Rare Coin Company Collapse Leads to Jail Time for Director

Former Rare Coin Company director Rob Jackman was earlier this month sentenced to 4 years and 2 months jail time for stealing and fraud. Investors and collectors suffered massive losses as the director tried to keep his failing coin business afloat before it was placed into liquidation in July 2013. The company thrived on offering premium collector coins or banknotes to customers with the cherry on the top being a guaranteed buy-back price including an investment return for coins or banknotes purchased. The Rare Coin Co kept investor’s numismatic items safe in secure vaults (and happily charged investors storage fees) as investors waited to collect their anticipated returns.

As the global financial crisis hit and the coin and banknote market began to slide more investors sought to collect on the buy back guarantee and the company that grew from a $600,000 turnover in 1997 to $44.3 million in 2010 was unable to honour the guarantees. It is understood that efforts to keep the company viable included the company selling numismatic items that belonged to the investors and not the company. The dishonesty of the director will see Jackman serve at least half his jail term before being eligible for parole and has been ordered to pay restitution, but without assets and having been declared bankrupt it’s hard to see any of the $1.8 million being repaid.


Click image to enlarge

Posted in Coin News

Site Search

Sponsors

Upcoming Coin Collecting Events:

no event

Australian Numismatic Calendar

Current Coin Values, Bullion Prices and Exchange Rates

AUD $16.41
Australian 1966 Round 50c
AUD $964.82
Gold Sovereign
AUD $1,207.83
Australian $200 Gold Coin
AUD $48.04
Silver Price (per Oz)
AUD $4,098.28
Gold Price (per Oz)
USD $0.6438
Australian Dollar

 
These values are updated hourly using New York market prices. Coin values are purely the value of the gold or silver they contain and do not account for any numismatic value.
Prices Last Updated: 08:04 05 Dec 2024

Subscribe via Email

Enter your email address to subscribe to the Australian Coin Collecting Blog and receive emails about new posts.

Archives