Glenn Back's number one gold sponsor was interrogated at a hearing last week by Congressman Anthony Weiner, over gold sales scams. The Congressman alleges that the company uses dishonest sales techniques, though the hearing made no final conclusions. Weiner said victims are often intelligent middle class people, convinced, unfairly, to pay many times market rate.
The company employees at least two salespeople that the SEC had sued for scamming a hundred elderly people out of more than one million dollars. The case was settled in the 1990s, all the money was returned to the victims, but currently Goldline employs these same salespeople to handle some of their biggest clients and to train other salesmen for the future.
Executive Vice President Scott Carter defended the company against Weiner's claim that Goldline uses scare-tactics to encourage buyers. Glenn Beck participates in promoting the idea that purchasing vastly over-priced antique coins is the best way to ensure the government will not confiscate gold investments as was done in 1933.
Weiner's purpose was to at least make public that Goldline is in his words a "rip-off."
One witness testified to losses in the tens of thousands of dollars on one transaction.
Weiner noted FoxNews' demand that Beck no longer accept Goldline's sponsorship on his popular television program. Beck continues to promote Goldline, on his website, and possibly elsewhere.
"I would hope he takes a step back," Weiner said of Beck, "and looks at the testimony today, and realizes that his viewers are middle class people who are struggling. He should not be aiding and abetting a rip-off."
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