I'm just too slow to pick up on oportunity.

[Zeke]

Even an idiot could have figured out how to exploit this:
"
By JESSICA GRESKO, Associated Press

TALLAHASSEE, Fla. - The TV commercials make it sound easy: Gather your unwanted gold jewelry, mail it away and get cash in return. But police say thieves also see the ads and are exploiting mail-in jewelry businesses as an easy way to sell stolen goods.

Now Florida lawmakers are considering regulations that would require mail-in companies in the state to photograph all jewelry they buy and get ID information from customers who send in valuables.

"If I was a professional burglar, thief ... I'd just put this stuff in the mail and send it to Florida," said Bill Streator, a retired Florida detective who helped write the first-of-its-kind law that legislators are reviewing. "Basically, right now, there's no regulation."

Without the law, the mail-in jewelry business is at risk of becoming a "mainstream fencing operation," police detective Jack Gee said.

Florida pawn brokers are already required to get fingerprints and photo IDs from people selling jewelry. The new law would impose similar requirements on mail-in companies, which are harder to regulate because customers do not sell their items in person.

In most cases, customers get mailing packages from companies and send in their items for free. They are paid based on the jewelry's weight and material, such as whether the gold is 14- or 24-karat. Some companies melt down the jewelry while others sell the valuables to retailers or wholesalers. Most packages net a customer about $50.

One large Florida company, Cash4Gold, supports the proposed law, but the company and similar businesses insist thieves account for only a fraction of their business.

Cash4Gold says it has handled 800,000 transactions since it started in 2007. The company raised its profile this year with a Super Bowl ad featuring Ed McMahon and MC Hammer suggesting gold items customers could send in, such as Hammer's gold pants and records and McMahon's gold microphone and hip replacement.

The company already photographs the contents of the 15,000 to 20,000 packages it receives in the mail each week. It also gets about 25 law enforcement inquiries a week.

In one case, a suspect confessed to a burglary and told police in Ohio that he had sent the items to Cash4Gold. A detective notified the company, which found the items when the package arrived. Police departments from as far away as Arizona have called to ask for help locating potentially stolen valuables.

The company also has an internal system for flagging possible stolen jewelry. Suspicions are raised by multiple items of the same kind, customers using the service numerous times and highly unusual items.

In one instance, the company notified law enforcement officials when a 1995 Pittsburgh Steelers AFC championship ring turned up in a package. The ring, valued at $3,000, had been stolen almost a decade earlier and was returned to its owner, who won it as a rookie with the team.

The player, Brenden Stai, said someone was prosecuted for using the ring to pose as him and pick up women in 2001, but it was never found.

It turned up in Florida, with the onyx on the top and the diamonds on the side missing. The package came from an address in northern Florida, and Cash4Gold turned the person's information over to law enforcement, but no one was ever prosecuted.

Sellers to a mail-in company must provide an address to receive money for their items, theoretically providing a way for law enforcement to track them down. But mail-in companies do not generally have any way to know if an item is stolen, and items can change hands several times.

Michael Gusky, the founder and president of Weston-based Gold Fellow, says stolen goods account for no more than a fraction of a percent of his business. As a precaution, repeat sellers to Gold Fellow get additional scrutiny and may be asked for a Social Security number and additional forms.

Most of the time, the company is "buying grandmother's jewelry directly from granddaughter," said Gusky, whose company videotapes all gold coming in for security.

He says the proposed restrictions are the result of pressure from pawn dealers and secondhand shops that are angry about mail-order businesses cutting into their market. Gusky said additional requirements would slow down his operation and add a cost to what he does, diminishing what the customer gets.

The proposed law would require mail-in businesses to get sellers' driver's license numbers, as well as sworn statements that they own the items they are selling. Other protections would require items be held for 10 days.

The bill's prospects are uncertain. It has reached the floor of the Senate but is still being reviewed by committees in the House. Even if it is approved, the rules will not apply to businesses outside Florida. "\

Well, OK, I'm not a thief, but when they make it so easy.......

[Racerbvd]

I looked at tis another way, I think mail theft will go up just looking for this stuff.

[Zeke]

Good point.

[9dreizig]

Not to get morbid here, but it seems that everyone gets cremated these days.. what happens to all those gold teeth ?

[Racerbvd]

Originally Posted by 9dreizig

Not to get morbid here, but it seems that everyone gets cremated these days.. what happens to all those gold teeth ?

Most aren't real gold

[gassy]

[dmcummins]

My dad put up some money for a guy to buy gold back in the 80's. He said it was like making change. You take $100 worth of gold and give the guy $50. He said everyone took the money.

[T77911S]

my wife is worth a mint! i will be knocking some teeth out when she goes. i paid for um, im gonna keep um. she has a few gold crowns on the back teeth.
i would be scared the company is a fake and is going to keep my gold, or they can skim a little off the top for themselfs.

[craigster59]

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