It was only a matter of time until this would happen
From the National Jeweler Network
According to the attorney general's office, the civil investigation into Cash4Gold began in November 2009 after a number of consumers filed complaints claiming they were not paid nearly enough for their gold.
Consumers also state that they contacted Cash4Gold within the allotted 10- to 12-day return period to say they were not satisfied with the amount offered for their gold, only to be told their gold was already melted.
Others allege that when they returned their checks because they were unsatisfied with the amount offered, they never get their jewelry back, according to the attorney general's office. In addition, numerous complaints charge that Cash4Gold claims it never received their envelope of gold jewelry or that the envelope was empty when it arrived.
Also under investigation by the attorney general's office are Cash4Gold refinery Albar Precious Metals Refining Inc., and executives Jeff Aronson, Howard Mofshin, Jerome Kornbluth and Jerry Kaye.
Everyone in our business has known about these issues and more for a long time. We've all just been waiting for the law to crack down on this company.
There used to be an ad for a jewelry store that said something like this "If you don't know your jewelry, know your jeweler". Well certainly this holds for gold too. If you want to actually get something close to gold value for your gold....don't, under any circumstances, sell your gold through businesses that advertise on late night TV.
