FOREIGN & FILIPINO TREASURE HUNTERS - BEWARE OF FAKE
GOLD BUYING SCAMS!
It has been brought to the attention of TSEATC that there are several groups of
major Filipino National Syndicates that are all out to cheat, rob at gun point and
scam foreign gold buyers. These crooks are professionals and very good at convincing you that they
know of persons who has real recovered gold and want to sell it. They have already cheated several
foreigners and even innocent Filipino's out of hundreds of thousands of dollars (Believe it or not - in
2001 I was also one of their victims - and I got robbed at gun point of US$151,000.00) and TSEATC is
now waging an all-out-war against these crooks. We don't want to see anyone else get cheated by these
low-lifes! They are giving the rest of the good Filipino people a bad name. If TSEATC can prevent just ONE
person from getting scammed - then this web page would have served its purpose.
The Cheaters have several Modus Of Operandi - Four of which I will list below;
1) ROBBERY - HOLDUP : Done with a GUN - Usually in a Hotel Room. They make all kinds of excuses
why they do not want to do a legitimate transaction INSIDE a BANK. Their most common classic
a) "We are afraid that our gold will get confinscated as soon as we bring it into the bank". This is total
bullshit and they know it! Anytime you hear anything like this - they are setting you up for a robbery!
b) "We want to do the exchange in a NEUTRAL and SAFE Place". I fell sucker to this excuse because I
already knew and trusted the Intermediary Filipina lady (Marilyn Uy) for over four months. Believe me - the
NEUTRAL & SAFE place (usually a hotel room they will ask you to rent) they choose to do the transaction in is
indeed NEUTRAL & SAFE - FOR THEM!!! They only choose the hotels where the security is LOUSY so that
they are able to BRING THEIR GUN IN so they can ROB YOU!! In my case the hotel of their choice was the
LEGEND HOTEL, in Mandaluyong, Metro Manila. We afterwards found out that this hotel, in fact, had
been used in February by the same group to rob another foreigner during a transaction! (See SCAM
NO. 7 & 7a).
2) SWITCHING SCHEME : First they show you some REAL gold. Later (usually during the transaction) they
somehow manage to completely switch the real gold which you think you are paying for - for some
3) BANK MANIPULATION : Believe it or not, some of these cheaters even have very good connections
working inside their banks. Please ready below of the case where some Americans were cheated out of
millions of dollars due to this scheme! This one is really scary. Refer to SCAM NUMBER 6.
4) CASH ADVANCE SCHEME : This includes all kinds of excuses as to why they need you to give them
upfront funds so they can; "go to the province and bring the gold to sell you", or "they need to give the Holder a
certain amount of advance cash before he will allow them to bring the gold to you", etc. etc. DON'T FALL FOR
ANY OF THESE EXCUSES! If they really had the gold to sell, they could manage somehow to sell one bar (or
a piece of one bar) to the local jeweller for mobilization funds.
5) KIDNAPPING SCHEME : This is one of the worst and most desperate and dangerous schemes. Their
usual targets are wealthy Chinese Filipino businessmen who purchase recovered gold.
Now we will go into detail of how one groups operations work;
SCAM NUMBER 1;
* Supposed Finders of Gold : Backwards etas (Negritos), a tribal people who live up in the mountains. They
are afraid of dealing with the people of the city...and have a limited concept of money (at least, this is what you
* Trustee : A Togalog city person who represents the interest of the etas, and acts as a liaison for them.
* Neutral Shill : A person who supposedly has no connection/interest with the seller. He/she befriends the
buyer and builds some sort of trust. This person will act as if they are on the buying side the whole time.
* The Buyer : AKA - One Sucker (this is YOU).
(The fact of the matter is - that the Supposed Finders, Trustee and the Neutral Shill are all good
buddies and are out everyday looking for a new Buyer/Sucker (remember....that's YOU, in case you
have already forgotten your important role in this circus of events...))
