Commissioner may file and enforce the $100,000 civil penalty as a judgment against MRI in
district court without further notice or additional proceedings. In addition, pursuant to Minn.
Stat. ? 16D.13, MRI is hereby notified that 30 days after the stay expires or has been lifted,
simple interest computed in accordance with Minn. Stat. ? 16D.13, subd. 2 will begin to accrue
on the civil penalty imposed against MRI.
This Stipulation and Consent Order shall be effective upon signature on behalf of the
Commissioner."

NR

Out of Business

According to information in BBB files, this business is no longer in business.

Overview

According to the information supplied by Midas Resources, Inc., this company buys and sells gold and silver coins.

BBB Reason for Ratings

BBB rating is based on 13 factors: Get the details about the factors considered.

Based on BBB files, this business has a BBB Rating of No Rating. The reason is as follows:
This business has no rating because it is out of business.


Licensing information is provided in the BBB Business Profiles to inform the public about industries that may require professional licensing, bonding, or registration. Better Business Bureau encourages you to check with the appropriate agency to be certain any requirements are currently being met.

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BBB reports on known significant government actions involving the business's marketplace conduct.

BBB reports on a company that is out of business for three years from the date the company closes its doors or ceases to do business.

BBB reports on unauthorized use of the Better Business Bureau's name and/or logo for as long as the business continues to use it in any advertising, or for one year after the business ceases any repeated unauthorized uses.

BBB reports on a business’s bankruptcy as long as the business remains in bankruptcy.

BBB reports when mail sent to the business was returned by the Postal Service.

Midas Resources, Inc.

THIS BUSINESS IS NOT BBB ACCREDITED

Midas Resources, Inc.

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