Archive for the ‘African rough diamonds scam’ Category


Many people are getting the offer from Diamond Access Inc., New York, U.S.A.

Their website reference is given above. At first glance one will have at the website and understand that it looks like unprofessional website created in haste or I rather say scammers. A company dealing in millions of US dollars would never have such low quality website. Besides the contact numbers on their website are not US, but China.

Well this company claims to be in New York, but is registered in Delaware state. One guess could be this is just a P.O.Box operational address and not a real business address.

They will float a contract which mentions a specimen buyer John Doe Company, Barcelona, Spain. The sellers names are uncertain, but Franklyn Smith, Jesse Waldo and others names might appear. Who cares, scammers can use millions of names.

The catch in this contract is EUROCLEAR TRANSACTION. Someone might fool with this new facility of payment. EUROCLEAR.

BEWARE!!!!!! If you visit EUROCLEAR with such contracts they will kick you out of their office or call the police.
EUROCLEAR does not entertain any gold or diamond commodity transactions and besides beware of this new scammer on internet.

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A U.S. Senate Special Committee on Aging staff report “conservatively estimated that more than 10,000 Americans have been victimized through [precious metals] schemes, with losses around $300 million”
Author: Dorothy Kosich
Posted: Thursday , 01 May 2014

Precious metals fraud remains the sixth-most significant form of financial fraud in the United States, says the Enforcement Section Committee of the North American Securities Administrators Association (NAASA).

During a hearing of the Senate Special Committee on Aging Wednesday, ranking committee member U.S. Sen. Susan Collins, R-Maine, said, “It is indeed a sad commentary on human nature that the cruelty of the scammers who target our nation’s elderly seems limited only by their creativity – and never by their conscience.”

“Today’s hearing focuses on a particularly appalling scam – the so-called ‘sale’ of precious metals to seniors, who are eager to avoid the dangers of the stock market, trying to find a safe haven for their life savings, seeking to protect their financial independence, and wanting to pass some portion of their nest egg along to their children and grandchildren,” Collins observed. “I say so-called ‘sale’ because, as we have discovered in our investigation, a key feature of this scam is to get the customer to pay real money for a fiction – gold, silver, platinum, or palladium – that the scammer never delivers, and often doesn’t even own.”

Committee Chairman Sen. Bill Nelson, D-Florida, observed, “We’re here to spotlight the worst practices in an industry that has run amok and largely remain in the shadows. …Clearly, whenever there’s money to be made, you can bet unscrupulous individuals will soon follow. And that’s what happened in this industry.”

The committee staff report, Exploring the Perils of the Precious Metals Market, estimated that “more than 10,000 Americans have been victimized through these schemes with losses around $300 million”.

An example of a typical leverage transaction is contained in the report: A customer buys $10,000 worth of gold through a leveraged transaction. He covers 20% of the cost, by putting down $2,000. The retaining precious metals company finances the remaining $8.000, charging the customer 9.5% interest, or $760 annually.

The firm also charges the customer a 15% commission, totaling $1,500 in addition to $200 in other fees. “Interest payments aside, the customer is already out $3,700 from the start. If the value of the gold drops below the value of the loan plus interest ($8,760), the metal is automatically liquidated and the customer loses that $3,700 with no gold to show for it,” says the report.

Former IBM physicist Joe Melomo told the Senate Committee, “I consider myself a savvy businessman and investor, and yet I sit here today having lost more than $170,000 investing in what I know now was a precious metals scam.”

Although he was on the federal Do Not Call registry, Melomo received a call from American Precious Metals. The company kept calling and urged him to invest more money than his original investment. “I paid American Precious Metals just under $170,000 and they charged me approximately $165,000 in administrative fees and $37,000 in interest charges,” he recalled. “With the help of an attorney, I was only able to get back $25,000.”

An 82-year-old retiree lost $52,000 when she invested in silver on leverage. She sold her personal effects and used $41,000 from her IRA annuity to buy 600 ounces of silver. Within two months, she was told she had to send in an additional $10,000 to cover the decline in value of silver. After she told the precious metals firm she didn’t have the money to invest any more in silver, her account was liquidated. Eventually, she was able to recover about $13,000 through a settlement agreement with the company, said the committee report.

The Federal Trade Commission has formally charged three precious metals firms, all based in Florida, with breaking the law. The three complaints filed by the agency claim a total of $56 million was lost by consumers. Two of these cases have been settled and the defendants were required to pay a combined total of $32.6 million.