We will skip the details on how you have come to know the trustee and the shill and all the wonderful stories
they have been feeding you (the Sucker) about the gold bars (of no less than 99.999 purity) which has been
found by the etas and will pick up where...;
...You and the shill will meet with the trustee in a remote mountain location (Tarlac or wherever). After about
10-15 minutes, an old eta woman and her grandson come down a path through the woods. The old woman is
walking/squatting and will not come within 30 feet of you (maybe it's because she really has BRASS bars to sell
you - NOT GOLD!). She craddles the supposed gold in a cloth in her arms as if it is a baby. As you try to
approach her she would jabber and back away. After much coaxing from her grandson, she allows you
(Sucker) to approach her and she shows you the gold. What she will show you will look very real (but believe
me - IT IS NOT REAL GOLD). She may even actually allow you to hold it for a brief few seconds. She will then
snatch it back and back away from you, jabbering something to the effect of, "please don't hurt it". You may
even be allowed to measure and weight it (which is a total waste of time anyway, no matter what it weights).
Next, you (Sucker) will ask to take a sampling for a chemical test. The grandson will take the sample for you -
which will come out to be 22-24k purity. Unbeknown to you, the stone rubbing sample taken by the boy was
done quickly and carefully with a 22-24k gold ring (or something else he had concealed in his hand).
Another sampling trick is for them to let you (Sucker) actually witness them cut/saw off a small corner of a gold
bar to bring to the assayer for testing. It will test successfully to a purity of 24k gold. BUT - this is not the bar (or
bars) that will be sold to you when you meet these crooks up in the remote mountains to make the
payment/exchange. When you meet them in the mountains and ask what happened to the original bar which the
sample had come from - they will tell you that they left it back in the treasure site - 3 hours walk away. They will
then tell you to come back later in the day to allow them to walk back to get the original bar. You will wait. When
they return, the same spectacle with the old lady pretending to be afraid to approach you will commence. They
may also now have an almost identical copy of the bar which you earlier witnessed the corner get cut off of (but
it won't be the same bar). By now it will be getting dark and they will be pushing you to make some kind of
If no decision is made, there will be a suppossed arguement of some sort, the old woman (or whoever happens
to be closest to your cash) will grab the money and start to run up into the mountains. As she is running, she will
accidentally drop the two supposed gold bars. The shill (or trustee) will grab the dropped bars, start running to
your car and shouting for you to follow him. You will run, too (remember - it is most likely by this time already
dark and you do not know who may be waiting in the jungle for you). You guys will drive off in a panic. When you
arrive safely at home - this is when you will discover that the accidentally dropped gold bars are really
intentionally dropped BRASS bars. Guess what - YOU HAVE JUST BEEN HAD!
Notes regarding markings on above fake gold bars;
* These particular bars were stamped, "AGIMO". To our knowledge, there is (and never has been) any such
stamp issued on gold bars.
* Bars were also stamped "99.999" (purity). REGARDING World War II GOLD REFINING:
WWII gold refining state-of-the-art was 2-9's and a 5. (example : 99.5% pure). 24 Karat today (1998) is 999.+
Fineness and that is state-of-the-art. 5-9's (example: 999.99 just does not exist, except in rare small quantities
which has been refined over and over again and used for standards. The cost would be 10 times the cost of
4-9's and a 5.
Thanks to Cecil Cross for informing us of the above listed scam no. 1. He learned the hard way - don't let this
happen to you!
SCAM NUMBER 2;
Let me tell you of a big scale scam that happened very recently (February, 1999) in one of the 5-star hotels in
Manila victimizing a Japanese national for US$350,000.00!
A certain Benson (Malaysian) introduced to the Japanese national (Buyer) one Ricky also a Malaysian, Roy (a
Filipino) and another Japanese who is married to a Filipina.
On the appointed date, Ricky, Roy and the Japanese (and some other Filipinos who were introduced as
representatives of the owners of the gold bars alleged to be “mountain people”) brought to the hotel room
fifteen (15) “gold” bars weighing 6.2 kg each. The Japanese buyer sawed off a portion of a bar handed to him
for testing (about ¼ of an inch) which tested positive upon application of nitric acid. Next, the Japanese buyer
started drilling the rest of the bars for testing but the Japanese companion of the sellers reprimanded the
Japanese buyer in Nipongo telling him that he should not be suspicious because he (Japanese seller) knows
the bars to be genuine and that it was getting late—nearly 3:00 p.m. and the bank from which the payment will
be withdrawn closes at 3:00 p.m. So, the Japanese buyer merely put his signature on each of the bars
(presumably to prevent “switching”) and together with the rest of the group proceeded to the bank to withdraw
the agreed price: US$350,000.00 net of discount!
