CGC Reholder Scam List of 350 Fraud Comics, and Chilling Effect for Collectibles Investors

On January 3, 2023, renowned collectibles appraiser and auction firm CGC released a list of 350 comic books that were fraudulently listed as being more valuable than they actually were to the public. Even though CGC has willingly offered a list of the alleged fraud comic books, the firm did so on its own terms with no third-party verification or official word of any criminal investigation. The CGC reholder scam list featuring the names of the 350 comic books only offers more questions than it answers.

Read this story to get full details about the initial discovery of the scam which was revealed by comic book collectors on social media and YouTube, not CGC. 

The scam involved a CGC client and scammer who would buy valuable comic books to acquire slabs and certifications attesting to such value. A slab is a double-encased plastic shell designed to protect valuable comic books. Authenticators place certification numbers, stickers, and numbers that attest to the value of the comic book on the slab – a process that comic book collectors take for granted when buying and selling collectible comics.

Let’s take a look at the scam, the updated list of 350 comics, CGC’s response, and the potential future chilling effect the scandal will have on the comic book collectibles market.

Firstly, here is a brief primer on how the CGC reholder scam allegedly works, since no one knows for sure how the alleged solo scammer (as stated by CGC) pulled it off.

The CGC Reholder Scam Recap

Modern comic book slabs should shatter or break easily when tampered with to show visual proof of tampering. The CGC reholder scam artist found a way to remove valuable comic books from the slab while replacing them with a less valuable one.

In other words, the scam artist was selling the slab featuring authentications and certifications that it was valuable, not the comic. After replacing the comics, the scam artist would then send the subtly damaged slab to CGC to be “reholdered” This is a process where CGC would replace the slab and add new authentications and certifications only to pre-graded slabs.

CGC allegedly did this without authenticating the value of the comic. So, for example, after the scam artist replaced a 9.0 Universal copy of Amazing Spider-Man #50 from 1967 with a 7.0 grade in the slab, the slab now says it is a CGC 9.0 Universal grade.

The slab might now have slight damage, so the scam artist sends the comic to CGC to be reholdered. CGC unwittingly abets the scam artist and the scam artist can now sell the comic at inflated prices on eBay.

A copy of Amazing Spider-Man #50 with a CGC grade of 6.0 has a collectible market value of about $1,100. If the scam artist bought a 9.2 CGC-graded copy worth $8,500 and swapped a 6.0 copy into the 9.2 slab then they can make a $7,400 profit.

A copy of this comic with a 9.8 CGC grade is worth almost $30,000. 

If the CGC reholder scam artist had the money and time to pull this scam hundreds of times then they could have amassed a small fortune in the past few years.

It must be noted that this is all speculation and no one knows for certain how the scam artist swapped the comics out of the slabs without arousing suspicion amongst the CGC experts. YouTube channel Immaculate Comics recently posted a video showing how the scammer might have pulled it off. 

CGC Reholder Scam List Update

The CGC reholder scam list of 350 fraud comic books does not include the actual and fraudulent values of the books listed. The list includes multiple copies of historic and valuable Spider-Man, Avengers, Incredible Hulk, and New Mutant comics. 

If you are a victim and recognize the serial number of any of the comics on this CGC reholder scam list, contact the company and CGC promises to reholder your comic free relative to its true value. The company also vaguely states “Our goal is to remove all impacted certification numbers from the market and ensure that anyone who purchased one of these books is appropriately compensated for losses arising from any failures in our services.”

CGC does not explicitly state the terms by which its scammed clients will be compensated after paying inflated prices for low-grade comics in a scam unwittingly facilitated by CGC. 

The company also says that only one scam artist perpetrated the crimes and created the full CGC reholder scam list. CGC states in the January 3 press release that, “The trust that we have built with our community sometimes makes us a target of bad actors and, despite our vigilance, this individual tampered with some of our holders.”

Due to a lack of transparency relative to its internal investigation, the public has to take CGC at its word that only one scammer is involved in selling the 350 comics listed on the CGC reholder scam list. Until the full truth is exposed, it can be surmised that potentially thousands or more comics were fraudulently sold in this manner.

Dozens or hundreds of scammers could have potentially been involved in the scam over years or decades. Until more verifiable evidence is presented, it staggers the belief that only one scammer was able to dupe the company hundreds of times while making it unwittingly complicit.

Comics collectible-themed YouTube channel Swagglehaus also examines the CGC reholder scam in fine detail. 

The 350 Comic Books on the CGC Reholder Scam List Update

The 350 comic books on the CGC reholder scam list show that the alleged solo scammer is a comic book fan, collectibles expert, and a comic book historian, or a meticulous researcher, who understood how to take advantage of their fellow comic book fans.

The CGC reholder scam artist sold the highly graded certified slab, not the swapped low-grade comic. Most comic book fans and collectors with money to burn will respond to certain comic book covers with a Pavlovian response since the cover triggers an automatic nostalgic response, and then take the slab grade certifications and grading for granted since CGC had an impeccable trust standard before the scandal.

Here is a list of the 350 comics on the CGC reholder scam list to prove these points. The price of the comic is estimated based on current collectible market values. CGC did not reveal how much these comics were fraudulently sold for via the scam

The first column represents the certification number of the comic. The second column represents the title of the comic and any distinctive features. The fourth row represents the year of publication. The last row represents the fraudulent CGC grade.

CGC Reholder Scam List Consequences

Even though the CGC reholder scam has barely been mentioned in mainstream media, the scandal has caused shockwaves in the collectibles market. The comic book collectibles market has a bull vs bear market just like the traditional finance markets, even though collectibles don’t generate wealth like investment vehicles.

Many experts have suggested that the comic book collectibles market has entered a bear market since the scandal broke last Christmas. Collectors are not paying thousands or tens of thousands of dollars for comics currently in the wake of the scandal. 

The popularity downfall of the MCU and the loss of trust in CGC authentification services may cause collectors to overreact and consider their options for longer periods of time. The collectors market is now filled with 350 fraudulently graded comic books that are passing hands around the collectibles market. 

As previously mentioned, it is currently hard to take CGC at its word when it alone is investigating itself. 

CGC has been in business for almost 40 years and prides itself on the fact that it has certified over 85 million collectibles within that time. At worst, the company could have had bad actors on the inside working with one or multiple scammers. At best, the company was wholly and obscenely negligent in conducting its own authentication services while efficiently and unwittingly aiding the scam artist hundreds of times.

The creation and proliferation of new slabs might have to be created to engender renewed trust in CGC. However, such an act will only make all comics in older slabs look suspect. 

To renew trust with its clients CGC has to become more transparent, open a full criminal investigation into the matter, name the scammer or scam artists involved, fully compensate all of its scammed clients, and announce how it will prevent such scams from happening again. 

Until further notice, it will be hard to put the words “CGC” and “trust” within the same sentence again. As previously mentioned, it was comic book fans on social media who broke this scandal, not CGC or even the mainstream media, who have shown no interest in reporting the matter. 

It begs the question: if several online cyber-sleuth comic book fans had not uncovered this massive scam occurring within CGC’s own facilities, would CGC have owned up to it and reported it themselves?

If you think you are a victim of the CGC reholder scam list, contact CGC now to initiate a review.

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Allen Francis

Allen Francis is a full-time writer, prolific comic book investor and author of The Casual’s Guide: Why You Should Get Into Comic Book Investing.  Allen holds a BA degree from Marymount Manhattan College.  Before becoming a writer Allen was an academic advisor, librarian, and college adjunct for many years. Allen is an advocate of best personal financial practices including saving and investing in your own small business.