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History

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Goldline traces its corporate history to Deak Investor Services, Inc. formed in 1960 by Nicholas L. Deak of Deak & Co.[1][2] Nicholas Deak, a Hungarian immigrant, founded Deak & Co. in 1939 and served in the OSS (precursor to the CIA during World War II.[3][4] Deak & Co. specialized in foreign exchange, gold coins and bullion, and was considered a pioneer in the business.[3]

By the early 1980s, the company was the largest retail gold bullion dealer and the oldest and largest retail foreign exchange dealer in the United States.[5][6] While Deak described himself as a gold bug,[7] the company felt the strain of growing too quickly during the gold economic bubble which burst by 1982.[6] At that point, they planned on expanding into the wholesale market, offering services to companies instead of the public.[6] The company was the country's leading seller of South Africa's Krugerrand before it was pressured to halt sales because of South Africa's apartheid system in 1985.[3][8][9][10]

In 1984, Deak & Co. faced allegations from the President's Commission on Organized Crime that they laundered money for Latin American drug traffickers, facilitated the Lockheed bribery scandals, and smuggled currency from the Philippines.[11][12][13][14] Later that year, Deak & Co. declared bankruptcy in order to reorganize.[11][15] In 1985, the company was purchased by a Singapore lawyer for $52 million -- the most valued asset was Deak's Swiss bank.[16][17] In 1986, the foreign exchange and gold business was sold to Australia's Martin Properties Ltd. (later renamed Deak Morgan[18]) for $12 million.[19][20][21] In the following year, the company was transferred to New Zealand based NZI and expanded its gold coin dealerships by one-third.[22] At the same time, Deak Investor Services, Inc. changed its name to Deak International Goldline Ltd.[1]

Unfortunately, due to the 1987 worldwide market crash, the company floundered,[23] and was sold to the Thomas Cook Group in August 1990 for $10-$12 million.[24][25] Several months afterward, Deak International Goldline (US) Ltd. was bought by A-Mark Precious Metals Inc, a wholesaler dealer in precious metals, adding thereby a retail presence.[26] In 1992, Deak International Goldline (US) Ltd. changed its name to "Goldline International, Inc." and Mark Albarin, an A-Mark company director, became president.[1][27] In 1994, Goldline acquired Gold & Silver Emporium (asset purchase only).[1] and in 1998, Goldline acquired Dreyfus Precious Metals, Inc., the precious metal brokerage and storage subsidiary of the Dreyfus Corporation.[1]

In 2005, A-Mark Precious Metals sold Goldline to Irvine, California-based Spectrum Group International for $20 million.[28] Two years later, Goldline moved its headquarters and trading floor across Santa Monica, California to offices at the Water Garden complex.[1] In 2009, CIVC Partners, a Chicago based private equity firm, acquired Goldline for over $50 million dollars.[29][30]