Later in the evening, the Japanese buyer, with the help of a Filipino friend tested the “gold” bars which
turned out to be (of course!) brass bars! They didn't even get the bar from which the genuine sample was
sawed off! The Japanese swore that he would have the “cheats” liquidated but up to this writing, the swindlers
are nowhere to be found!
Thanks to Jun C. for informing us of this scam.
SCAM NUMBER 3;
I went to see a friend, to find out about his friend who called who said that they have gold for sale. We talked to
these people and tried to do business with them, they said that, "Oh yeahh!! we have at least 25 tons of gold
buried in of the remote areas and we need is a P2,000,000.00 pesos for mobilization to get this loot out".
I know that these people are fake. I asked them to get at least 5 bars of gold for me to see and assay then I will
pay for it. They asked for cash in advance and I said no, we do it through bank to bank you take your bar to me
and after I have checked and assayed it I will release the money to your account, or else no deal. Needless to
say, they never returned with any gold bars to show me.
If you bump in to these kind of dealers then you know what to do - Stay away from them! But careful they also
sometimes mention that this is a group of NPA ( new peoples army ) they claimed that they have gold also.
Thanks to this informer whom wishes to remain anonymous...
SCAM NO. 4;
This story was given to TSEATC by a trusted friend:
A wealthy Filipina lady (buyer) was offered to purchase a 12.5 kg gold bar from some supposed 'finders'
(sellers). Meeting was arranged in the Province at a neutral place of a common trusted friend of the 'buyer'. The
'buyer' even brought along her own personal 'assayor' from Manila to test and verify the fineness of the
supposed 'gold bar' in question. Half-payment was also brought by the 'buyer' and one 12.5 'gold bar' was
brought by the 'sellers'. The arrangement was that once the gold was assayed and proven to be genuine - the
'gold bar' was to be locked in a safe at the neutral trusted friend's place. Then, on the following morning, the
'buyer' would produce the remaining half of the cash, pay the 'sellers' and they would all go their seperate ways.
When shown the 'gold bar', the 'buyer' and assayor noticed that the 'gold bar' already had a 5mm deep
hack-saw mark/slot across it's center ('seller's' said they sawed it to prove that it was real). So, the assayor
then took the hack-saw and sawed some gold shavings out of the already existing slot. These shavings were
then tested and assayed by the assayor. The shavings proved positive to be 23 Karat gold. The 'gold bar' and
the half-payment funds were then locked into the friends safe. As pre-arranged, the 'buyer' was allowed to keep
the key to the safe while the assayor and the 'sellers' slept overnight at the trusted friend of the 'buyer's' place.
The following day the balance of funds were paid in full by the 'buyer' to the 'sellers' for the 'gold bar'. Safe was
unlocked - 'gold bar' was removed. The 'buyer' took posession of the 'gold bar' and started the long drive back
to Manila. Once in Manila, the 'buyer' asked her assayor friend to thoroughly test the 'gold bar' again. Guess
what?.... The assayor was totally 'shocked' to discover that the 'gold bar' turned out to be nothing but
a BRASS BAR coated with gold paint! You may be asking yourself, "But how could this be? The bar
shavings proved to be 23 Karat gold positive! Maybe the assayor was a cheat? Maybe the 'trusted friend' of
the 'buyer' had another key and somehow switched the bar in the safe? Maybe the assayor, trusted friend AND
the 'sellers' were all out to cheat their friend? The answer is NO to all of these questions.
Here is how the 'seller' cheated the 'buyer';
Before bringing the fake gold bar to the buyer for assay inspection - the 'sellers' took a hack-saw and
sawed a deep slot across the top of the brass bar. Then, they melted 23 Karat gold and poured it into
this existing hack-saw slot. They already assumed (correctly, I might add!) that the assayor would agree to
saw some gold shavings out of this existing slot and that these gold shavings would prove to be 23 Karat gold!
Unfortunately, the assayor did NOT take the actual bar measurements and calculate volume to determine what
the actual weight of a bar according to the volume should be. If she had - she would have smelled a rat because
the weight would not have calculated properly!
Beware People! Don't fall sucker to these Lieing, Cheating Thiefs!
SCAM NO. 5;
This story was submitted by; Goldfinger Coin and Bullion Sales.
