Ok, I think this guy does a good job of addressing the post I’m replying to. He specifically addresses what you are saying about them not needing all the shares to cover shorts.
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Interesting expose. According to this source, the insane valuations of sealed video game carts are part of a bubble engineered by the same people who caused a certified coin bubble in the late 1980s.
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From Wikipedia, before the events mentioned in the video:
At the age of 13 [in 1965] Halperin created a fraud mail-order advertising business that took out ads in magazines looking for people who would pay to join his nonexistent sales network, a scheme that later drew the attention of the United States Postal Inspection Service. Halperin would end up avoiding charges for his mail fraud in exchange for returning $100,000 of the stolen money.
[…]
In 1971 he established a rare coin fund for investors, New England Rare Coin Fund (NERCF). In 1982, he sold NERCF to a former employee which later went bankrupt in 1987 after the FTC charged Willis for fraud for misrepresenting coins he had oversold. During the period Willis was allegedly engaged with fraud he paid Halperin around $1 million consulting fees.
And from Forbes:
“I was definitely a scoundrel at 13,” he says
Sounds like he didn’t change much when he grew up. And he’s fully aware of it. What a history.
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