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Lear Capital, Inc., Los Angeles, California Complaints & Reviews - Unprofessional Services

Lear Capital, Inc. Contacts & Informations

Lear Capital, Inc.

Posted:    Investarista

Unprofessional Services

Complaint Rating:  91 % with 113 votes
Contact information:
Lear Capital, Inc.
1900 S. Bundy Dr Ste 600, LA, CA 90025
Los Angeles, California
United States
Phone: 800-576-9355
learcapital.com
Where do I begin? From beginning to the end, it was the biggest nightmare of my life. We wired them a large amount of money for silver morgan coins. The manager sent us a confirmation email to the wrong email address. He tried to call us but he dialed the wrong phone number. He tried to send us a shipment date with tracking numbers, but the date was wrong - they were shipped a week later, so I tried to track them but they had given me "INVALID" tracking numbers. Then a week later, we get a phone call from the manager saying that the shipment got returned! It HAD to be the post offices fault! But no, once again, he had mailed our shipment to the wrong address...
So we cancelled and asked for our money back, the manager just couldn't understand why we were so angry with him! " I mean, common, give a guy a break, I made a mistake". So he told us that he would over-night our check to us... but he didn't...
If you want to lose sleep at night and lose your appetite for about 2-3 weeks dealing with this moronic, unprofessional and pompous idiot... call Lear Capital, Inc. You'll get the ride of your life!
Comments United States Savings & Investments
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 21st of Feb, 2010 by   mrskinny1 -2 Votes
Agreed...

Can't say for sure they're dishonest. But, I can certainly say they're the most unprofessional people I've ever delt with and that's completely unacceptable considering the amounts of money that can be involved in a precious metals transaction.

Packaging of over $20, 000 worth of gold was amateur. Box far to large and inner packaging not sealed at all. A coin was missing due to bad packaging and theft or simply an error on their part. Phoning them was like having a conversation with a gang of thugs. They kept saying ridiculous things and there was a gang of people telling each other what to say in an attempt to say anything that made sense. They wanted me to wait 3 weeks while they checked to see if the package they sent out weighed properly. That's a little long for something so easily done when I was short $1000.00 and their extreme unprofessionalism on the phone gave me absolutely no confidence whatsoever.

It ended with me waging a web war on the company's name and Kevin threatening to sue me... but I got my darn coin within a week. I would definitely avoid the hassle of dealing with these folks. Sue me for this, Kevin. Oh... you can't because it's all 100% true. Maybe it doesn't pay to bully your customers after all...
 24th of Mar, 2010 by   "D" -2 Votes
Hi, I have been scammed by this group also. Have you contacted the BBB? Was the grade of coins as advertised? My case involved over 40K and I received a lot of silver coins
that were not as advertised and sold. They did not grade them even thou I paid for "AU" grade, my loss is approximately 1/3 of my order. I can say they are CROOKS. Please help by makeing complaints to BBB. Thanks, "D"
 20th of Apr, 2010 by   Ahoym8e -2 Votes
Wow, I'm glad I read these comments and complaints first. I was about to do business with Lear. Sorry for all of your losses but it kept me out of trouble if that's any consolation!!
Michael
 17th of May, 2010 by   The Details -2 Votes
I heard about Lear Capitol, Inc and desired to invest in Gold, so I contacted them via the number on there website. On the initial call I stated that I was going to invest $10-15K. The individual I talked with said that I should send the check in and that he would ensure I got the amount of gold...and that it was going up, so now was a great time to buy. Well, I delayed about a week and received a return call. During this conversation, I informed the individual that I was not going to invest the $10-15K and he started to use high pressure sales...well, I caved and said I would buy a gold coin to try them out. He said the price would be $1735...I said fine and requested that he send a shipping confirmation form. Well, after about 10 days, I had not received the form, so I called them. The secretary stated that I misunderstod and that I was supposed to send my money in first. She said that she would send out the form immediately, express mail and I should have it is a couple of days. Well, I never received anything in the mail, and I called back. The secretary stated that I needed to send in the check, and that any day, I would probably receive 3 of the shipping forms, so I sent the check on May 10. As of May 17 nothing yet received from them, so I decided to stop payment today. After reading these comments, I'm glad I did!
 7th of Jun, 2010 by   Lear Capital +2 Votes
To whom it may concern,

My name is Jon and I am the V.P of Sales at Lear Capital. I would like to address the complaints that we have just come across on this site today. First and foremost everyone should understand that we occasionally encounter challenges with shipping schedules. One reason for this is that we have insurance limits on the amount of metals that can be delivered and insured on a daily basis. With the incredible increase in volume at certain times, this insurance limit can add some time to shipping schedules. We have both increased our insurance limits on numerous occasions and have implemented procedures to notify customers of any delays.

