Tag Archives: US Mint

FormerFedsGroup issues White Paper Working Draft on US Mint mutilated coin program

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WASHINGTON, April 26, 2016 /PRNewswire/ — The FormerFeds Group LLC, today announced the release of its White Paper on the U.S. Mint’s Mutilated Coin Redemption Program including recommendations to improve coin redemption procedures.  This program was suspended by the Department of the Treasury in November 2015 for a review of its security processes.  The FormerFeds Group White Paper was commissioned by GeyerGorey LLP, the law firm representing Wealthy Max Limited (Wealthy Max), a claimant in a federal civil forfeiture case involving redemption of supposedly counterfeit coins.

The White Paper was produced by a team of professional researchers, analysts and retired FBI agents all working in the FormerFeds Group organization.  The document reviews the history and development of the U.S. Mint’s Mutilated Coin Redemption Program since its founding in 1911, and recent concerns about the possibility of criminal exploitation of the program.  It concludes with several policy recommendations for the Mint and Treasury Department to consider when determining how best to restructure and relaunch the program.  A copy of the White Paper can be downloaded here.

“Over the last six months the FormerFeds Group has worked closely with the Wealthy Max legal defense team to provide investigation support, internal compliance review and auditing and most recently policy research and recommendations,” saidRoy Johnson, Special Agent in Charge, FormerFeds Group LLC.  “Our investigation into this program has found no evidence counterfeit mutilated coins have ever been redeemed, yet concerns have lingered about this possibility.  This White Paper uses our research and analysis capabilities to present a neutral review of the current program, and generate practical recommendations for improvements in security that will not significantly increase costs.  We believe there is consensus among all stakeholders that the Mutilated Coin Redemption Program is worthwhile and should be maintained in a manner that addresses security concerns.  Our White Paper reflects the FormerFeds Group contribution to this discussion.”

On April 25th the White Paper was delivered to multiple officials at the U.S. Mint and is also being sent to members of the House Financial Services Subcommittee on Domestic Monetary Policy and Technology as well as senior officials from the Departments of Treasury, Justice and Homeland Security.

The primary recommendation of the FormerFeds Group White Paper is that the U.S. Mint require all large scale coin redeemers to implement a rigorous compliance program with third party validation, to demonstrate coins being redeemed are genuine U.S. currency.  Each shipment of coins would need to be inspected and validated prior to being submitted to the U.S. Mint for redemption.  The costs of the compliance program would be borne by the organizations redeeming coins and thus would not add to the government’s expenses associated with this program.

“The FormerFeds Group thinks the institution of a well-structured and documented compliance program for coin redeemers is an effective and viable approach to addressing concerns regarding the potential redemption of coins that are not genuine U.S. currency. We would welcome the opportunity to sit down with Mint officials to discuss our recommendations in greater detail,” concluded Raymond J. Carr, Special Agent in Charge, FormerFeds Group.

The FormerFedsGroup is an international provider of compliance, investigative, crisis management and business development services for private and non-government organizations.  The organization is staffed with experienced professionals, all of whom have over 20-years of experience in United States federal law enforcement.

SOURCE The FormerFeds Group LLC

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Wealthy Max Arranges Events in Hong Kong to Fight Civil Forfeiture Case Challenges Members of Congress and Other Government Officials to See for Themselves if the Company is Guilty

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Feb. 9, 2016 – PRLog — Washington, DC – Wealthy Max Limited (Wealthy Max), a claimant in a federal civil forfeiture case involving supposedly counterfeit coins, today announced that it had invited the members of the House Financial Services Subcommittee on Domestic Monetary Policy and Technology as well as senior officials from the Departments of Treasury, Justice and Homeland Security, to attend a briefing and product audit in Hong Kong.  The event is being held as part of the Company’s fight against the civil forfeiture of $2.388 million owed to it by the U.S. Mint.  It will also demonstrate once and for all that Wealthy Max does not traffic in counterfeit U.S. coins.

On February 23rd there will be a briefing by Wealthy Max executives and a public unsealing of 13 metric tons of damaged U.S. coins that were destined to be shipped to the U.S. Mint until the civil fortitude caused a halt to operations.  The unsealing will be overseen by former U.S. FBI agents who are members of the FormerFedsGroup.com.

On February 24th Wealthy Max will organize a trip to Foshan, China, to visit metal recycling companies where the Company sources its coins.  Participants will see the hand-sorting process that yields damaged U.S. coins, as well as the growing stockpiles of coins that would have been returned to the U.S. Mint, but for this unjust civil forfeiture action.

“The members of the House Financial Services Subcommittee on Domestic Monetary Policy and Technology have oversight responsibility for the U.S. Mint, and should have a keen interest in this case, as it reflects unprecedented executive branch over reach, which could impact perceptions of the government’s commitment to full faith and credit in our currency,” said Bradford L. Geyer, counsel for Wealthy Max.  “Going back to the founding documents of our country, the Secretary of the Mint, with Congressional oversight, has the sole responsibility for the minting of coins and sourcing materials to be used in those coins.  The actions of the U.S. Attorney’s Office and the Department of Homeland Security have effectively usurped this responsibility.”

“Wealthy Max has been a reliable supplier to the U.S. Mint for over a decade and we have successfully redeemed more than 160 shipments of coins in that time,” said Matthew Wong, director, Wealthy Max Limited. “We were shocked by the accusations against us, and the unjust seizure of our property by the U.S. government.  We have been treated like criminals who have no rights.  This is why we are demanding our property back, and more, we are demanding justice for ourselves and others who have been wronged by the U.S. authorities.  Before these officials accuse us of being criminals, they should come to Hong Kong to see for themselves our product and our supply chain.”

In addition to the members of congress and their staffs, and the other U.S. government officials who have been invited to this event, Wealthy Max has extended invitations to local and international media, and members of the American Chamber of Commerce in Hong Kong.