Ethical Concerns Regarding Heritage?

[Tabe]

This video kind of got buried in another thread but I thought it worthy of its own discussion:

https://www.youtube.com/watch?v=rvLFEh7V18A


This is a nearly 1-hr, well-documented expose of price manipulation and deception in the video game market by game grader WATA Games, the top grader of video games, in partnership with Heritage Auctions. It extensively details the shady background behind Jim Halperin (including settling price manipulation charges and lying about the existence of a group he was part of) and the seemingly-fraudulent interactions behind WATA and Heritage. This includes WATA directors grading their own games, in violation of WATA's supposed policies and then selling them through Heritage. It details Heritage proclaiming that they would sell WATA video games - before WATA had even opened up shop. And on and on and on.

The implications are pretty obvious for other areas like sports cards.

I recommend you take an hour of your time and watch the video.

[swarmee]

Based on the blowout thread, both WATA and Heritage are pushing back hard against the accusations.
https://www.blowoutforums.com/showth...1483086&page=4

[T205 GB]

Interesting watch

[marzoumanian]

Thanks, John, for being the first to respond to Chris highlighting this video. I was waiting for someone to reply before I gave my 2 cents.
First, Chris is absolutely correct. The video is a true eye-opener and in my opinion very well researched.
Second, it does not surprise me that Heritage would refute the video's content (with the press release found on Blowout). Years ago (2004?) Forbes magazine wrote a long piece on Mr. Halperin and his dealings in the coin world. He took the time to refute it paragraph by paragraph. In my years as a journalist I have rarely seen such detailed feedback. Pretty amazing. My point? This man is willing to attack you and attack you HARD if you say anything that he feels is inaccurate.
He is very powerful. He has spent more than 40 years in the coin/collectibles business. In fact, I believe I will stop here and conclude by saying his history is very disturbing. Peace.

[Tabe]

Originally Posted by swarmee

Based on the blowout thread, both WATA and Heritage are pushing back hard against the accusations.
https://www.blowoutforums.com/showth...1483086&page=4

Eh, all they said was "no way, that video is totally false and we should have been contacted."

Note that they didn't specifically deny anything - no denial by WATA that they were grading games belonging to their own people. No denial by Halperin that he lied about being part of a group he was part of. No denial regarding the settlement of previous illegal behavior. And so on.

[swarmee]

Oh, I noticed that. But most players don't even respond anymore. The video is well done, and yes, I agree they were "creating" the market. Truthfully, I think the only way this stuff gets lessened in the future is the IRS requiring all consignment houses to file income tax paperwork with sale values for every consignor who sells more than $600 annually through any of them.

I don't see how all that money flows the way it does if the sellers knew the IRS was getting a record of every card/coin/game/etc they sold.

[Snowman]

I only got about halfway through it. It reeked of bullshit nonsense to me.

By their logic, anyone promoting Bitcoin must be a crook. People who believe in something invest in it and promote it. Gee, who knew? That's not market manipulation. That's speculative investing and discussing one's interests. And he provides no proof whatsoever of the more sinister claims.

Classic tinfoil hat Blowhard forum nonsense.

[mrreality68]

A lot of information and a lot to think about

Heritage has to defend themselves because of their brand and reputation are at stake

[Tabe]

Originally Posted by Snowman

I only got about halfway through it. It reeked of bullshit nonsense to me.

By their logic, anyone promoting Bitcoin must be a crook. People who believe in something invest in it and promote it. Gee, who knew? That's not market manipulation. That's speculative investing and discussing one's interests. And he provides no proof whatsoever of the more sinister claims.

Classic tinfoil hat Blowhard forum nonsense.

If you saw no proof, you watched a different video.

[packs]

Originally Posted by Snowman

I only got about halfway through it. It reeked of bullshit nonsense to me.

By their logic, anyone promoting Bitcoin must be a crook. People who believe in something invest in it and promote it. Gee, who knew? That's not market manipulation. That's speculative investing and discussing one's interests. And he provides no proof whatsoever of the more sinister claims.

Classic tinfoil hat Blowhard forum nonsense.

The article seems to have some definite facts, like who purchased the cartridge, for example, and who that person's employer is/was. Interpretations of those actions can be varied but some things did happen the way it says they did, though I have no opinion on Heritage or their actions or the accusations made.