A couple more PM IRAs were exposed to be rip-offs

[Carrion Crow]

Most of us here know better: If you don't hold it, you don't own it.
But still, I hate the idea of companies like this taking advantage of people (especially the elderly).

 

[Goldhedge]

I'll bet that ad had nothing to do with Trump and more to do with ad revenue for the network broadcasting the event.

 

[Ttazzman]

seems like it would be difficult to make a profit in the PM markets without being either a internet seller or a high high premium seller or a scammer ........most people have no clue as to how to approach the market realistically......... there has been a huge rise in gold sales adds on conservative news cable channels from my viewing including fox

 

[searcher]

ad revenue for the network broadcasting the event

.most people have no clue as to how to approach the market realistically..

This vid hits on both of the above quotes and a bit more. Easy vid with some good info, its 40 minutes long. Does have stuff worth seeing but if you can't sit and watch it, you can listen in one tab, play around on the forum in a different tab.

The Shocking Reality: Seniors Losing It All in Gold IRA Investments​

Jul 26, 2023



Many senior citizens are losing their retirement money from investing in a Gold IRA. I look at companies like Lear Capital and American Hartford Gold that are mentioned in an article explaining how people are losing big chunks of their life savings from investing in a Gold IRA from companies advertising on conservative news shows like Fox and Newsmax and others. Many people are wondering if Lear Capital is a scam or if American Hartford Gold is legit. I look at the accusations against them.

I show how investors are being sucked into these overpriced precious metals investments and why they fall for these tricks. I talk about why you should not invest all of your money in a gold IRA. I then show you how to buy gold and silver from regular online dealer and which products to buy with the absolute lowest premiums.

Channel:

https://www.youtube.com/@FinanciallyAware/videos

 

[searcher]

A shiny scheme is draining retirement accounts. These MAGA media stars enable it.​

8/20/23

Scattered around the Los Angeles area is a small but robust industry that pours large sums into advertising on right-wing media, from Fox News to Newsmax to Rudy Giuliani’s podcast. Phone salespeople push gold and silver coins to these outlets’ audiences, many of them older people, convincing them to use their retirement savings to purchase considerable quantities of precious metals. The problem is, the markup on the coins is often huge, and many vulnerable customers lose big chunks of their life savings. To date, customers, along with local, state and federal authorities have sued more than a dozen of these companies, alleging fraud.

In July, my colleague Jeremy Merrill and I published an investigation in The Washington Post that mapped out how this industry functions and how it finds its customers. We’ve been following it for years, analyzing its advertising, following dozens of court cases and speaking to former employees, regulators, lawyers and victims.

The picture that emerged from our research was alarming. We found that older people with conservative leanings were likely to be bombarded with the ads, whether on TV, talk radio, podcasts, Facebook, email newsletters or webcasts of Trump rallies. A former executive for one of these companies estimated in an interview with the Post that the industry may be reaching as much as $1 billion in annual revenues. But many of the victims are not wealthy people. We’ve spoken to customers who are disabled, homebound or living only on Social Security, their lives upended by losing their only nest eggs. And although complaints and allegations of fraud against these companies have been public for years, right-wing media outlets have continued to benefit by accepting their advertising.

More:

MSN

 

[Unca Walt]

 

[searcher]

Under settlement, 14 Iowans eligible for $788,000 from precious metals firm​

Fourteen Iowans who bought gold and silver coins from a company called GSI Exchange are eligible for $788,000 in refunds, according to the state insurance commissioner’s office. The Iowans have to return the precious metals to get their refunds

State Insurance Commissioner Doug Ommen said the refunds are part of a settlement the company reached with regulators in 44 states. “We coordinated an investigation that was being led by several states and CFPC, which is the federal regulatory body over precious metal transactions,” Ommen said. “We did order the payment of restitution.”

Under settlement, 14 Iowans eligible for $788,000 from precious metals firm - Radio Iowa

Fourteen Iowans who bought gold and silver coins from a company called GSI Exchange are eligible for $788,000 in refunds, according to the state insurance commissioner’s office. The Iowans have to return the precious metals to get their refunds State Insurance Commissioner Doug Ommen said the...

www.radioiowa.com

 

[pmbug]

...

