Coin companies bilk customers out of millions

They were told that their gold and platinum coins would double or triple in value. But the customers found out the glitter and glow weren’t even worth one-third of what they’d paid, according to two lawsuits filed this month and in April against rare coin companies in Austin and Beaumont.

“They pitch coins to elderly people by saying, ‘Remember the Depression? … The only thing worth any value at that time was gold coins, and we could be in a depression next week,’ ” said Jason Gibson, a Houston attorney representing the plaintiffs.

Nearly 50 plaintiffs have lost almost $13 million to 16 companies in Beaumont such as First Capital Reserve, First National Reserve and Universal Coin and Bullion, according to the lawsuits. Many of the companies are connected to each other, Gibson said.

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