Running list of 2022 Hobby Scams

[Johnny630]

Originally Posted by Tyruscobb

Does anyone know the Marx Cards backstory? Where did all the money go? If you receive $1M to submit cards on others’ behalf, how hard is it to earmark the funds and place them into a separate account?

Heck - all Marx Cards had to do was place the $1M into an interest-bearing account and leave it alone, until it was time to pay PSA, and it would’ve made free money off other people’s grading fee money. A 1% interest account would’ve netted Marx Cards $10,000.00 in free interest money.

That would have been the smart prudent move for sure.

What he prob did was like like a king for a year off his submitters money, kinda like a pyramid scheme, he was on top. So sad I feel terrible for the victims of his con job.

[Eric72]

Considering the influx of hobby newcomers over the past 18 months, it's not surprising to see the amount of scandals on the rise.

Seven in three weeks is a breakneck pace, though. Even the most paranoid among us were probably caught a bit off guard by the frequency with which these news stories are breaking.

I wonder if the new 1099 reporting rules were a factor, even if only indirectly. The timing is certainly uncanny.

[swarmee]

Originally Posted by Eric72

I wonder if the new 1099 reporting rules were a factor, even if only indirectly. The timing is certainly uncanny.

Nah, but next January when the 1099s show up will be very interesting... and I'm interested in seeing which of the main consignment firms start requiring KYC and 1099s for their auction houses. The entire industry has been set up to hide funds for years.