We are a full service Precious Metals dealer, and were recently approached by a potential client who, had
procured a large lot of qty 132 Platinum spheres - and wished for us to find a cash buyer for this lot (since we
do business daily with many of the larger well known Refineries and Primary Distributors). The client assured
us that the balls assayed in Hong Kong at 92.8% paltinum and 3.92% palladium, with the remainder trace
metals of less then 1% each, and weighed in at 8 Kilo's each (a potential $11million dollar deal if true), since
each ball would value at over $84,000.00 each for PM content.
We advised the client that if, the balls assayed as they said they would - we would be able to line up a cash
buyer for the entire lot. The client then comissioned us to find a buyer, and they would deliver the first shipment
of balls, at which time we aggressively pursued lining up firm "buy"commitments from our business associates.
The balls originated in the Phillippines (probably Mindanao), & Phillipine nationals were the primary's involved
as sellers. We are fairly skeptical at such claims, and our approach is always "we don't mind helping finding
buyers for Real Deals - but you must produce the product, and it must assay true by our associates, if it does,
then immediate cash settlement is available, and
immediate transfer of ownership is applied", as we do represent firms and clients that are always seriously in
the "buy" for precious metals.
Anyway, to sum up, this client went to much trouble and expense to procure & transport the first shipment of
Platinum Balls to us here in California, the client was allowed to witness the assay - which was one of the
shortest we ever experienced, because, when we were first allowed to see the product, it was obvious to us
that the balls were not Platinum, because of their weight, size, and casting. However, we proceeded to continue
the assay - an XFR showed the metal content to be 50/50 Lead and Tin - a follow up core drill for a test stone
also confirmed that the metal was a Tin/Lead composite. At which time the reality of the situation was still not
fully comprehended by the seller - due most likely to the shock of the findings.
As best as we can determine, the problem was (and we were told this after the fact - they should have told us
first, so we could've advised them about the potential for fraud), that the selling client accepted a local assay on
sole fragments/drilling's supplied by the Fillipino's - who assured the client that these drillings were from a
random pick of the qty 132 ball lot - never actually taking the entire ball in for a independent assay, with a
sample taken by the assayer, in their labs.
Needless to say, this was a deal that was a scam from the beginning - and these unknowing gentlemen took
the bait - hook,line and sinker, going to great expense to supply a down payment, go "out of pocket" on flying
the balls to the U.S., clearing through U.S. customs, overnight hotel stays, and paying for the assay fee at our
contact's refinery - only to find the balls contained Less than $50.00 of metal per sphere !!!
We take the time to write you because, we noticed your website exposes such scams - and after seeing the
loss that these
person(s) experienced, we hope that you post this info on your site, to prevent any others from having to
embarassment & personal loss. At GFCB our only loss is a couple days time & several Oversea's phone calls
gentlemen who contacted us were not so lucky, and were scamed for Tens of Thousand's of $'s U.S.
We hope that TSEATC can help prevent any such future situations.
Thank you for your time and consideration. Good Luck.
Goldfinger Coin and Bullion Sales.
SCAM NO. 6;
This story was submitted by; a Filipino male who knew one of the American Buyers.
There was a group of Americans who managed to purchase a few real bars of recovered gold. This
encouranged them to return back to the USA to raise a few million in funds with the plan to purchase about one
metric ton of recovered gold in the Philippines.
A joint account (which should require TWO signatures to retrieve anything) was opened whereas the so-called
gold sellers put their gold into one account (bank safety deposit box) and the American buyers put their funds
into another account. Details are sketchy - but for some reason - the American were told to return back to the
bank the following day to complete the transaction.
On the following day when the American Buyers returned back to the bank they were told that both
accounts had been closed and everything was already removed! "But", they asked, "How could this be?
We had a joint account. This kind of thing shouldn't be able to happen!" The bank manager could only say that
he didn't know. Perhaps they should talk to the bank teller who they applied for the account with. Well, guess
what, she had left early that day so they were told to return back to the bank on the following day. Guess what?
The bank teller never returned back to her job.
Sounds like an inside connection if I ever heard of one! Unfortunately, those American Buyers lost millions of
dollars with this scam! This scam just goes to show you that you better be wary of doing business
even in some of the smaller rural banks throughout the Philippines.
SCAM NO. 7;
Although I am really ashamed to even admit it - this
story is being submitted by; ME!
