Posts tagged: CoiNuts
The Idaho attorney general’s office has won a $742,826 judgment against a closed North Idaho coin shop that customers say swindled them out of hundreds of thousands of dollars by failing to deliver gold and silver they paid for in advance. The default judgment entered Friday in 1st District Court may not lead to anyone getting their money back, however. CoiNuts Inc. was dissolved as an Idaho corporation after its owners shut down the Coeur d’Alene shop in summer 2012 and consumer fraud complaints started piling up. The attorney general’s office is pressing ahead with a lawsuit against former CoiNuts owner and president Kevin E. Mitchell, of Hayden Lake, and his stepdaughter, Sarah M. Mitchell, who helped run the store. They are accused of multiple violations of the Idaho Consumer Protection Act. A trial in that case is set for April 2014/Scott Maben, SR. More here.
Question: So far, no one is getting his/her money back. Thoughts?
Kootenai County Sheriff's Office investigators spent Wednesday combing through the home of CoiNuts owner Kevin Mitchell looking for valuables. About a dozen members of the sheriff's office showed up at Mitchell's home, located at 37593 E. Hayden Lake Road, first thing Wednesday morning. A writ of execution signed by a 1st District Court judge cleared the way for detectives to take all gold, silver, coins, jewelry, cash, paintings, sculptures, guns, ammunition and electronics. They also searched the 5-acre property outside the home for valuables. The sheriff's office brought a portable storage unit to Mitchell's home — which is estimated to have 4,000 to 5,000 square feet of floor space — and hired a moving company for the day. As his home was being searched, Mitchell, 47, roared off in his black Hummer, which had been seized a couple weeks ago but is now back in his possession/David Cole, Coeur d'Alene Press. More here. (Press photo: Shawn Gust)
Question: Do you know anyone invested with CoiNuts?
Item: Idaho files suit against former CdA coin store: Complaint seeks $754,326/Scott Maben, SR
More Info: The Idaho Attorney General’s office has filed a lawsuit alleging that a former Coeur d’Alene coin store, its owner and its operator broke state consumer protection laws by failing to deliver gold and silver to customers who paid thousands of dollars in advance. The suit seeks $664,326 in restitution for 18 consumers who complained they were ripped off by CoiNuts Inc., its owner, Kevin E. Mitchell, of Hayden, and his stepdaughter and the store’s operator, Sarah M. Mitchell, of Hayden. The suit, filed Tuesday in Kootenai County District Court, also seeks $90,000 in civil penalties.
Question: Do you know someone who invested with CoiNuts and lost money?
Kevin E. Mitchell, the owner and operator of Coinshop.com and now-closed CoiNuts in Coeur d'Alene, was dumped earlier this month by his attorney - for not paying his fees. According to court documents in 1st District Court, attorney Michael E. Ramsden was representing Mitchell in a recent civil case in which a former CoiNuts customer complained of getting ripped off for tens of thousands of dollars by Mitchell. Mitchell's attorney, Ramsden, started seeking to withdraw as Mitchell's attorney late last year. He was granted withdrawl by the court on March 12/David Cole, Coeur d'Alene Press. More here.
Some of you commenters were critical of the Coeur d'Alene Police Department for not moving on case against CoiNuts owner Kevin E. Mitchell. CPD spokeswoman Sgt. Christie Wood provided the Coeur d'Alene Press with an extensive time line that shows the police investigated several complaints against CoiNuts but there was no follow-up prosecution. Now, it appears Kootenai County Prosecutor Barry McHugh will take the lead on the case, saying it's too complex for one deputy. Quoth McHugh: “The reality is I'm going to be taking the lead on (the case). There certainly are a number of people who said they've lost money, and I believe that to be the case.” Many former CoiNuts customers told The Press that Mitchell allegedly failed to deliver on purchased gold and silver, and that Mitchell often paid for the metals with bad checks. Story here.
Question: After reading the Coeur d'Alene Police Department time line, do you now think the police gave proper attention to this case? How about the prosecutor?