Don; Please allow me to offer a slightly different scenario.

Joe Sixpack, the collector, sells new issue casino chips at $X$ each and does not report his chip sales to the IRS. Suzie Smith who is operating as a legitimate chip dealer registered as a business corporation, charges $Y$ for the same chip and reports her sales on her annual income tax report.

Who is ripping off whom, and how does that violate the club's Code Of Conduct?