http://ottawacitizen.com/news/local-news/elab...-bar-sparks-...
RBC Royal Bank is working with police to investigate allegations that one
of its branches on Bank Street sold a gold bullion 1-ounce bar that turned
out to be an elaborate counterfeit.
CBC reported today that on Oct. 18 Samuel Tang walked into the bank,
located at the corner of Bank Street and First Avenue, to buy a 1-ounce gold
bar. Tang is a gemologist and jewelry designer who works across the road at
Joy Creations. The small bar he was provided looked as if it had come from
the Royal Canadian Mint, but upon closer inspection, it was found to be a
fake.
Alex Reeves, a spokesman for the Royal Canadian Mint, said experts from the
federal agency have inspected the bar in question and found it to be a rather
elaborate fake. Reeves said the mint has seen fake coins and bullion in the
past; however, they are usually of poor quality. He said that whoever made
this counterfeit bar tried to copy an older mint design that is no longer in
circulation. He said even the wrapper the bar came in was forged by someone.
Reeves said the bar did not come from the mint. Gold is purified at the
mint, then immediately used to make coins and bullion, which are sealed in
official casings before being sent to distributors. He said the mint is very
proud of its reputation as one of the world's leading refiners of gold and
silver and has numerous layers of security in place to prevent counterfeits
from making their way into the supply chain.
How RBC ended up with the fake bar is something that Reeves would not
speculate about.
AJ Goodman, a spokesman with RBC, said the bank is working closely with
police to determine how the counterfeit bar made its way into the bank’s
inventory.
"This matter is now with law enforcement for further investigation,"
he said. "Instances of counterfeit objects making their way into our
inventory are extremely rare. Upon discovering these objects, we immediately
investigate to determine the source of the object and engage the appropriate
authorities. In all instances we work closely with our clients to keep them
informed and to reach a potential resolution."
Goodman also said that RBC gets its gold from many sources, including the
mint, and that the bank guarantees the purity of the products it sells.
Attempts to reach the jewelry designer Tang today for comment were
unsuccessful. Tang is traveling to Hong Kong to visit with family for the
next three weeks.
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