I have also searched our entire database to help rectify the above complaints and will, without question take care of any concerns that anyone may have. However, because this site does not list the “actual” name of the person complaining, it is very difficult – if not impossible- to determine who you are if you have filed a complaint. So to help you and our reputation, please call me directly so I can match your complaint up to our system and rectify any situation. This would be greatly appreciated because we understand that there are going to be legitimate complaints filed but we have had our competitors file complaints that were unfounded also. By contacting us, we can rectify any error so that you can respond online with the service we provided.

Jon
800-576-9355
 9th of Jun, 2010 by   Kenny PS +2 Votes
I have been doing business with the people at Lear for the better part of 15 years. I have bought and sold and besides getting good recommendations and prices they are always professional and never bad mouth other companies. Frankly I trust them completely. They are professional, no one there has ever bad-mouthed other companies in the industry and it surprises me they would get so much information wrong. Honestly, I'm trying to figure out how I would know if I got a voice mail message at a wrong number. When I do business with them I am the one who has to verify all the information is correct and send them back signed confirmations and agreements. In my opinion if Lear had all this information wrong it is because they were given the wrong information to start with.
 20th of Jul, 2010 by   gypsyqqq -2 Votes
I'm so glad to find this thread and see other people who were taken advantage of by Lear Capital. I would like to share my story to help others avoid making the same mistake that I did.

After hearing numerous ads for Lear Capital on the radio, and being interested in gold investing to protect against inflation, with the encouragement of my son, I called Lear to ask for information.

I told the manager I was interested in buying in the future some gold buffalo coins. (He quizzed me for a dollar amount and I said maybe about $10-20000 worth.) However, he told me that this would be a mistake. (I found out later these coins have hardly any markup for Lear!) He said my best bet was pre 1933 gold coins for reasons such as taxes, government reporting and seizure, and did a very hard sales pitch to this effect.

He then said they would do me a special favor and “lock in” the price. He asked if I wanted to accept his favor to “lock in” the price. He did not use the word “buy.” Sounded good so I said yes. One thing led to another and before I knew it he had hooked me to invest $30000 immediately, in pre 1933 $20 liberty gold coins with a markup of $648 over spot price. He made it sound like it was such an incredible deal, and played on my fears of government reporting and having the coins seized, that he broke down all my defenses. I had never intended to buy that day, but he didn’t even use the word “buy”, hooking me with “locking in” the price, and then later turning it into an order for overpriced coins! I told him that I was a novice at all this, and he totally took advantage of me.

When my son returned and saw what I had done, he saw others selling similar coins for only $84 over spot. I overpaid about $564/coin. At 15 coins, I overpaid $10000 on a $30000 investment!! That's 30%!

This is sickening. Now searching online I see cases of other people with similar issues on sites such as this one and /link removed/ I trusted Lear but was completely taken advantage of. I do have a recording of the call. I am following up with BBB, sites such as this one, the LA District Attorney, and anyone else I can think of. If anyone reading of this can think of any other options, please post to this thread.

Also, I tried calling "Jon", the "V.P of Sales at Lear Capital" at the number he posted a couple of posts above, and was passed to two other people in the office, neither of which knew who the "Jon" was that I was asking for. I said "He's your VP of Sales, you don't know?" and eventually they transferred me to someone's voicemail. I left a message but still haven't gotten a call back. I don't know if he even works there anymore. I also tried calling my portfolio manager, who also was unavailable to take my call, so I left another message and am still awaiting a call back.

I feel a bit better seeing that other people have been ripped off as much as 40% (see /URL removed/ ).

