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Glenn Beck's Connection to Goldline International Scheme

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Goldline International is in a heap of bad PR for possibly defrauding customers with overpriced antique gold coins. The Big Picture's Barry Ritholtz explains:

"Goldline International is under investigation by the Santa Monica City Attorney's office, jointly with the Los Angeles County District Attorney's office, as well as being the subject of a separate investigation by Congress into the possible criminal practices. The firm has been the subject of an ABC Nightline News Exposé, as well as an investigation by NY Congressman Weiner)."

But also at the center of this fiasco is cable TV comic Glenn Beck.

Beck personally endorsed Goldline during the economic downturn and in preparation for, his words, "100% guaranteed hyperinflation like Zimbabwe." He pushed gold as an investment but cited an executive order signed by Franklin D. Roosevelt that allowed the government to "take all your gold" except antique coins. That's when the Goldline hard sell came in.

Graphic designer Jess Bachman created a giant infographic that illustrates Beck's connection and promotion of Goldline to unsuspecting customers, as well as the manner in which the company upsold antique coins -- which are more expensive but less pure than bullion -- based on FDR's unenforced executive order.

Check out Backman's flowchart here.
POSITION:  No positions in stocks mentioned.