Let's welcome Charlie Barokas to the Billion Dollar Fraud!

[japhi]

Originally Posted by Aquarian Sports Cards

????

First, they've graded or authenticated over 30 million pieces. If it's an average price of $20 per that's $600 million.

Second, what on earth does that have to do with the dollar value of the scandal? If they grade a card that should be worth $500,000 and give it a grade that results in it being worth $10 million, do you think the fraud is just the cost of grading???!!!

Relax, it was just one data point. 30mm per annum is their aprox gross rev from card grading. PWCC is maybe a 5mm company. The hobby is not as big as some of you believe.

But, if you have the math on 1b in fraud lets see it. That number is being thrown around as fact. I think folks are over estimating the size

And in case anyone is confused I think this thing is big, real big. I won’t be submitting or collecting graded cards, it’s very clearly a racket that skews towards large submitters and dirt bags. I just don’t think it’s helpful to throw around numbers like 1b or hyper ventilate like Chuck does every day here.