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Fraudulent valuation

Why don’t we have this in the U.S.?

The U.K. Office of Communication has ‘lifted the license’ of a
company for fraudulent valuation.

A diamond which they valued at 19,360 pounds sterling was appraised
for 3,580. Another, valued at 14,000 pounds appraised for 500 !!

See whole report at:

For the Ofcom report see:
http://www.ofcom.org.uk/bulletins/adv_comp/aw.pdf

David Barzilay
Lord of the Rings
607 S Hill St Ste 850
Los Angeles, CA 90014-1718
213-488-9157

David

http://www.ofcom.org.uk/bulletins/adv_comp/aw.pdf 

What a real “eye-opener” of reading material. Their fine of 450,000
Pound Sterling is quite suitable in cases like this…everyone
should read that report…Gerry!

Why don't we have this in the U.S.?

Well, we do, don’t we? The FTC will bring an action if they receive
"an unprecedented number of complaints", as Ofcom (Office of
Communications) states they did. According to Ofcom, they received
hundreds of complaints about this “television auction.” I suppose
that Ofcom, being a communications body, is different in scope from
the FTC, but what I don’t know is whether you are asking if our FCC
(Federal Communications Commission, for the benefit of non-US
members) would have the same sort of involvement in a case like
this, as opposed to the FTC.

James in SoFl

James, of course I’m aware of FTC and FCC. My sense is that they have
not done very much to combat fraud in our industry, and it is like
’pulling teeth’ to get them to take action.

Back in the 80’s there were some coordinated raids in downtown L.A,
and some folks were busted for underkarating; BUT, I believe that the
MAIN thrust was re: money laundering, and that it was the Treasury
Dept. which did the raiding.

David Barzilay
Lord of the Rings
607 S Hill St Ste 850
Los Angeles, CA 90014-1718
213-488-9157