Cheaters/Crooks Involved; 1) Marilyn Vertucio Uy (aka;
Marilyn Uy Riviera, Mrs Uy) - main Intermediary/Negotiator
of the group, 2) FUENTES Syndicate Family (so-called
Gold OWNERS/SELLERS); a) Jun "Kulot" (Kulot means
curly hair) cousin of Ryan and Benjo. b) Jun "Taba" (Taba
means fat) - reliable source found Jun's real name is Ryan
Fuentes but changed name to Cesar Quiambao (Libat in the
civil registar). c) Benjo, reliable source found Benjo's name is
Benjamin Fuentes (brother of Jim Taba or Ryan Fuentes
and cousin of Jim Kulat. d) Bobong - cousin of Ryan and Jun
Taba (reliable source found real name is Albert Esteban. e)
Jim or Jimmy - unknown real name.
When I was in the Philippines in Feburary 2000 I was
introduced to a Filipina named MARILYN UY. According to
her, she knew a group/family who had recovered WWII gold
and wanted to sale it. I was brought to the hotel room of the
Sellers (Casablanca Hotel) where they showed me two REAL
6.2 kg bars (BURMA three-star Hallmark). The family claims
to have recovered more than 40 metric tons from three sites
(all in General Santos, Mindanao, area).
Their selling procedure was presented to me as follows;
1) The Buyer must purchase a minimum of 500 kg for
the first trance. Please note that they pushed very hard for
this to be at least ONE metric ton for the first trance.
2) Buyer was to put an Advance of 10% Down Payment
towards purchase for the gold. They claim that this 10%
would cover charges and fees such as; a) Government Taxes. b) Shipping Fees. c) Legal Documentation
Fees. e) Insurance. f) etc.
Afterwards, I returned to Singapore to raise funds to purchase their gold. At first it all sounded good, BUT,
we afterwards decided that their 10% Down Payment Method sucked big-time because they could
not offer us any kind of insurance or security for our 10% Down Payment Funds. So, for the next
three months while in Singapore and when I returned back to Manila we met this group several times for
discussions as to what kind of security they could offer us for our Advance 10% Down Payment - BUT -
each time our discussions ended in a dead lock because they simply couldn't offer us ANY KIND OF
SECURITY for our Down Payment Cash!
So, we offered to purchase from them straight CASH buying - BUT - they didn't like it. They called this
LOCAL BUYING and said that it was "too dangerous to expose themselves selling this way".
Anyway, they then brought another REAL 6.2 kg (BURMA three-star Hallmark) to my hotel room for my
German partner to see. However, we were still unimpressed with their Advanced 10% NO SECURITY for us
Method. Still - NO DEAL - we didn't want to have anything to do with it. Total bullshit and some kind of scam.
Then, on June 21st, Marilyn Uy called me up to say that Jun (the suppossed cousin of Benju) wanted to sell
me four bars of 6.2 for CASH. Since I already knew Marilyn for over four months now and had seen THREE
REAL bars of 6.2 kg - I was ready to deal with them now. That was my mistake. Don't let it be yours.
I met Marilyn and the gang at KFC (Mandaluyong - just off EDSA and down the street from the Legend
Hotel). There I negotiated with Jun about the CASH purchase of the four bars. I wanted to do the transaction
in the Bank, but, they (Jun and Marilyn) came up with all kinds of clasical excuses as to why they didn't want
to do business there (see excuses above at ROBBERY/HOLD UP). They said that it would be best to rent
a NEUTRAL & SAFE hotel room (little did I know that the NEUTRAL & SAFE does NOT apply to
ME!). We rented a room at the Legend Hotel (Mandaluyong, Metro Manila, just off of EDSA).
So, my next BIG mistake was trusting these assholes and going to the bank to withdraw the funds to pay for
the four bars. Marilyn and one of her buddies went with me to PNB. I put Marilyn's commission inside my
personal foulder and the rest of the cash was in three plastic bags (full of PESOS). We went back to the
Legend Hotel and brought all the money inside the room. About 30 minutes later there was a knock on the
door. Two guys came in (one was carrying a heavy bag) and straight away went into the bathroom. Within
20 seconds they both came out rushing straight towards me and one of them was pointing a .38
revolver in my and my partner's face. We were both hog-tied and wrapped with packaging tape.
