Running list of 2022 Hobby Scams

[Peter_Spaeth]

They had $1 million apparently they had collected and knew they owed to a third-party, namely PSA. I can’t imagine there’s any excuse they acted in good faith in losing that money. It wasn’t their money to spend at that point.

[BobC]

Originally Posted by Peter_Spaeth

They had $1 million apparently they had collected and knew they owed to a third-party, namely PSA. I can’t imagine there’s any excuse they acted in good faith in losing that money. It wasn’t their money to spend at that point.

I agree, on the surface it seems it may have been intentional, we just don't know what else may have been involved, and what assets, if any, are still in the company. I was giving them the benefit of the doubt, and assuming they were trying to run a fairly legit, ongoing company. And thus why I suspected it may have been more of a kiting scheme till things got.better, as opposed to an all out ponzi scheme, where they were in it from day one for a cash grab. I guess we'll find out as more details come out going forward.

[Michael B]

Marx Cards Inc. appears to be a corporation. I checked PACER, the federal court database and they have not filed for bankruptcy protection under that name. The federal docketing is pretty quick. If they do file it would be there within a day or two. I use it every day for work so it was simple to check. If someone posts the full names of the owners I can also check those.

[toledo_mudhen]

Thank God for Lawyers! (lots and lots of em)

[swarmee]

Originally Posted by Michael B

Marx Cards Inc. appears to be a corporation. I checked PACER, the federal court database and they have not filed for bankruptcy protection under that name.

PSA's statement was the one that said Marx had filed bankruptcy. I'm sure they had that vetted through lawyers before sending it out.
"No, the baseball player wearing the No. 5 jersey has a much deeper meaning for the shop’s owner, Michael Minjares, a 36-year-old Oxnard resident who is part of the fast-growing world of sports memorabilia."
"Marx Cards is a family affair. Minjares’ wife, Tiffany, and another brother, Kevin Minjares, 28, both play starring roles in the operation. That’s not to mention four cousins who also work in the shop."
https://www.thecamarilloacorn.com/ar...family-affair/
Former CFO was Dennis Porto. According to his LinkedIn, he started his own company the same time (Nov '21) that Marx was going south.
https://businesssearch.sos.ca.gov/Do...39966-29410641

[skelly423]

Not to diminish what has happened, but hasn't scandal been part of the hobby since the hobby started. Shill bidding has been around as long as there have been auctions, same with forged autographs, trimmed cards, and shady dealers. Grading company screw ups go back to very first (and most prominent) graded card, the PSA 8 Gretzky/McNall T206 Wagner.

Things tend to get amplified on the internet, but I don't think what we're seeing presently is any different that what we've seen before (and will see again).

[swarmee]

So the reason for this list, and regularly updating it with new information, is to inform people about what is currently going on around them. So many scams are happening simultaneously that you have to search multiple message boards, websites, youtube channels, etc to hear about them all.
Having it in one place will help understand the scope and allow people a one stop shop. Many get overwhelmed trying to keep track of it all.

Yes, there have been frauds and scammers since cards started breaking $10 a card. But the scope in dollar value and number of scams is at a critical level. Let's just see how many are on this list at the end of the year.

[Michael B]

Originally Posted by swarmee

PSA's statement was the one that said Marx had filed bankruptcy. I'm sure they had that vetted through lawyers before sending it out.
"No, the baseball player wearing the No. 5 jersey has a much deeper meaning for the shop’s owner, Michael Minjares, a 36-year-old Oxnard resident who is part of the fast-growing world of sports memorabilia."
"Marx Cards is a family affair. Minjares’ wife, Tiffany, and another brother, Kevin Minjares, 28, both play starring roles in the operation. That’s not to mention four cousins who also work in the shop."
https://www.thecamarilloacorn.com/ar...family-affair/
Former CFO was Dennis Porto. According to his LinkedIn, he started his own company the same time (Nov '21) that Marx was going south.
https://businesssearch.sos.ca.gov/Do...39966-29410641

There do not appear to be any cases filed this year. There was a Michael J. Minares, Jr. of Phoenix who filed a bankruptcy in 2019 that was discharged in 2020 and closed in 2021. There was no docket for that case. In case anyone is wondering these are public records available to anyone who wishes to enroll and provide a credit card. They charge 10¢ to run names and no charge if you do not run something like 30 names in some set period (month or 3 months, they just changed the standard). We exceed every month so they get a few dollars from our office.

[swarmee]

Originally Posted by Michael B

There do not appear to be any cases filed this year. There was a Michael J. Minares, Jr. of Phoenix who filed a bankruptcy in 2019 that was discharged in 2020 and closed in 2021.

Thanks for checking, that's interesting. Maybe PSA just took their word for it.