The Commodity Futures Trading Commission (CFTC) has filed 22 complaints against individuals and companies that lost over $193 million of their customers’ money. Last year, the CFTC settled charges against Atlantic Bullion & Coin when at least 237 investors nationwide were led to believe that they had purchased silver bullion, but no silver bullion was purchased by the company. The defendants settled to pay $11.53 million in restitution and $23 million in civil penalties. The owner was sentenced to nearly 20 years in prison due to fraud.

Between 2009 and 2011, the clients and creditors of seven Florida-based precious metals businesses claimed losses of more than $54 million. Working with federal regulators, the Florida Office of Financial Regulation helped recoup more than $10.3 million for the victims.

Minnesota, Texas and North Carolina have gotten stricter on retail precious metals companies, says the report.

Local officials in Santa Monica, California, “have pursued several coin dealers for deceiving or buying their customers, including Goldline International, Superior Gold Group, and Merit Financial,” says the report. “The companies were either forced to shut down or change their business practices.”

One North Carolina scam artist used Craigslist to steal thousands of dollars from people interested in buying gold despite the seller being served with a cease-and-desist order from the state.

The CFTC had found that an overwhelming number of victims of precious metals fraud are seniors. Potential customers skew toward older Americans who are more likely to have a greater amount of equity built up in their retirement and savings accounts than younger Americans.

“These precious metals dealers thrived on the haze that clouds the industry in secrecy,” says the report. Some reforms, such as the Dodd-Frank Act have led to “greater oversight and insight into this ever-evolving industry. Still, more may be need to be done to reduce gaps in oversight and improve consumer protection.”

“Above all, consumers should be wary of any offer requiring them to ‘act fast’,” the report concludes.

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A new scammer on social networking site.
James Gold Diamond Mining ( with Osei Mining Ltd., )
This is is facebook id

Claims to be from Togo, Mali and live in Agona Ashanti, Ashanti, Ghana.

He uses several pages and groups on facebook to cheat people. He can’t travel outside Ghana and will request buyers to come to Ghana. Besides, he will somehow convince people to pay him in advance.
Incase if you are doing business with this person, then kindly be on guard. HE IS A SCAMMER

These are some of the pictures he uses to cheat people across the net.971362_227751290759058_99607647954545168_n






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The London Bullion Market Association
Responsible Gold Guidance
About the London Bullion Market Association
The LBMA is the international trade association that represents the market for gold and silver bullion, which
is centred in London but has a global client base, including the majority of the central banks that hold gold,
private sector investors, mining companies, producers, refiners and fabricators. The current membership
includes 129 companies which are actively involved in the loco London bullion market, including trading
houses, banks, refiners, miners and fabricators as well as those providing services to the market such as
consultants, supervisors and assayers. The membership encompasses a total of 22 countries. The LBMA was
formally incorporated in 1987 at the behest of the Bank of England to take over the roles previously played
by two separate organisations, the London Gold Market and London Silver Market, whose origins go back
to the mid-nineteenth century.
The LBMA Good Delivery List
In the refining industry, the LBMA Good Delivery List includes the world’s pre-eminent refiners of gold and
silver, located in 31 countries. The List is widely recognized as the de facto standard for the quality of gold
and silver market bars. This recognition is based on the stringent criteria that applicants must satisfy before
being listed, as well as the regular proactive monitoring of accredited refiners by the LBMA. In addition to
satisfying the LBMA’s technical standards, a refiner seeking LBMA accreditation must meet a number of
non-technical criteria in relation to ownership, tangible net worth and operating history. In response to the
Dodd-Frank legislation on conflict minerals emanating from the DRC, the LBMA has informed all gold
refiners on the List that in order to maintain their Good Delivery status, they will have to demonstrate that
their refined output is conflict-free. To allow them to do this, the LBMA has developed a Responsible Gold
Guidance Scheme.
LBMA Responsible Gold Guidance
The LBMA will require that, from 1st January 2012, all LBMA Good Delivery Gold Refiners comply with
the LBMA Responsible Gold Guidance. Listed refiners have been sent a draft of the Guidance in September,
2011 and during the final quarter of the year they will be consulted before the final version is issued. The
current draft can be obtained from the LBMA Executive or via the LBMA website (www.lbma.org.uk). The
final version will also take account of the rules to be announced by the SEC as well as the OECD guidance
on gold supply chains.
The LBMA Guidance is based on anti-money laundering principles as well as the five steps framework for
risk-based due diligence of the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals
from Conflict-Affected and High Risk Areas. The LBMA guidance is intended to provide a flexible
framework for carrying out due diligence in this area and thus to minimise the cost of compliance for
refiners, whilst ensuring that their feedstock and thus their output remains conflict-free.
OECD Due Diligence for Responsible Supply Chains – Gold Supplement
The LBMA supports the work of the OECD in the area of supply chain due diligence and has been
actively involved in drafting the Gold Supplement section of the OECD Guidance. A number of
members, both banks and refiners have contributed to this work and Ruth Crowell, the LBMA’s
Commercial Director, is the co-facilitator of the OECD Gold Guidance Drafting Committee and the
LBMA’s main contact for Responsible Gold.
The London Bullion Market Association
13-14 Basinghall Street London EC2V 5BQ
Tel: +44 20 7796 3067 Fax: +44 20 7796 2112 http://www.lbma.org.uk email: ruth.crowell@lbma.org.uk

