Action 9 confronts owner of collectible shop accused of cheating consumers

Action 9 confronts owner of collectible shop accused of cheating consumers

MELBOURNE,Fla. — A Brevard County man claims he lost thousands trying to buy gold and silver coins from a Melbourne rare coin shop. It's a business Action 9 has investigated before.

According to Barry Ranew, the Melbourne coin shop promised a good deal on American Eagle gold coin investments.

Action 9's Todd Ulrich found out it was considerably less than what you would pay online, and Ranew would have the coins in 10 days.
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Ranew knew friends who trusted Coins and Curiosities shop owner John Kane. So he paid nearly $17,000 cash for gold coins and another $5,000 for silver coins.

But weeks went by without a delivery of coins.

“He kept telling me to give him a few more days,” said Ranew.

Then a friend told Ranew about the Action 9 investigation from 2014. A woman paid the shop $30,000 for coins never delivered.

“I keep praying, saying, 'Lord please help me,'” she said.

Action 9 helped the woman, who did not want to release her name, get her money back.

After seeing the Action 9 report, Ranew called owner John Kane.

“I said ‘John you can either give me the money today or I'm going to take this to Todd Ulrich,’” Ranew said.

Within a week, he had a $16,000 check. But he was still out $5,000 for the silver. So Ranew called Melbourne authorities, which told him they’re investigating.

An email from Melbourne police said at least six other customers paid for coins they never received, and an investigator writes: "(Kane) could not provide receipts for any of your transactions to show he ever made the orders."

Ulrich went to the shop in downtown Melbourne.

“How can you keep taking money for coins you didn't deliver?” asked Ulrich. “Barry says you owe him $5,000.”

“Leave,” replied Kane.

“In what universe can you do business like this?” asked Ulrich. “They need their money back John, and you've got to stop this.”

Kane said the company he ordered the coins from went bankrupt, and that caused all his problems. But that happened two years ago and he took Ranew’s money 10 months ago.

Later by phone, Kane said he has promised several customers full refunds, and everyone will be paid back.