STAY AWAY FROM THIS COMPANY! Use a reputable place such as APMEX instead! My son showed me APMEX's spread on $20 liberty gold 1 oz coins is only $82 versus Lear's $300+. APMEX's price for the same coins is only about $80 over spot, versus Lear's amazing $650 markup for circulated coins! Absolutely unbelievable.

Amazingly, in the ABC news this morning, they had a segment on Goldline, another commodities dealer, using deceptive sales pitches, almost exactly the same as Lear! A search for Goldline on Google news will show you the story, or check http://industry.bnet.com/advertising/10007548/why-the-probe-of-glenn-beck-sponsor-goldline-might-interest-the-ftc/
 22nd of Jul, 2010 by   gypsyqqq 0 Votes
This is a follow up to the previous message.

I must say that I do see other places online selling similar coins in equal or better condition for less money and with a smaller spread. They aren't a full serviced broker as Lear is, so no doubt have less overhead. (Does one benefit from a full serviced broker? Hopefully, but we shall see!) As I am not yet a numismatic investor, I don't fully understand all the implications and exact pricing. I realize Lear may offer some other benefits when it's time to sell. I felt a bit pressured to both switch my desired investment to pre-1933 gold, and buy it immediately before I had time to research what I was buying and consult with my son who I promised I would discuss with before purchasing anything. However we have now talked to Jon at Lear, and he have agreed to make good on our transaction. He has been very responsive to us. Time will tell now on how this all works out, but we will give it a chance and see what happens next. Thank you, Jon.
 16th of Aug, 2010 by   dhj -2 Votes
Uh, I just read the last posting by gypsyqqq, who says "they aren't a full serviced broker as Lear is..." Well, the LEAR CAPITAL brochure clearly says "Lear Capital, Inc. (LCI) is a seller and purchaser of precious metals. LCI is not a broker/dealer..." We almost invested with Lear until the agent stated repeatedly that they were a brokerage. When I pointed out what the brochure said, he did some fancy double-talk and suggested I wouldn't understand exactly what a brokerage firm is/does (?!) so there was no use spending time trying to explain. After some research, I found out that the agents work purely on commission and the up-front costs you pay -- a surcharge of 30% to 40% off the price of the product through rare metal dealers. To give you an example, Lear will sell you a $20 St Gaudens MS 64 coin today for $2380. If you sell it back to them today, you will get $1932. Wow. $448 -- 19% loss, presumably to an agent's commission. The spot price for this same MS 64 coin is $1700 through gold dealers. The Lear markup is exactly 40%! So... caveat emptor.
 1st of Oct, 2010 by   dtidev -2 Votes
Lear has HORRIBLE professionalism.

Being new to the gold market, i was taking my time in doing alot of research. I contacted Lear Capital. The salesman told me that he would wait for my call to make a decision - i.e. he was going to let me call back and not keep calling.

He kept calling.

When I finally answered one of the calls - he basically chewed me out - and ended with "Thanks for wasting my time" in a very beligerant tone of voice.

Screw you too Lear!