  1. ^ a b c d e f "Company History Goldline International". Goldline International. Retrieved July 23, 2010.
  2. ^ "DEAK INVESTOR SERVICES, INC". DC.gov. January 15, 1960. Retrieved September 1, 2010.
  3. ^ a b c Sterngold, James (November 19, 1985). "Entreprenur With Old-World Charm". The New York Times. p. Section B, Page 5, Column 1. Retrieved September 1, 2010.
  4. ^ "Nicholas Deak shot to death in New York office" (Paid access). American Banker. November 19, 1985. Retrieved September 1, 2010.
  5. ^ Maidenberg, H. J. (January 21, 1982). "Gold Coins to Trade On Amex Today". The New York Times. p. D20. Retrieved September 1, 2010.
  6. ^ a b c Johnson, Kirk (July 15, 1982). "Deak Finds Strains In Rapid Expansion of Currency Offices". The New York Times. p. D4. Retrieved September 1, 2010.
  7. ^ Hollie, Pamela G. (April 7, 1979). "Seminars Lure Eager Investors". The New York Times. p. 29. {{cite web}}: Missing or empty |url= (help)
  8. ^ Manning, Jack (November 17, 1885). "Kruggerand's Loss, Panda's Gain". The New York Times. p. FP30. {{cite web}}: Missing or empty |url= (help)
  9. ^ "Deak Halts Krugerrand Sales". The New York Times. August 9, 1985. Retrieved September 1, 2010.
  10. ^ "250 Held in Rallies Against Apartheid". Associated Press. May 3, 1985. p. A3. Retrieved September 1, 2010.
  11. ^ a b Kirstof, Nicholas D. (December 10, 1984). "Collapse of Deak & Company". The New York Times. p. D1. Retrieved September 1, 2010. {{cite web}}: Check |authorlink= value (help); Cite has empty unknown parameter: |1= (help)
  12. ^ "Deak Faces Charges of Smuggling". The New York Times. October 20, 1977. p. 89. {{cite web}}: |access-date= requires |url= (help); Missing or empty |url= (help)
  13. ^ "Arms Smuggling to Japan Halted". The New York Times. March 26, 1976. p. 8. {{cite web}}: Missing or empty |url= (help)
  14. ^ Szulc, Ted (April 10, 1976). "The Money Changer". The New Republic. pp. 10–13. {{cite web}}: |access-date= requires |url= (help); Missing or empty |url= (help)
  15. ^ Sudo, Philip T. (December 11, 1984). "Deak & Co. seeks protection under bankruptcy code". American Banker. Retrieved September 1, 2010.
  16. ^ "Deal Appears Set For Deak's Bank". The New York Times. August 7, 1985. p. D4. Retrieved September 1, 2010.
  17. ^ "Deak-Perera: A New Chief". The New York Times. September 5, 1985. p. D30. Retrieved September 1, 2010.
  18. ^ Ellis, Eric (January 15, 1987). "Deak Seeks To Restore Its Hong Kong Fame". Sydney Morning Herald. Retrieved September 1, 2010.
  19. ^ Cuff, Daniel L.; Gilpin, Kenneth N. (May 8, 1986). "Deak Official Is Eager To Get Back in Business". The New York Times. Retrieved September 1, 2010.
  20. ^ "Deak Chooses New President". The New York Times. May 6, 1986. Retrieved September 1, 2010.
  21. ^ Sudo, Phillip T. (May 7, 1986). "Deak & Co. emerges from chapter 11 under control of Australian company; new organization to focus on strengths of foreign exchange and precious metals". American Banker. Retrieved September 1, 2010.
  22. ^ Jorgensen, Bud (September 8, 1987). "Deak chief executive firm's biggest asset". The Globe and Mail. {{cite web}}: Missing or empty |url= (help)
  23. ^ Syvret, Paul (July 3, 1990). "CBD". Sydney Morning Herald. {{cite web}}: |access-date= requires |url= (help); Missing or empty |url= (help)
  24. ^ Kidd, Kenneth (August 4, 1990). "Thomas Cook buys Deak units 120 more retail outlets will fill gap in travel giant's North American operations". The Globe and Mail. {{cite web}}: Missing or empty |url= (help)
  25. ^ "Thomas Cook acquires Deak retail operations. (Thomas Cook Group Ltd., Deak International Ltd.)". PR Newswire. August 15, 1990. Retrieved September 1, 2010.
  26. ^ "A-Mark Precious Metals Deal". The Wall Street Journal. April 1, 1991. {{cite web}}: Missing or empty |url= (help)
  27. ^ "A-Mark Financial Corporation -- Company History". Funding Universe. Retrieved September 1, 2010.
  28. ^ Hettena, Seth (July 21, 2010). "A Goldline History: Glenn Beck, Spooks, Drugs". Seth Hettena. Retrieved July 23, 2010.
  29. ^ "Goldline International, Inc. Acquired by CIVC Partners and Key Management". Business Wire. January 27, 2009. Retrieved July 23, 2010.
  30. ^ "Goldline International, Inc". CIVC Partners. Retrieved July 23, 2010.
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