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Franklin Mint Owner Says It Was Duped Into Buying Collectibles Company
By David McLaughlin | Dec 29, 2010 12:01 AM ET

The owner of Franklin Mint LLC, which sells collectible coins and statues, claimed in a lawsuit it was tricked into buying the business as the company teetered on the brink of failure.

JSSI Capital Enterprises LLC alleges it was defrauded into buying Franklin Mint in 2009 because the sellers made “material misrepresentation and omissions,” according to a complaint filed Dec. 27 in State Supreme Court in New York.

“After the transaction, plaintiffs discovered they had been duped,” JSSI said in court papers.

Franklin Mint, of Exton, Pennsylvania, sells coin sets like a U.S. presidential dollar collection for $259.95, models of cars, including a 7.5-inch long Corvette covered in crystals for $1,295, and dolls of famous women like Michelle Obama and Marilyn Monroe, according to its website.

JSSI sued Moshe Malamud, Sam Malamud and Steven Sisskind, who owned a majority stake in Morgan Mint Inc. at the time of the transaction, according to the complaint. Morgan Mint owned Franklin Mint. Moshe Malamud served as Morgan Mint chairman at the time of the deal, Sam Malamud was a director and Sisskind was chief executive.

A call left with a Sam Malamud in Brooklyn, New York, wasn’t returned. Moshe Malamud and Sisskind couldn’t immediately be reached for comment.

JSSI is seeking more than $12.6 million in damages, the rescission of $4 million in promissory notes assumed in the deal and the return of $1.975 million paid to two defendants, according to the complaint.

The case is Franklin Mint LLC v. Franklin Mint Inc., 652386-2010, New York State Supreme Court (Manhattan).


Franklin Mint Owner Says It Was Duped Into Buying Collectibles Company
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