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

[BeanTown]

Not to mention, how many times an altered card gets submitted for grading. With the quest for PSAs coveted blessing, the pop of graded cards is going through the roof!

[perezfan]

Regarding the term "Billion Dollar Fraud"... there is more to it than just the altered cards themselves. Sure the cards alone could exceed a billion some day, if only 1 - 2% of the fraud has been uncovered to date. It is very difficult to research and expose these cards, since eBay hides identities and thus protects criminals. So God only knows how many more have yet to be revealed.

That said, there are other factors that contribute to the $1 Billion number...

Massive cumulative Ebay fees taken in on the altered cards
Buyers and Sellers commissions received by auction houses
PSA fees for grading and continually re-grading altered cards

So the tangential beneficiaries in the scam are eBay, auction houses, dealers and especially the profit-based "turn a blind eye" TPGs. All of these beneficiaries are in addition to the owners of these tainted cards. With all of this related "income" factored in, I am confident it will eventually exceed the Billion Dollar mark.

That is, unless the FBI can put a stop to it, make the appropriate arrests, and shut down the guilty parties. Since the bulk of collectors don't seen to even know or care, Law Enforcement seems to be our only hope to stop short of the Billion.

[Republicaninmass]

Dont forget PSA and their "inner circle" of passing these cards.


Cu has a market cap of 10 billion.

A 10 billion dollar fraud, say it with me now....

[Fuddjcal]

Originally Posted by Republicaninmass

Dont forget PSA and their "inner circle" of passing these cards.


Cu has a market cap of 10 billion.

A 10 billion dollar fraud, say it with me now....

Thanks for making me grin during this difficult time Ted.
Let's just say Multi-Billion up to 10 bil.

Hard to even try and make a joke today after the Kobe news.

[Johnny630]

Originally Posted by perezfan

Regarding the term "Billion Dollar Fraud"... there is more to it than just the altered cards themselves. Sure the cards alone could exceed a billion some day, if only 1 - 2% of the fraud has been uncovered to date. It is very difficult to research and expose these cards, since eBay hides identities and thus protects criminals. So God only knows how many more have yet to be revealed.

That said, there are other factors that contribute to the $1 Billion number...

Massive cumulative Ebay fees taken in on the altered cards
Buyers and Sellers commissions received by auction houses
PSA fees for grading and continually re-grading altered cards

So the tangential beneficiaries in the scam are eBay, auction houses, dealers and especially the profit-based "turn a blind eye" TPGs. All of these beneficiaries are in addition to the owners of these tainted cards. With all of this related "income" factored in, I am confident it will eventually exceed the Billion Dollar mark.

That is, unless the FBI can put a stop to it, make the appropriate arrests, and shut down the guilty parties. Since the bulk of collectors don't seen to even know or care, Law Enforcement seems to be our only hope to stop short of the Billion.

Agee Mark with all of this PLUS since the end of 2013 I can’t explain these stupid numbers by certain auctions I would Say Manipulation Of Sales....how many were allegedly shilled and or not paid for and re listed ??