Video of Phoenix counterfeit coupon bust press conference
KPHO Phoenix CBS 5 has posted video of the full press conference detailing today's counterfeit coupon bust in Phoenix. Representatives from Procter & Gamble, Hershey, Pepsi, and Bar-S were present when the arrests were made, and their statements were read at the press conference.
Interesting tidbits from the video:
- Over $25 million worth of counterfeit coupons were seized today.
- Over $2 million in assets owned by the counterfeiters were seized, including 22 weapons, a 40-foot speedboat, four homes, and 21 vehicles, including luxury cars and an RV with an estimated value of $400,000.
- The counterfeiters have 12 bank accounts. The investigators have been looking at just one account today, and that single account has taken in over $2 million in revenue this year alone (that's in just six months.)
- Bar-S absorbed $250,000 worth of losses between the time they identified that there was a counterfeit version of their (legitimate) $5 off any product coupon and when the offer was pulled. When a member of the media asked, "Does it make you reluctant to offer coupons again," the Bar-S representative answered "Yes. Yes it does."
- The FBI is now taking over the case.
- The counterfeiters' shipping records dating back to 2007 were seized, and customers of the site can expect to be contacted by authorities.
- One member of the press asked, "If this has been an issue, why weren't consumers alerted before?" Investigators replied, "We've been alerting consumers [about the dangers of purchasing counterfeit coupons] for years."