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 Northwest Mint’s Ross Hansen UPDATE: SENTENCED! 
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So, this was a long, ongoing thread at the old SGN site, and since many of those folks are here now, I thought I’d post this.

In a nutshell, there was a place called Northwest Territorial Mint (NWTM), dealing in precious metals, that was located in Federal Way, and later had an office in Auburn, though they did most transactions online. It was run by a guy named Bernard Ross Hansen, who also went by the name Ross B. Hansen.

Accusations of shady dealings were everywhere, but it seemed as though there was no movement by the feds to look into it.

Well, he was finally convicted on Federal Charges, as was his ‘Vault Manager’.

This was after a $725,000 settlement in 2017 on sexual harassment charges.

Excerpts from the story:

The former president and CEO of Northwest Territorial Mint, a now-bankrupt company previously based in Federal Way dealing in precious metals, was recently convicted of 14 federal felonies resulting from a Ponzi-like scheme that defrauded customers of millions of dollars, according to the Department of Justice (DOJ).

Bernard Ross Hansen, 60, aka Ross B. Hansen was convicted by a jury of multiple counts of wire and mail fraud after more than three weeks of testimony and evidence. The jury also convicted Vault Manager Diane Renee Erdmann, 48, of 13 counts of wire fraud and mail fraud following the trial, according to the DOJ.


The trial revealed Hansen and Erdmann defrauded NWTM customers in a variety of ways, such as . lying about shipping times for bullion, using customer money to expand the business to other states, and using customer money to pay their own personal expenses, according to the DOJ.

“In this way the company lacked enough assets to fulfill customer orders and used new customer money to pay off older customers in a Ponzi-like scheme,” the news release stated. Overall, 2,500 customers paid for orders or made bullion sales or exchanges that were either never fulfilled or never refunded, resulting in a total loss of $25 million.

Trial evidence also found Hansen and Erdmann defrauded customers who paid NWTM to safely store bullion in the company’s vaults, according to the DOJ. The two used bullion that was supposed to be in secure storage to fulfill other orders.

In April 2016, the NWTM vaults were inventoried and all or part of the stored bullion for more than 50 customers — worth more than $4.9 million — was missing.


Hansen and Erdmann will be sentenced Friday, October 29. Each of the counts of conviction are punishable by up to 20 years in prison.


Article here...there may be a paywall, I avoided it by selecting’reader view’ on iOS:

https://www.federalwaymirror.com/news/2 ... -felonies/


Last edited by NWGunner on Fri Jun 10, 2022 6:23 am, edited 1 time in total.



Tue Aug 03, 2021 12:28 pm
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Yikes. I remember that group buy. Glad we all got out unscathed. I do recall a fairly lengthy wait time.

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Tue Aug 03, 2021 12:32 pm
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Off with their heads!!! icon_eek icon_eek icon_eek
It’s too bad we can’t get politicians prosecuted like this for fucking their constituents, hard!!!

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Tue Aug 03, 2021 12:39 pm
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Quote:
In this way the company lacked enough assets to fulfill customer orders and used new customer money to pay off older customers in a Ponzi-like scheme


So basicly like our banking system? :popcorn:


Tue Aug 03, 2021 3:28 pm
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This was big on the old GIM site. As the saying goes...if you don't hold it, you don't own it.


Tue Aug 03, 2021 4:24 pm
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I was part of the group buy. So glad we got our silver!


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Tue Aug 03, 2021 10:42 pm
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Sounds like you guys got someone else’s silver. Question is, where is the 4.9 million? It can’t just be gone. Hope they die in prison.

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Wed Aug 04, 2021 12:14 am
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Thanks for posting this.

I was skeptical as hell about that joint. I went elsewhere during those days and got better deals anyway. Suck thing is those deals are not to be had anymore. Before we moved I sold off quite a bit of the large bars. Near the 5+ year high to boot. :bigsmile:

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Wed Aug 04, 2021 10:20 am
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:ROFLMAO:



Fuck that POS. I had to threaten his people with the attorney general's office to eventually get the silver for the group buy back in the SGN days. I hope he gets raped in prison and dies from sepsis!


Thu Aug 05, 2021 6:13 pm
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Barfly wrote:
:ROFLMAO:



Fuck that POS. I had to threaten his people with the attorney general's office to eventually get the silver for the group buy back in the SGN days. I hope he gets raped in prison and dies from sepsis!


Good on you for doing that, btw.

And agree, people lost money that wasn't chump change.

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Thu Aug 05, 2021 6:16 pm
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Barfly wrote:
:ROFLMAO:



Fuck that POS. I had to threaten his people with the attorney general's office to eventually get the silver for the group buy back in the SGN days. I hope he gets raped in prison and dies from sepsis!



:thumbsup2: thanks barfly, yes that was a nightmare just for a few 100$ worth. glad we got it than not at all.


as mentioned where the rest of the $$$$$$

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Thu Aug 05, 2021 6:32 pm
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This is my nightmare. I have been looking for a place to buy precious metals but damn if I am not hesitant.


Fri Aug 06, 2021 10:51 am
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I am one of the 2,500. But only to the tune of about $3000. There were some that lost six figures worth. No, none of us ever got any compensation that I'm aware of. As prices were rising again, they played the "lock in today's price and the bullion will ship" game. Now I only buy in-stock bullion and walk out with it. It means my silver is far less consistent and pretty, but at least I have it. Two in the hand and all that.

Don't invest an amount in a single company/product that will break you if it goes bad. I imagine someone with $100,000 in bullion probably has other significant assets. I'm not condoning anything. Be smart and caveat emptor.

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Fri Aug 06, 2021 11:54 am
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hkcavalier wrote:
I am one of the 2,500. But only to the tune of about $3000. There were some that lost six figures worth. No, none of us ever got any compensation that I'm aware of. As prices were rising again, they played the "lock in today's price and the bullion will ship" game. Now I only buy in-stock bullion and walk out with it. It means my silver is far less consistent and pretty, but at least I have it. Two in the hand and all that.

Don't invest an amount in a single company/product that will break you if it goes bad. I imagine someone with $100,000 in bullion probably has other significant assets. I'm not condoning anything. Be smart and caveat emptor.


Well shit. Sorry to read that. Good advice.

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Fri Aug 06, 2021 2:47 pm
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1BallJay wrote:
This is my nightmare. I have been looking for a place to buy precious metals but damn if I am not hesitant.
Easiest way is to find someone here willing to sell.
I come across large purchases from time to time and have several who get some from me.
Alternately there are several reputable online dealers out there now.

As to ntwm is was also one of the 2500. Lost about 2300 worth. HD just sold a bunch to clear so e losses and looking to replace. No one got a dime other than the slimy lawyers involved who were almost as big a set of criminals as hansen.

If anyone wants to see the whole story. There is a website that tracks ALL the details. I'll go did it up.

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Fri Aug 06, 2021 7:02 pm
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