March 17, 2021 — DALLAS — Attorneys at Dallas’ Steckler Wayne Cochran Cherry PLLC on March 12 filed a class action complaint against Asset Marketing Services, LLC, which markets itself as GovMint.com, in U.S. District Court for the District of Minnesota on behalf of consumers who have made a purchase of commemorative coins since 2015 based on allegedly misleading, deceitful sales tactics.
The Minnesota Department of Commerce has already cited GovMint.com due to Defendant engaging in fraudulent and unconscionable business practices resulting in civil penalties and orders from the Minnesota Department of Commerce.
One of the named plaintiffs, William Ballou, of Florida, was allegedly solicited more than 50 times over the phone and through email correspondence by GovMint.com. He eventually purchased more than $500,000 worth of coins. The other plaintiff, Joan Williamson, of California, was coaxed into spending her savings on coins as an investment for her children and future grandchildren. Ballou and Williamson are representing themselves and others similarly situated who have been victimized by GovMint.com’s deceptive marketing practices.
The complaint further alleges that GovMint.com claimed these purchases were investments that would grow in value, despite overinflating the price by more than three times their value, knowing the coins would not result in any profit, were not “investment” assets, but rather “keepsakes.” The market value would have to quadruple for victims to simply recoup their value, based on the overinflated purchase price, according to the lawsuit. The complaint notes that GovMint.com’s conduct is in direct violation of the Minnesota Department of Commerce’s enforcement action and order and continues to violate Minnesota Law.
“GovMint.com has a history of preying upon the elderly for profit” said Bruce Steckler, lead counsel for the Plaintiffs. “It’s tragic to see folks who have worked a lifetime to earn and save this money and have it squandered on over-inflated ‘commemorative coins’ sold by GovMint.com as an alleged investment. GovMint.com has been warned by the state of Minnesota to stop this practice but continues to victimize people daily.”
The grounds of the lawsuit are negligence, unjust enrichment, violation of the Minnesota Prevention of Consumer Fraud Act, violation of the Minnesota Uniform Deceptive Trade Practices Act, and violation of the Deceptive Acts Perpetrated Against Senior Citizens or Disabled Persons Act. For more information, contact Steckler Wayne Cochran Cherry PLLC through https://www.swclaw.com/offices/ or 972-387-4040.