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Message from Robert Brueggeman to all PNG Member-Dealers on Operation Choke Point.

June 21, 2014 in Clubs and Associations, Coin Dealers, Coins, News, Numismatic Societies and Clubs, Numismatica, Numismatics, PNG Professional Numismatists Guild, Politics

By: Robert Brueggeman. 06/19/2014 (http://www.ngccoin.com)

[TEMECULA, CA] — There is a US Justice Department initiative that has the potential to shut down every coin dealer — PNG member and non-PNG member alike — in the United States as well as curtail business by overseas dealers who use US-based banks. Read that again: the potential to shut down every coin dealer.

The threat is real, and this urgent email is sent to make sure every PNG member is aware of this profession-killing peril, and to encourage members to promptly take appropriate action.

The coin market menace is called “Operation Choke Point,” and it literally has the potential to choke your business to death by pressuring banks and other financial institutions to close your accounts. Why? Because, according to the Justice Department, you are engaged in a business with a high risk for fraud.

A May 29, 2014 report by the US House Committee on Oversight and Government Reform stated: “Operation Choke Point has forced banks to terminate relationships with a wide variety of entirely lawful and legitimate merchants…. Acting in coordination with Operation Choke Point, bank regulators labeled a wide range of lawful merchants as ‘high-risk’ – including coin dealers…”

The concept of innocent until proven guilty apparently no longer applies to professional numismatists. The Federal Deposit Insurance Corporation (FIDC) now includes coin dealers in the same risk category as ammunition sales, drug paraphernalia, credit card repair services, debt consolidation scams, escort services, online gambling, payday loan companies, Ponzi schemes and pornography.

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