Lear Capital Sued Over Selling Gold and Silver Coins with Excessive and Hidden Fees by LA City Attorney
These are allegations only so far.
I have been exposing gold dealer tactics since my first book Buy Gold and Silver Safely was instrumental in getting one gold dealer to curtail their deceptive sales tactics. I wrote an article about it then; Goldline Pays $4.5 Million To Santa Monica Attorney and Cannot Use Word “Confiscate” Any Longer – Victory for Buyers of Gold and Silver Bullion. It was at that time where the House of Representatives contacted me and referred me to Santa Monica City Attorney Adam Radinsky who proceeded to make a case, with my input, against Goldline.
In my 2018 update of my book, Buy Gold and Silver Safely, I exposed a new way some gold dealers were ripping off clients with 1.5 ounce silver coins they were passing off as being a better value than bullion coins. I warned about it with this article; How Gold Dealers Ripoff Clients. And updated in in April 2019 with a case study that has drawn the attention of the Los Angeles City Attorney. That article was titled: Gold Dealers Who Sell 1.5 Ounce Silver Coins Are Ripping You Off – Actual Case Study. 2 years ago I was creating videos to show how these 1.5 ounce silver coins, like the Polar Bear, Arctic Fox, Polar Bear and Cub, to name a few, were outrageously marked up and consumers had no idea until they receive their first statement on their value. I pointed out then how a buyer would have to earn 32.53% on the coins just to break even!
No other media has picked up on this. And of course no other gold dealer has revealed in detail how consumers are getting ripped off buying these coins. Over the years, I have received phone calls from those affected by buying these coins and referred them all to the LA City Attorney’s office where they had jurisdiction over the gold dealers. The case study above shows how one client of Lear Capital got ripped off for hundreds of thousands of dollars. He was not alone. Below is a snippet of how a typical client of Lear Capital who didn’t know what they were buying reacted.
Just like in 2010, when I was interviewed by the Santa Monica city attorney Adam Radinsky, regarding my knowledge of the industry, I was contacted most recently by Steven S. Son, Deputy City Attorney, Office of the Los Angeles City Attorney. His inquiry had to do with the sales tactics of these gold dealers, which I know very well, as well as the case study I did for the person who got ripped off buying these coins.
Today, we see that Deputy City Attorney Steven S. Son has followed through with a case against Lear Capital. This is another victory for those who buy gold and silver and are looking to do so without getting ripped off! Be careful though, Lear Capital’s latest scam seems to be the silver 2 ounce and gold 1/4 ounce Orca Gold and silver coins.
To know if you are getting ripped off by a gold dealer, simply ask this question;
If I buy these coins you are trying to sell me today at the current spot price, what will you give me for them if I sell them back to you at the same spot price? If they struggle with answering this, move on.
We here at Buy Gold and Silver Safely only offer low-cost bullion coins for a reason; you make the profit, not the gold dealer. Call us today to place an order at 888-604-6534. We guarantee the lowest prices in the USA.
Doug Eberhardt is a 28 year financial services veteran and precious metals broker selling gold and silver at 1% over wholesale cost. Doug has written a book to help investors understand how gold and silver fit into a diversified portfolio, how to buy gold and silver, and what metals to buy. The book; “Buy Gold and Silver Safely” is available by clicking here Contact phone number for Buy Gold and Silver Safely is 888-604-6534
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