The Feds are investigating the peddling of bogus gold
bars in Midtown.
The NY Post has learned as many as 10 fake gold bars — made
up mostly of relatively worthless tungsten — were sold recently to unsuspecting
dealers in Manhattan’s Midtown Diamond District.
The 10-oz. gold bars are hugely popular with Main Street
investors, and it is not known how many of the fake gold bars were sold to
dealers — or if any fake bars were purchased by the public.
Gold refiner Ibrahim Fadl claims he was sold four bogus
bars, which were covered with a thin layer of gold, and filled with a tungsten
slug. One gold dealer discovered that
four of the 3-inch-by-1-inch gold bars he bought — worth about $72,000 retail —
were counterfeit.
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