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The Madoff Of France

 
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Pillar Of The Community
United States
4013 Posts
Posted 02/23/2020   11:31 am  Show Profile Bookmark this topic Add ikeyPikey to your friends list Get a Link to this Message
The Madoff of France

A Billion-Dollar Scandal Turns the 'King of Manuscripts' Into the 'Madoff of France'

https://www.nytimes.com/2020/02/21/...e-books.html

Q/ And how did the 'King of Manuscripts' get his start, you ask?


Quote:
Following service in the army, then a stint in the diamond business that ended in bankruptcy, he had figured in a 1990s scandal in Monaco involving commemorative stamps, which Mr. Lhéritier resold as investments at a fantastic markup. About 1,200 people, mostly French, parted with more than $50 million before the stamps proved worthless.


And if that does not ring a bell:

Linn's ... Stamp scandal may involve Prince Rainier of Monaco
19981207 ... SCF blocks the author's site

Guardian ... Stamps scandal leaves mark on royals
https://www.theguardian.com/world/1...08/jonhenley

He's ba-a-a-a-ck.

Cheers,

/s/ ikeyPikey (who will remember this story the next time he is outbid by some lunatic who seems to be buying everything in sight)
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Pillar Of The Community
United States
2012 Posts
Posted 02/23/2020   4:33 pm  Show Profile Bookmark this reply Add hy-brasil to your friends list  Get a Link to this Reply
That article is written by someone who doesn't understand what's going on and can't communicate what's going on. About par for the course about stamps in the general press. Commemorative stamps are not valid for postage? Do tell.

In a blocked link repeating a Dec. 7 1998 Linn's article from the same time:
This one makes more sense, the "upselling" of proofs and trial colors. Wonder what became of this? Because...
https://www.nytimes.com/2020/02/21/...e-books.html
This is perhaps where the money went and for even further "upselling". So then nothing happened in the Monaco incident.

Which reminds me, whatever became of stamp investment guy Marc (Armand) Rousso and his wall of bank boxes probably full of Sand Dunes sheets? And his US stamps certified by... Scott(!)? It's not the art investment guy, who is too young.
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Edited by hy-brasil - 02/23/2020 4:49 pm
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United States
221 Posts
Posted 02/23/2020   5:25 pm  Show Profile Bookmark this reply Add jleb1979 to your friends list  Get a Link to this Reply
Apropos of the lack of knowledgeable writing about stamps in newspapers:

A few days ago I found at the bottom of a box an old (1970s) newspaper clipping from the Philadelphia Inquirer which discussed the dynamics of the plate block market. The byline noted the writer was the "stamps editor." Made me wonder when the last newspaper sacked the final "stamp editor" in existence.

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