click on the link to download the documentLBMA Gold Guidance 2012


**Please note Anil Machado’s blog or Anil Machado does not sell gold,diamonds or any other commodity. Incase if you received any private message or email claiming to be Anil Machado then beware its some scammer trying to use a different method to cheat you.

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Click on the link to download documentOECD Financial action Task Force Gold

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OECD Due Diligence Guidance for
Responsible Supply Chains of
Minerals from Conflict-Affected and
High-Risk Areas
Final draft Supplement on Gold
v. 3.0

This Supplement on Gold forms an integral part of the OECD Due Diligence Guidance for Minerals from Conflict-Affected and High-Risk Areas. The Introductory section of the Guidance as well as Annex I (Five-Step Framework for Risk-Based Due Diligence in the Mineral Supply Chain), Annex II (Model Supply Chain Policy for a Responsible Global Supply Chain of Minerals from Conflict-Affected and High-Risk Areas) and Annex III (Suggested Measures for Risk Mitigation and Indicators for Measuring Improvement) applies to the Supplement on Gold. Therefore the term “Guidance” may be used throughout this Supplement to refer to both this Supplement on Gold as well as the OECD Due Diligence Guidance for Minerals from Conflict-Affected and High-Risk Areas.
This Supplement provides specific guidance on supply chain due diligence of gold from conflict-affected and high-risk areas according to the different positions of companies in the gold supply chain. It distinguishes between the roles of and the corresponding due diligence recommendations addressed to upstream companies and downstream companies in the supply chain (see Definitions), and includes, where necessary, specific recommendations to the specific actors within those two broad categories.Companies falling into these categories should carry out due diligence regardless of whether they own, lease or loan the gold.
This Supplement focuses on the steps companies should take to avoid contributing to conflict and serious abuses of human rights in the supply chain of gold potentially sourced from conflict-affected and high-risk areas. This Supplement includes due diligence measures to be taken on recycled/scrap or previously refined gold (“Recyclable Gold”) only insofar as recycled material is a potential means of laundering gold that has been mined in conflict-affected and high-risk areas in order to hide its origin. Gold investment products (ingots, bars, coins, and grain in sealed containers) held in bullion bank vaults, central bank vaults, exchanges and refineries with a “verifiable date”1 prior to 1 January 2012 will not require information on their origin (“Grandfathered Stocks”). However, gold investment products will require “Know Your Counterparty” due diligence to ensure the trade in Grandfathered stocks is not carried out in violation of international sanctions or does not enable money-laundering resulting from, or connected to, the sale of gold reserves in conflict-affected and high-risk areas.
In order to determine the applicability of this Supplement, all companies in the gold supply chain should carry out Step 1 (Establish strong company management systems) and begin Step 2 (Identify and assess risks in the supply chain) to determine whether they actually or potentially source gold from conflict-affected and high-risk areas. The remainder of the Steps in this Supplement will then only apply to companies sourcing gold from conflict-affected and high-risk areas and actors in the gold supply chain that operate in a conflict-affected or high-risk area………………kindly download the document for indepth information on the sameOECD Gold guidance supply chains 2012

**Please note Anil Machado’s blog or Anil Machado does not sell gold,diamonds or any other commodity. Incase if you received any private message or email claiming to be Anil Machado then beware its some scammer trying to use a different method to cheat you.

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