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Austin coin marketer agrees to pay $5 million

November 18, 2011

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AUSTIN, Texas—State officials say an Austin-based commemorative coin marketer has agreed to pay customers up to $5 million in restitution and comply with the Texas Deceptive Trade Practices Act.

The Texas Attorney General's office says its Thursday agreement with U.S. Money Reserve Inc., a company that does business as U.S. Rare Coin and Bullion Reserve, resolves concerns about the way the firm marketed commemorative gold coins.

Investigators said U.S. Money Reserve's sales team claimed the commemorative coins would increase their value more than the ordinary bullion coins the company was advertising on TV.

The state said because the price the company charged was so high it would take customers years to realize an increase in value.

U.S. Money Reserve agreed to reform its sales practices and reimburse customers' financial losses.