The gang took the cash, my wallet, hand phone and my camera and left. Everything was quiet but then about
30 seconds later Marilyn Uy came back to the room to get her hand bag and to remove her commission
from my personal folder (she had obviously in such a hurry she had forgotten it before). The funny part about
it is as she was taking her commission, she said two times to me, "Tony, I'm sorry. Tony, I'm sorry". She
was arrested the following morning and placed in the Mandaluyong jail for about a week (until her bail was
posted). Although she claims she is innocent - there is too much evidence against her and she will be
convicted at trial later this year for armed robbery and will be spending a long time in jail. Her other five
male accomplices will soon be following Marilyn for long jail terms because the NBI and Police are right on
We later came to know that another gold buyer was robbed at that exact same Legend Hotel
(Mandaluyong) in February this year. Doesn't sound like the kind of place I'll be stayin in anytime soon in
the near future.
I also forgot to mention about what was in the heavy sack that one of the robbers had carried into the room.
We later opened this sack and it contained four FAKE 6.2 kg bars (Brass Bars covered with Gold
Leaf). The bars were the exact same dimensions as the REAL 6.2 kg bars. Their weight ranged from 2.4 to
2.8 kgs. From a few feet- these FAKE bars actually looked quite real. Beware People - THIS IS A
MAJOR SYNDICATE OUT LOOKING TO RIP-OFF FOREIGN GOLD BUYERS! They have gone
through an extreme amount of trouble to actually MASS PRODUCE BRONZE GOLD LEAFED
COVERED FAKE 6.2 kg BARS! The bars all had REPUBLIC OF CAMBODIA Hallmarks.
SCAM NO. 7a;
REGARDING their Advanced 10% Down Payment Method - EVERYONE BEWARE cause this
group is out to CHEAT EVERYONE! We have come to know that an American Buyer named Vermont
Twaiman was cheated by this same syndicate group with this Advance 10% Down Payment Method. First,
they sold Mr. Twaiman three REAL 6.2 kg (BURMA three-star Hallmark) bars late last year (1999). He was
now hooked and then went to the USA to raise funds for their Advance 10% Down Payment Method. He
returned back to Manila early this year (2000) with over Nine Hundred Thousand Dollars (approximately
10% of One Metric Ton). He paid this group their Advance 10% (US$900,000.00) and then they
VANISHED! He lost it ALL!
The facilitator/Intermediary who help set Mr. Twaiman up for this rip-off was a Filipina American named
Anita Smith (aka; LA). She lives in California (possibly in the Los Angeles area).
SCAM NO. 8;
This story was submitted by; Albert Umali (President of THAPI).
In July 1999 the story of Revern Father Renato Frias who delivered P500,000 to the Traveller's Inn Hotel in
Guadalupe, Makati City. He first saw the REAL gold which was showed to him inside his church (Catholic).
Story is a bit sketchy but after Father Frias purchase the bars and brought them back to his place he
discovered that they had somehow been switched with FAKE bars. He had paid half a million Pesos
as down payment and the balance was to be paid later in his office.
The Buyer (who lost his cash) was a Chinese named Patrick Diong. A Filipina woman named Nancy served
as the facilitator. The two Seller's were going by the names of Ruby and Alex.
SCAM NO. 9;
This story was submitted by; Tony Wells and Albert Umali (President of THAPI).
Place: CAGAYAN DE ORO CITY (North Mindanao).
Cheaters: Doctor (Dentist) Jim Roldan.
Others Involved (not sure if Guilty or Innocent): Jude Gondaya, Ped Quajin.
We heard from a reliable source in July 2000 that there was recovered gold for sale in CDO City. I sent
Albert Umali there to check out the situation. He arrived and our friend, Jun, met him at his hotel. There they
were made to wait until late in the evening (another old trick of Cheaters - make you wait until late at
night before finally contacting you) before the so-called Doctor finally called Al to arrange a meeting at
some beach resort located out of town.
Once there, the Doctor, started telling Al their rip-off procedure; "In order to see the commodity, the
Owner wants you to bring Two Million Pesos to his Safe-House as a deposit first". Well, I happened
to phone Al at that exact time and that was all we needed to hear to know that this was a classic potential
set-up rip-off procedure! I immediately told Al to, "Walk away NOW and go back to your hotel. Don't even
look back. Don't even say, "Good Bye!" Come back to Manila first thing in the morning!"
