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Gold dealer shouldn't complain -- at least he got metal, not paper
Fake Gold Bars Turn Up in Manhattan
From WNYW-TV5, New York
Tuesday, September 18, 2012
http://www.myfoxny.com/story/19578206/fake-gold-bars-turn-up-in-manhattan
NEW YORK -- In jewelry stores on 47th Street and Fifth Avenue the important trust between merchants has been violated. A 10-ounce gold bar costing nearly $18,000 turned out to be a counterfeit.
The bar was filled with tungsten, which weighs nearly the same as gold but costs just over a dollar an ounce.
Ibrahim Fadl bought the bar from a merchant who has sold him real gold before. But he heard counterfeit gold bars were going around, so he drilled into several of his gold bars worth $100,000 and saw gray tungsten -- not gold.
What makes so devious is a real gold bar is purchased with the serial numbers and papers, then it is hollowed out, the gold is sold, the tungsten is put in, then the bar is closed up. That is a sophisticated operation.
... Dispatch continues below ...
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MTB, the Swiss manufacturer of the gold bars, said customers should buy only from a reputable merchant. The problem, he admits, is Ibrahim Fadl is a very reputable merchant.
Raymond Nessim, CEO of Manfra, Tordell & Brookes, said he has reported the situation to the FBI and Secret Service. The Secret Service, which deals with counterfeits, said it is investigating.
In March gold bars filled with tungsten showed up in England. With New York now hit, it may mean an international ring is involved.
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