Email
Password
Remember meForgot password?
Log in with Facebook Log in with Twitter
Connect your Digital Journal account with Facebook or Twitter to use this feature.

article imageHow gold buyers lie to customers

By Owen Weldon     Jun 21, 2012 in World
A pair of gold buyers who worked for one America's largest gold-buying operations talked about methods that they used with customers.
One of the former gold buyers said that when customers would bring in their gold, employees would lie about the quality of the gold.
According to the Consumerist, the former employee said that she thinks that many managers thought that it was OK to lie to customers. The former buyer also said that she CEO of the company would watch employees via cameras. She went onto say that sometimes the CEO would send in secret shoppers to test employees, and that is where a lot of the pressure stemmed from.
The former buyer went on to say that employees never knew when they were being watched and the CEO would get mad with people and snap at them.
The former employee, Dolly Dubard, said that employees were told to offer customers less than 10 percent of customers' gold value. She said that the company would give bonuses out based on how little the gold was bought for. The buying guide was confirmed by CBS.
According to CBS, THR and Associates operated 120 gold-buying shows a week, and CBS launched an investigation that spanned five states. The investigation revealed that managers were flat out lying to their customers and they were also writing bad checks out.
Kenny Birdsall, who was a THR travelling gold buyer, appeared on a television show and promised viewers that he would write out huge checks to them if they brought their gold to his show. However the checks he ended up bouncing. Birdsall was then wanted by police.
Bridsall said that the whole incident was embarrassing for him. Birdsall, now a former employee of the company, said that he didn't know the checks were bad because the company did not tell him.
Dubard said "lot buying" was one of the methods they were taught. Dubard said the method allows buyers to keep their knowledge, about certain items, hidden. She said that basically all of the items would be lumped together.
A CBS producer caught the method right on camera. They were told that some of the gold they had were 14 karats when in reality they were 18 karats.
More than five CBS affiliates took part in the investigation into travelling gold buyers.
More about Gold, Buyers, Customers
More news from