Northwest Territorial Mint was a gold IRA scam. Its owner faced allegations of defrauding numerous consumers. Hence, you should always deal with a reliable and reputed gold IRA company with proper verifications.
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What is Northwest Territorial Mint?
Northwest Territorial Mint was a private mint located in Dayton, Nevada that produced custom-made coins, medallions, and other numismatic items. The mint was founded in 1984 and was one of the largest private mints in the United States.
It produced a wide range of products. Including commemorative coins, military challenge coins, and custom-made medallions for corporations, organizations, and government agencies. The mint also offered precious metal bullion products. Such as gold and silver bars and rounds.
People Behind Northwest Territorial Mint
Ross Hansen was the founder and former owner of Northwest Territorial Mint. Hansen was an experienced bullion dealer and minting expert with over 30 years of experience in the industry. Prior to founding Northwest Territorial Mint, he also founded Auburn Precious Metals in 1981.
Hansen was known for his expertise in producing high-quality custom-minted coins and medallions, and his work was highly regarded by many clients in the government, corporate, and private sectors. The Company filed for bankruptcy in 2016 and its assets were acquired by another company.
Northwest Territorial Mint Fake Silver: What Happened?
Ross B. Hansen, the founder and former president of the Northwest Territorial Mint, and his girlfriend, Diane Renee Erdmann, the firm’s former vault manager, have been indicted on ten felony counts of mail and wire fraud related to the sale and storage of gold and silver. They failed to appear for their scheduled court sentencing in April 2022 and were placed on the FBI’s Most Wanted list.
Northwest Territorial Mint, which at one time produced the Medal of Honor and provided the U.S. Mint with blanks for American Eagle silver bullion coins, filed for bankruptcy in 2016. The bankruptcy was filed after Hansen lost a $38.3 million defamation lawsuit in Nevada.
The couple was accused of using customer assets to finance business expansion and personal expenses, and in a Ponzi-like scheme, used new customer money to pay off older customers.
Over 3,000 customers paid for orders, sales, or exchanges that were either never fulfilled or never refunded, resulting in a total loss of over $25 million. Additionally, Hansen and Erdmann allegedly took over $1 million from the company’s accounts for their personal use and transferred company funds to pay their personal credit card bills.
During the bankruptcy, federal authorities discovered a $55 million asset deficit, including $8.3 million in missing gold and silver bullion coins and bars that the mint was supposed to be securely stored for customers.
Northwest Territorial Mint Products
Northwest Territorial Mint offered a wide range of products, including:
- Custom coins: These included challenge coins, commemorative coins, and military coins, among others.
- Bullion products: The Company sold gold, silver, platinum, and palladium bars and coins from a variety of mints. As well as they used to make their own minted products.
- Medallions: These included military medallions, commemorative medallions, and other custom designs.
- Knives: The company also offered custom knives with unique designs.
- Keychains: Customers could order custom keychains with their own designs or logos.
- Awards and trophies: The Company produced custom awards and trophies for corporations, organizations, and individuals.
- Jewellery: The company also offered a selection of jewellery made from precious metals.
It’s important to note that the Company is no longer in business. These products are no longer available for purchase through the company.
Northwest Territorial Mint Fees and Charges
As the Company is no longer a functioning business, it is not possible to provide current information on its fees and charges. However, it is worth noting that fees and charges for private mints and bullion dealers can vary depending on the type of product, quantity ordered, and other factors such as shipping and handling costs.
When dealing with a private mint or bullion dealer. It is important to understand all the fees and charges associated with your order before making a purchase. Be sure to ask for a breakdown of all costs and read the terms and conditions carefully.
It is also a good idea to compare prices and fees from multiple companies to ensure that you are getting a fair deal.
Additional Highlights of Northwest Territorial Mint
The Northwest Territorial Mint declared bankruptcy in 2016 and its owners, Ross Hansen and his son-in-law, Craig Bergman (formerly known as Craig Erdmann), were accused of defrauding customers.
