Gold IRA Investment Scam
Your Gold Investments May Be Worth Less Than You Think
Consumers are being defrauded into investing in precious metals, like gold and silver coins and bullion, with claims that these investments are safer than traditional investments like the stock market. In reality, thanks to inflated prices and extortionate fees, many gold “investments” lose more than two thirds of their value the second they are made, and would take years or even decades of unusually high gold prices to even break even. Some fraudsters even lie about the quality of the gold itself, further decreasing the value.
Your hard-earned life savings could be at serious risk. Fortunately, if you have been defrauded by one of these sophisticated scams the law is on your side, and you may have a right to restoration of the full value of your investment, plus penalties and interest. Our team of highly experienced attorneys believe that you have a right to keep what you have earned, and are ready to go to bat for you to obtain the maximum possible relief under the law.
Fill out our free case review form or give us a call at 1.800.887.8029 for a free case evaluation.
Misleading Sales Tactics
Our investigation alleges that these firms use names that sound like trusted organizations and businesses that are completely unrelated to precious metals IRA in order to build trust. With the stock market booming, the value of gold is not what it used to be. “People are still too optimistic on gold”, said John LaForge, head of real assets strategy at Wells Fargo Investment Institute in Sarasota, FL after the price of gold fell for six straight weeks last winter. “We’re in price purgatory for a lot of commodities including gold. You’re going to have a lot of investors and strategists like myself reduce their price forecasts,” (Bloomberg).
Besides possibly misrepresenting the value of the precious metals themselves, these scams may also put you in danger of breaking IRS regulations – this could mean that up to 10% of your whole IRA gets taken by the IRS as a penalty. For a $400,000 IRA, the penalty owed to the IRA could be $40,000. Additionally, the IRS has issued an alert on storing precious metals at home or safe-deposit box – metals are required to be held at a qualified storage firm to follow tax rules. You’ve paid taxes your whole life – why let the IRS take more simply because you put your trust in an unscrupulous “expert”?
To date several of the leading precious metals investment firms have been involved in lawsuits from government regulators in relation to their sale of precious metals-based retirement investments. Building on this and our own investigations, we believe that the scams may be more widespread. Let us know if you have bought any precious metals from the following companies:
- Advantage Gold
- American Bullion, Inc.
- APMEX, Inc.
- Birch Gold Group
- Fortress Gold Group
- Free Gold IRA
- IRA IN GOLD
- JM Bullion
- Gold IRA
- Gold Silver, LLC
- Lear Capital
- Money Metals
- Monex Precious Metals
- Patriot Gold Group
- Oxford Gold Group
- RC Bullion
- Rosland Capital
- Scottsdale Bullion & Coin
- SD Bullion
- uDirect IRA Services, LLC
In the News
July 1, 2019: Precious metals company to refund more than $10 million to Texas investors in settlement with state, dallasnews.com
June 28, 2017: Think Twice Before Opening A Gold Or Silver IRA, forbes.com
September 2016: Older Americans lose millions through coin scams, aarp.org
April 30, 2014: Senate Examines Precious Metal Scams on Seniors, Associated Press, aging.senate.gov
How We Can Help
If you have invested in precious metals like gold and silver coins and bullion with private investment firms, your retirement could be worth much less than you were told it would be. You may have a claim and we can help you understand your legal options and potential compensation possibilities.
If you are interested in learning if you are affected, or would just like to talk with a lawyer experienced in this type of case, please fill out the Free Case Review Form below or call us at 1.800.887.8029. We will review your investment documents to determine if you have a claim, at no cost to you.