Rare coin business shut down, allegations of fraud - KCBD NewsChannel 11 Lubbock

Rare coin business shut down, allegations of fraud

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LUBBOCK, TX (KCBD) -

A Lubbock business is shut down amid allegations that the owner cheated some area customers out of nearly a quarter-million dollars.  A few days ago, Irrigated Farms of Floydada along with Will Ratheal and Lila Ratheal asked a judge to lock down Ed Chauncey's Rare Coins,  3822 50th.  This week Sheriff's Deputies did just that. 

The business was already under a temporary restraining order to stop selling coins. 

The Floydada victims claim that they purchased gold coins worth a combined total of $249,200 back in July.  When the coins did not show up a week later they tried to see Mr. Chauncey but he was not available.  Later they were told that Chauncey had been the victim of robbery and there was no insurance to cover the loss.

In late August they sued and asked for restraining order.  Then just days later court records say the Floydada victims hired a private investigator who caught Chauncey offering to sell people coins in violation of the order. 

Court records also accuse Chauncey of "fraudulent inducement".  At this time the charges are civil, not criminal.

Records list November 2nd as a possible trial date for the lawsuit. 

Copyright 2011 KCBD NewsChannel 11.  All rights reserved.

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