Seller of 9/11 coins to pay $750,000
BUSINESS / 20 Jan '13, 10:10amBy: SAPA
A company that sold September 11 commemorative coins supposedly containing silver from ground zero has agreed to pay $750,000 to settle charges that it deceived consumers.
The Federal Trade Commission says Port Chester, New York-based National Collector's Mint charged customers for items they never ordered and failed to identify its wares as imitations.
A law passed in 2010 created an official September 11 medal to benefit the museum being built at the World Trade Center site.
New York Senator Charles Schumer and Rep. Jerrold Nadler complained the National Collector's Mint's coins could deprive the museum of funds.
The FTC said in a release the agreement bars National Mint from misrepresenting its products.
It's subject to court approval.
Schumer said Saturday that the nation will not tolerate a “despicable scam.”
The company could not immediately be reached for comment. - Sapa-AP