Goldline Agrees to Refund Millions to Customers

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Goldline Denies Wrongdoing

In exchange for signing the agreement, city officials agreed to drop the 19 criminal charges against the company and top executives. In the settlement order, Goldline denied all wrongdoing.

Goldline officials heralded the deal as a victory for the firm -- issuing a press release announcing that all charges against the company had been dropped.

"This is a great outcome for our customers and for the company," Goldline CEO Scott Carter said in the press release.

Carter said the company "is proud to raise the bar once again by enhancing disclosures and procedures that are unprecedented in the precious metals industry."

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In reports that first aired on ABC News in July 2010, 63-year old Joe Kismartin of suburban Detroit described how he lost almost half of the $5,000 he spent when he sold the coins, because, he says, the Goldline salesman pressured him to buy gold coins, not the gold bullion he had seen in the commercials. "You know, I'm living month to month, that's a big loss."

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