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Company ordered to suspend business for selling 'British royal baby anniversary coins'

18 Comments

The Consumer Affairs Agency has ordered a dealer in coins and precious metals to suspend part of its business operations for 12 months for selling medals as non-existent British royal baby anniversary coins.

According to the agency, Gold Star KK sold two kinds of medals that say “BRITISH ROYAL BABY ANNIVERSARY COIN” to 983 people across Japan and made approximately 650 million yen in two years, Sankei Shimbun reported. However, these medals were never made, and none of the customers who purchased them, ever received anything.

Gold Star told potential buyers the coins would be delivered within five years and that they would increase in value and become a collector's item.

A Consumer Affairs Agency spokesman said Gold Star will be barred from soliciting any new business for 12 months.

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18 Comments
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So, the company defrauded people of 650 M yen, the people get absolutely nothing, and the company is merely receiving a 12 month suspension on PART of its business operations??

Only in Japan.

4 ( +10 / -6 )

¥660,000 each? Fools and their money.

7 ( +8 / -1 )

Anyone stupid enough to pay 660,000 yen for anything without even seeing it first is asking to be bilked.

Nonetheless, you can't hep wondering why the Agency was so clement in its retribution. Someone got a piece of the pie, mayhap?

4 ( +5 / -1 )

Was the 5 year promised time up? why were these investigated? not a great piece of reporting

1 ( +1 / -0 )

Anyone stupid enough to pay 660,000 yen for anything without even seeing it first is asking to be bilked

You've never bought anything over the internet?

0 ( +0 / -0 )

the title is completely wrong. there was no "selling." they defrauded customers. and the punishment is a joke. they should be put out of business permanently.

6 ( +7 / -1 )

@shumatsu: not for 6 Gs, and certainly not without buyer's insurance. And certainly not with some wonky "it will be deliveeed some years later" tag.

2 ( +2 / -0 )

There anger at the coin and precious metal dealer is understandable to say the least. I sympathize with those who lost money but the customers made a bad decision. Nobody said life was going to be fair. In other words, don't cry over spilled milk and quit viewing yourself as a victim and get on with your life.

-3 ( +0 / -3 )

Should be 'COMMEMORATIVE COIN' I think, 'ANNIVERSARY COIN' doesn't make much sense in this context.

2 ( +2 / -0 )

So the Japanese Consumer Affairs Agency suspend just PART of its business operations for 12 months?

Any punishment other than returning ALL the ill gotten money, is criminal in itself. Not sure who's worse, the consumer affairs agency or the company they are slapping on the wrist?

2 ( +2 / -0 )

Even if they had delivered them it still would have been a scam.

-1 ( +0 / -1 )

You've never bought anything over the internet?

Not for $6,500 give or take from a company no one's ever heard of, no.

1 ( +1 / -0 )

I'm going to start a business that promises to sell those reserved coins to someone else for only a 100,000 yen fee, so those people don't lose as much...

Ahar!

0 ( +0 / -0 )

So, the company defrauded people of 650 M yen, the people get absolutely nothing, and the company is merely receiving a 12 month suspension on PART of its business operations??

Because that's all the power the Consumer Affairs Agency can do. It is up to the National Police Agency/Ministry of Justice to do the prosecution of any violation in criminal law.

0 ( +0 / -0 )

Isn't this a case of fraud?

1 ( +1 / -0 )

Despite the limp response, I reckon this company's problems are only just beginning. Now on record, they will probably come to the attention of the NTA and possibly the NPA. Definitely not a good career choice.

0 ( +0 / -0 )

A fake coin to commemorate the birth of a royal baby in another country. And a thousand people paid seemingly large sums to have it. Such sweet gullible people. Sigh.

0 ( +0 / -0 )

You've never bought anything over the internet?

Nothing for US$6000.00. You?

0 ( +0 / -0 )

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