Regency Stamps Is Just The Latest In A Long Line Of Philatelic Carpetbaggers And Scalawags ...

Sadly, as a fifty year plus life time member of the A.P.S., the saga of carpetbaggers, scalawags, and just plain crooks looking to profit off of collectors, especially those new to the hobby of limited knowledge is as old as the hobby itself. Somehow, our hobby has endured over the years. Hopefully it will continue to do so.

The postmaster general back in the late 1860's warned postmasters about advertisements seen in the New York Times and other newspapers wanting to by used postage stamps. Some folks were trying to reuse poorly canceled stamps a second time defrauding the USPO of revenue.

H.E. Harris when starting his business back in the early 1920's sent several hundred dollars to a European dealer purchasing a valuable group of philatelic material. He received back a heavy parcel containing a neatly wrapped brick.

In the 1970's and 80's a cartel of dealers conspired to inflate auction prices.

The S.P.A. collapsed financially due to insider shenanigans with sales division proceeds paying the personal expenses of its officers related to show attendance, etc. in 1983.

2012 saw the A.P.S. suspend the membership of an influential member for two years after he admitted using AFDCS funds for his personal purchases. Under the A.P.S. Code of Ethics, this clearly required permeant expulsion. As far as I know the member is active today.

The A.P.S., A.S.D.A., and F.I.P. are not run by choirboys. However, it has been my pleasant experience that most fellow collectors are great folks of upstanding moral character. I continue to enjoy the fellowship and comradery of those in this fine hobby and am looking forward to this majority finding its voice in leading our hobby into the future.

Excuse me, what are you talking about?

Were you burned at one time by Regency? This just seems bombastic, but maybe you're justified. More details about the issue prompting your post would be appreciated.

I read the post as pointing out that there has always been problems with fraud and deception. A point worth remembering.

I agree that we tend to have short memories; some new story hits us in the face, everyone talks about it for a while, then we just move on. Rinse and repeat.
Don

I am aware of the issues with Regency and there is a lengthy thread about all that on here. Apparently a few consignors are having problems getting paid. The owner has a serious illness and I am sure no one there has set out deliberately to swindle anyone.

Using a thread title to put scandalous labels on a company seems like something that could be actionable as libel. Just saying.

The OP is right in that there have been some shoddy personalities in the stamp world. Back in the late 50's the APS sales unit manager was foud to be embezzling money from the sales accounts of deceased members and expelled.

In the early 80's there was a supply firm, National Supply Company with big weekly ads in Linns. A good percentage of orders sent to them were never filled. It went on for years. Linn's knew well about the issues but hey.. they were buying a big ad weekly.

Talk about underselling the severity of the issue... How are you possibly "sure that no one there has set out deliberately to swindle anyone"? I suppose that one could hope this is the case, but how are you in a position know other than by projecting personal optimism? This company had a track record of slow payment to consignors long before the current health issues surfaced. Talk to dealers; Regency did NOT have a sterling reputation.

Furthermore, this goes beyond merely "having problems getting paid". The business is bankrupt and in receivership. Formal communications have been made to certain consignors if not stating outright, at least implying heavily that they will not be receiving payment for their property that Regency sold and collected money for.

If it walks like a charlatan...

ANyway, getting back to the OP's point. Yes, there have been stories like this throughout philatelic history... Greg Manning, the Apfelbaum expulsions, Davitt Felder, etc.

The movers and shakers at the highest levels of philately do certainly appear to close ranks quickly though; a philatelic "blue wall" so to speak.

Very well, you have a point. I was mostly questioning the wisdom of posting a thread with a title that assumes criminal intent. As you said there may well have been that but dong this seems to be asking for trouble. Regency has apparently lawyered up and it's not a good idea to give someone an opening in a situation such as this, JMO. Yours is equally valid.

Charlatans seem to last longer in Philately than in the 'real world' or so it seems. I wonder if that is because so many collectors are loathe to pursue redress thinking it is 'just a hobby' and not wishing to appear ridiculous.

"In the 1970's and 80's a cartel of dealers conspired to inflate auction prices. "

Is this why there is a huge spike on the Linn's price index chart in the late '70s early '80s?

Correction -----"dealers conspired to inflate auction prices" ----actually they conspired to depress auction prices . They wouldn't bid against each other to run the price up .

Collusion is collusion whatever its impact on pricing. The collector who invested time and money in holding an item is the ultimate looser.

If the prices were depressed then the collector's return on his holdings is reduced. If the prices were increased then the collector's cost of acquiring an item increases resulting in a lower return when the item is sold on a future date.

In either scenario the financial winner is the dealer. No way it benefits a collector. They are just guaranteed paying a higher cut off of the top of any transaction as dealer overhead.

BIG DIFFERENCE -----If dealers depress prices realized at auction ,then the auction house loses and the consignor loses . I don't see this as neither way . Price manipulation is wrong, is what your trying to say . But the reference above was price depression at stamp auctions .