Best Gold IRA Companies​

• Lear Capital - Product Name Only: Best overall
• Goldco - Product Name Only: Best for gold IRA education
• American Hartford Gold - Product Name Only: Best for larger accounts
• Rosland Capital - Product Name Only: Best for low cost
• Birch Gold Group - Product Name Only: Best investor resources
• Oxford Gold Group - Product Name Only: Best for beginners
• Silver Gold Bull - Product Name Only: Best investment selection
• iTrustCapital - Product Name Only Best for gold and cryptocurrencies
• Augusta Precious Metals - Product Name Only: Best gold purity percentage

...

More (details on each company):

https://www.msn.com/en-us/money/markets/best-gold-ira-companies-of-december-2023/ar-AA1fMetG

 

[pmbug]

I saw where @SRSrocco mentioned this video on X:

In this video Dale Whitaker who use to work for a gold company named Augusta Precious Metals tells his story of how he believes the gold industry is corrupt and needs to be regulated by congress to stop senior citizens from getting ripped off.

The opinions expressed in the video are solely Dale Whitakers and shouldn't be taken as fact. Please do your own research before making any financial decisions.

 

[searcher]

Investors with SoCal gold firm lose their retirement savings​

Aug 8, 2024

New complaints are emerging about a Beverly Hills investment firm, Oxford Gold Group, that convinced people around the country to convert large chunks of their retirement funds into gold - and then disappeared. Special investigation by ABC7: https://abc7.com/post/oxford-gold-gro...


5:16

 

[searcher]

A San Diego couple thought they’d invested in gold. Instead, they and hundreds of others say they were scammed.

Their new proposed class-action lawsuit accuses a Beverly Hills company of closing its doors and disappearing with millions of investors’ dollars.

www.sandiegouniontribune.com

 

[Goldhedge]

Under settlement, 14 Iowans eligible for $788,000 from precious metals firm​

Fourteen Iowans who bought gold and silver coins from a company called GSI Exchange are eligible for $788,000 in refunds, according to the state insurance commissioner’s office. The Iowans have to return the precious metals to get their refunds

State Insurance Commissioner Doug Ommen said the refunds are part of a settlement the company reached with regulators in 44 states. “We coordinated an investigation that was being led by several states and CFPC, which is the federal regulatory body over precious metal transactions,” Ommen said. “We did order the payment of restitution.”

Under settlement, 14 Iowans eligible for $788,000 from precious metals firm - Radio Iowa

Fourteen Iowans who bought gold and silver coins from a company called GSI Exchange are eligible for $788,000 in refunds, according to the state insurance commissioner’s office. The Iowans have to return the precious metals to get their refunds State Insurance Commissioner Doug Ommen said the...

www.radioiowa.com

Full refund or just part?

A San Diego couple thought they’d invested in gold. Instead, they and hundreds of others say they were scammed.

Their new proposed class-action lawsuit accuses a Beverly Hills company of closing its doors and disappearing with millions of investors’ dollars.

www.sandiegouniontribune.com

"“I thought, it’s silver and gold. It’s tangible. It’s not going to lose value,” Heather Short said in a telephone interview. “We did one lump sum from each of our retirement accounts.”"

i.e., they bought paper with paper...

 

[Fatrat]

I hold my own.....thank you very much.

 

[pmbug]

A federal judge in Los Angeles has ordered a precious metals investment company into an involuntary bankruptcy proceeding and directed that an independent trustee be named to assume control of any leftover assets.

The decision ordering Oxford Gold Group into a Chapter 7 case came weeks after company executives were named in a class-action lawsuit filed by the San Diego law firm Aguirre & Severson.

The complaint accused Oxford Gold executives and an Ohio firm called Equity Trust Co. of stealing millions of dollars from investors who say they were duped into buying gold and other alternative investments.
...

Weeks after San Diego investors sue over alleged gold scam, judge orders firm into bankruptcy

The decision ordering Oxford Gold Group into a Chapter 7 case came after company executives were named in a class-action lawsuit.

www.sandiegouniontribune.com