This was a potential set-up for us to get ripped-off big time but we already know all of their tricks and
excuses and what it was leading us up to.
SCAM NO. 9a;
This story is lacking details but it happened to a friend of mines. It was submitted by; Cesar.
Place: CAGAYAN DE ORO CITY (North Mindanao).
Cheaters: Names Unknown (Possibly same Syndicate as above group).
Cesar told me the story that he was in CDO a few months back and they were told to bring a sack of Pesos
to a hotel room before they could see the commodity. The so-called Sellers later entered the hotel
room with a GUN. Needless to say, Cesar and his friend were relieved of their sack of Pesos and
any other valuables they had on them.
People - DON'T LISTEN TO ANY OF THEIR EXCUSES - IF THEY DON'T WANT TO DO BUSINESS
IN THE BANK - TELL THEM TO GO AND SCREW THEMSELVES CAUSE THEY ARE SETTING
YOU UP FOR A ROBBERY!!!
SCAM NO. 10:
This story was submitted by francisco;
Place: Somewhere in the province (not mentioned exactly where).
Cheaters: Old Man, young boy (names unknown).
There's a retired couple from Manila (Phil.) who bought a house and lot in our place. Its been advertised for
a long time that its for sale but the local neighborhood can't afford. Inside the lot is an old grown pine tree.
The couple do a lot of renovation and landscaping till comes a time when the wife noticed an old man with a
boy staring at the old pine tree. Since they almost see them outside their fence everyday looking at the said
tree, the couple asked what they are up to.
The old man through the boy as his interpreter (since he don't know of any language other than his native
dialect) told the couple that his 'apong' (grand father) always dreaming of a gold buried inside their lot, and
to recover it they have to butcher a native chicken, two eggs and a candle and with prayer of 'apong' they
will know where the gold is. The couple agreed, nothing to lose anyway they say. The boy said he will bring
his elder brother to do the digging.
So, the following day before sunrise and after all the ceremonies has been done, the elder brother dug the
east side of the tree as per instruction of 'apong'. After a waist deep of digging, there you are, a two gold
bars with Japanese writing on it. The couple said, since it's two bars 'it would be one for you one for me'
and they all agreed.
But wait, the three said they don't know of any body where they can sell their share and one thing more its
dangerous for them carrying gold around the city looking for a buyer. So, they ask the couple if they can just
buy their share so they can go back to the Province that same day.
Looking promdi (from the province) and innocent the couple think that they can bargain with them at a low
price. They offered them ninety thousand pesos they reasoned out that it's the only money they got in the
bank. So, they have their healthy breakfast while waiting for the bank to open. In short they got their money
and the couple have their gold.
And from the stories of the treasure hunters, scammer and everything, the three were the ones who buried
the 'FAKE' gold bars when they know that the place is for sale. No wonder I said, after a few months the
house is for sale again.
ONE VERY IMPORTANT MESSAGE HERE FOR ALL POTENTIAL GOLD BUYERS TO REMEMBER
ONLY DO GOLD TRANSACTIONS WITHIN THE SAFETY OF A
MAJOR BANK! I CANNOT STRESS THIS ENOUGH TO ALL OF YOU POTENTIAL GOLD
BUYERS OUT THERE... Believe me.. I learned the HARD WAY. There's nothing like looking down
the barrel of a .38 revolver pointed in your face to make you realize what a FOOL YOU HAD BEEN!
Don't trust ANY Filippino, American, or whoever tries to ask you to BRING MONEY OUT OF THE
BANK! I CAN GUARANTEE YOU THAT THESE PEOPLE ARE SETTING YOU UP TO BE ROBBED!
Don't be as STUPID as I was! Trust NO One! NO BANK - NO TRANSACTION! Its as SIMPLE AS
GOLD TEST TIPS...
If you need some tips on how to physically test whether the Gold or Platinum Bars someone is trying to sell
you are genuine or fake - please download this GOLD BAR FORMULA.XLS file (Click and Save to
download to your computer). If you have any problems with this file, send me an email and I can email it to
you. Or, view and print the TSEATC Gold / Platinum Formula Page (Click and Save to download to your
There is also an XCEL spreadsheet that can be used for you to Type all the BAR DIMENSIONS in the
blanks to automatically calculate Carat Percentage and Prices here.