According to court records and testimony, the owners engaged in fraudulent activities such as taking orders for products that they knew they could not produce, misappropriating customer funds for personal expenses, and selling counterfeit coins. The bankruptcy process was complicated, and many customers were left with undelivered orders and were unable to recover their funds.
The owners were eventually indicted on charges of wire fraud, mail fraud, and money laundering. Hansen pleaded guilty to the charges in 2018 and was sentenced to four years in prison. Bergman was found guilty by a jury in 2019 and was sentenced to 30 years in prison. The case highlights the importance of due diligence when dealing with private mints and other companies in the precious metals industry.
Northwest Territorial Mint Reviews and Complaints
Here are the most important ratings and reviews on the company from around the web:
BBB Rating:
This Business has 0 reviews with no customer ratings. And has A+ BBB Ratings.
BCA Rating:
This business has B ratings with only one star out of 5 stars. Has one customer review.
According to Charles W., you won’t receive any silver from Northwest Territorial Mint. His cautionary advice is to not fall for their too-good-to-be-true offers. In his personal experience, he ordered 600 oz. of silver bullion from them on 08/31/15 and sent an overnight USPS check which cleared his account on 09/03/15. However, Northwest Territorial Mint held onto his $9,012.00 for over four and a half months before refunding him via pony express. Despite the friendly demeanour of the employees on the phone, Charles warns against being misled by the company’s tactics. He advises that you purchase silver from another source, as you will not receive it from Northwest Territorial Mint.
Yelp:
Have 1.5 stars out of 5 based on 50 reviews
Positive Review:
Lucifer M. shared that a few years ago he made a decision to invest in silver. He came across this particular company. Although he’s not sure why the company has received negative reviews. He gave them several chances and was pleased with the quality of their products, despite not being the most affordable.
During most of his transactions, the shipping did take a bit longer. But ultimately all of his orders did arrive and he had no issues with the company.
Lucifer M. suggests that if you have patience, he would recommend this company. However, if time is a concern, he advises finding a local shop or a smaller, independent jewellery store as an alternative. After all, as the saying goes, “time is money”.
Negative Review:
According to John A., he had ordered silver with the intention of giving it to his children for their birthdays. The delivery was initially scheduled for February 25th, but it was repeatedly pushed back to March 21st and beyond. Ultimately, he decided to sell it back to the company, but when the money didn’t show up in his account, he reached out to them.
Unfortunately, John A. was left on hold for around 20-25 minutes before being informed that the company’s operations were frozen due to a court case. Frustrated by this experience, John A. is now seeking recommendations for a trustworthy company to buy silver from.
Is Northwest Territorial Mint Legit?
No, Northwest Territorial Mint is not currently a functioning business and has a history of fraud and legal troubles. The company declared bankruptcy in 2016, and its owners were accused of defrauding customers. They engaged in fraudulent activities such as taking orders for products that they knew they could not produce, misappropriating customer funds for personal expenses, and selling counterfeit coins.
Pros:
- None
Cons:
- Gold IRA scam
- Owner was arrested for defrauding consumers
- Bankrupt
Due to these issues, it is not recommended to do business with Northwest Territorial Mint or any other company with a history of fraud or legal troubles. It is essential to do your due diligence and research a company’s reputation and track record before doing business with them, especially when dealing with precious metals and other high-value assets. It is always best to work with reputable and established companies that have a proven track record of providing quality products and services.
No, it is not recommended to invest with Northwest Territorial Mint or any other company with a history of fraud or legal troubles. As I mentioned earlier, Northwest Territorial Mint declared bankruptcy in 2016, and its owners were accused of defrauding customers. Due to these issues, the company is no longer a functioning business, and it is not safe or advisable to invest in them.
When it comes to investing in precious metals, it is important to work with reputable and established companies that have a proven track record of providing quality products and services.
You can find reputable companies in our top gold investment companies list. There, you can even find the top recommended company of your state.