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Gold Coin Scammer Takes Page From Glenn Beck's Playbook

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A Manhattan mother/daughter team who obviously watched too much Glenn Beck got taken by a con artist who preyed on their fears about total financial collapse and sold them a hoard of overvalued gold coins for $1 million.

According to the New York Post, Stephanie Brown convinced the pair that "banks and mutual funds were going belly up--and their only hope was to buy overvalued gold coins from her."

"Fortunately, Stephanie Brown was there to save the day," remarked prosecutor Adam Kaufmann.

However, Brown "failed to alert" her victims that "while gold is now close to an all-time high, gold coins--which are often made with alloys--are depressed."

Politico reported last year that, "Financial analysts, investment advisors and precious metal experts warn that the collectibles market can be among the riskiest ways to invest in gold, and some blame aggressive advertising and the boosterism on conservative shows for helping push nervous investors into bad deals."

"This rich advertising campaign that has sprung up in the last year has almost politicized gold and certainly has estranged it from what gold investing is all about,” said Jon Nadler, a gold analyst with Kitco.

Whatever her political leanings, Brown tended toward unfettered free-market "capitalism", charging $100,000 in commissions and stealing almost half the coins she sold to her victims.

She was charged with grand larceny and securities fraud.

I don't know about you, but I see a TV show in Ms. Brown's future--or, at the very least, an endorsement deal.
POSITION:  No positions in stocks mentioned.