Remember - One of the most sure ways to test the gold is to physically weight it! The weight of the gold
must be correct, otherwise, something is definitely wrong! When in doubt - DON'T PART WITH YOUR
HARD EARNED CASH!!!
Also, you can get yourself some NITRIC ACID (be careful as this acid is very strong and dangerous - DO
NOT GET IT ON YOUR SKIN and always have some water nearby when you are about to test with it). When
you put a few drops of nitric acid on REAL precious metals (gold, platinum, silver, etc.) there should be
absolutely NO REACTION. The same as if you have just put WATER on these metals. However, if the
nitric acid starts BOILING and BUBBLING and TURNS GREEN - THIS METAL IS FAKE! DON'T
Good luck to you all...
NOTE:... To anyone who is considering or even thinking about buying US Treasure Notes in the
Philippines - Please read the following; FAKE US TREASURY NOTES SEIZED; 8 ARRESTED.
After reading this, I think it will change your minds. If it doesn't and you are still just "dying" to give some
cash away - please just send it to me. I deserve it more than the cheats and con men.... ha..ha..
Attention all Treasure Hunters - If you know anything or have any information regarding these (or
any other) cheats - we want to hear from you. Lets put a stop to these scams now! Please e-mail
your information to TSEATC.
Substance / Specific Gravity
Alumina ~ 3.4 - 3.6
Aluminum, cast-hammered 2.55 - 2.80
Baryte / Barite 4.25
Barium sulfate 4.5
Brass, cast-rolled 8.4 - 8.7
Bronze, aluminum 7.7
Bronze, 7.9 - 14% Sn 7.4 - 8.9
Bronze, phosphor 8.88
Calcium carbonate 2.7
Chromium dioxide (Cr203) 5.22
Chromium oxide (Cr02) 4900 kg m-3
Coal slag 2.7
Copper, cast-rolled 8.8 - 8.95
Copper ore, pyrites 4.1 - 4.3
Ferrosilicon- 15% 6.7-7.1
Flint stones/ pebbles 2.4 - 2.6
German silver 8.58
Glass beads 2.5
Gold, cast-hammered 19.25 - 19.35
Gold coin (U.S.) 17.18 - 17.2
Gold, pure 19.32
Hematite, specular 5.4
Ilmenite 4.5- 5.0
Iridium 21.78 - 22.65
Iron carbonate 3.9+
Iron, gray cast 7.03 - 7.13
Iron, cast, pig 7.2
Iron, wrought 7.6 - 7.9
Iron, spiegeleisen 7.5
Iron, ferrosilicon 6.7-7.3
Iron ore, hematite 5.2
Iron, ore, limonite 3.6 - 4.0
Iron ore, magnetite 4.9 - 5.2
Iron ore, specular 5.4
Iron slag 2.5 - 3.0
Lead ore, galena 7.3 - 7.6
Lead oxide (yellow) 9.5 - 9.9
Manganese ore, pyrolusite 3.7 - 4.6
Monel metal, rolled 8.97
Mullite beads 2.8
Quartz sand 7.00
Sand, silica 2.6
Sand, Quartz 7.0
Silicon carbide 3.1
Silicon nitride 3.2
Silver, pure 10.4 - 10.6
Steatite beads 2.6 - 2.7
Steel, carbon 7.8
Steel, chrome 7.8
Steel, cold-drawn 7.83
Steel, machine 7.80
Steel, 440C stainless 7.7
Steel, tool 7.70 - 7.73
Tin, pure 7.2 - 7.5
Tin ore, cassiterite 6.4 - 7.0
Titanium dioxide, Anatase 3.77
Tin, 100% Pure 7.29
90 Sn & 10 Pb 7.54
63 Sn & 37 Pb 8.42
60 Sn & 40 Pb 8.52
50 Sn & 50 Pb 8.89
10 Sn & 90 Pb 10.50
5 Sn & 95 Pb 11.00
Tungsten carbide 14.29
Water, fresh 1.0
Zinc, cast-rolled 6.9 - 7.2
Zinc, ore, blend 3.9-4.2
Zirconia, stabilized (MgO) 5.4
Zirconia, stabilized (REO) 6.1
Zirconia, stabilized (Y203) 6.0
Zirconium silicate 3.85
Specific Gravity Table For Ceramics, Metals & Minerals