For great service visit Euro Pacific Metals.
 11th of Nov, 2010 by   Tom Danford -2 Votes
I recently purchased rare gold coins from Precious Metals Brokerage Group. They have, in my opinion, the best website... www.pmbg.net An A+ experience from start to finish. Before this purchase, I bought 5 Canadian Maple Leaf gold coins a couple months ago, and this was actually a follow up call from my account rep to speak with me about his latest investment market information. I made the choice to start discussing and thinking of buying my swiss franc gold coins. PMBG threw in a couple free silver eagle bullion coins as a 'thank you'. Something I was not expecting. I have had a great experience from the start of building my gold investment coins. Whenever I call Chris, my account rep, he always has time to speak with me and email me their latest market information from the top sources such as Bloomberg and CNBC. I LOVE dealing with this group! Wish I had posted this earlier for all of you.
 27th of Dec, 2010 by   George fro Penna -2 Votes
I too got the sales pitch from the Lear salesman. They talked me out of purchasing gold bullion in 2008 when gold was at about $850. Now that gold is around $1400 I see I made a very poor decision. I was persuaded by their sales pitch on taxes, confiscation, capital gains etc. I viewed their TV ads on Fox News and thought they would be a trustworthy safe place to invest. They told me to hold onto the coins I purchased, $10 Indian, $20 Liberty and $1 Morgans for five years and a 33% or better return could be expected. Well, almost 3 years later my $44, 000 puchase was a complete bust. If a sold the coins now, even with the surge in gold and silver since 2008 I would lose thousands. I managed to contact the salesman several months ago and he just couldn't figure out why my investment he sold me was doing so poorly. Now we are at the end of 2010 and no one answers their phones. Don't invest with these people, use my experience and the ones in this column as a warning. GDW
 19th of Jan, 2011 by   g8urb8 0 Votes
I made the first call to Lear to request their information on their company and the merits of buying gold. They wanted to qualify me before they would send the info and then called within 3 days of receiving the package to pressure me to buy NOW. He could guarantee me a price right now reserved for million $ clients on my prospective 30k order. He laid on about China, inflation, our deficit and the idiots running the country. I deferred accepting his offer until I was able to read the information and the agreement. Two days later he called again and we got into a lengthy high pressure conversation that wound up in an unpleasant manner and he said he would not call again and hung up. Two days later he called again like the previous conversation never happened. He started his baffling BS and implied I was dumber than dirt. I told him not to call again. I'll bet he does!
These guys are obviously on commission and trying to survive and I don't believe they are entirely to blame. Blame goes to management that promotes their agressive sales tactics. As a lifelong sales and marketing person, I cannot help but believe a more straight forward, less pressure approach would serve them much better and not become a subject on blogs such as this. I am still going to buy gold but not from Lear.
 4th of Mar, 2011 by   sammy90210 +2 Votes
We have dealt with Lear Capital several times over the course of the past year and have not been disappointed. We found their web site to be easy to use and their web prices to be among the best prices anywhere, they accept personal checks and money orders if you don't feel like wiring money, and they ship usually within 12 days for checks and 6 days for bank wire. We have not been disappointed with any purchase we have made from them and we have had good communication from their web ordering department via email.

News flash: It is not Lear Capital's fault that an ill-informed customer made a hasty and poor decision in their investment choices. There is such as thing as "personal responsibility" - look it up sometime. What kind of person drops $40k large on an investment they know nothing about? Give me a break. Sure they try to call you and sell you stuff. That's their job. If you're not interested you only need tell them once - they don't bother you again. If you are so incompetent that you can let someone over the phone convince you into spending $40, 000.00 on items you have done no due diligence for and know nothing about, then you should not have money (and shortly won't!). For the record, you probably bought numismatics which carry those kinds of premiums above spot, due to being rare or very fine condition coins. Numismatics and bullion are not the same things. Do you even know why you're buying precious metals? Did the radio man tell you to do it? And your son who convinced you he saw the same coin for only $84 over spot is probably looking at bullion coins. I know for a fact that Lear does not sell bullion coins for $564 over spot - they have their prices right on the website, you can look it up. Obviously you did not bother to do so and instead feel the need to instead display your ineptitude in public.
 24th of Mar, 2011 by   jallen4767 -1 Votes
I totally agree---I called based on a reference asking to purchase some gold coins---since gold was going to be in so much demand ---and was sold some Indian and Liberty gold coins that very shortly after dropped $3000.00!!! I get all these emails of advertisements of how China is going to buy up all the gold and the price is going to reach over $1000.00 and I have lost 3K!! When I called to ask about it I was told my coins were "long term" investments---that is not what I wanted! And now I don't believe that either---

So Jon, Mr VP if you are still reading these posts go ahead and give me a call at 805-755-5565 to discuss---I'd love to get my 8K back as a full refund, but I hardly think I'll hear from you---

BUYER BEWARE--everyone is looking to make a profit off the small guys!
Jeannie Allen/Ventura, CA
 30th of Mar, 2011 by   dale rothrock -1 Votes
I agree Lear is a crooked company. The BBB is a farce as they are easily bribed to give A+ rates to any company who will pay up. The BBB gave an A+ rateing to Orange Crest Realty In Riverside that turnedout to be nothing but a ponzi scam and millons of dollars were lost by investors. The Riverside DA stated we are out of luck since the owner and staff skipped to South America. Lear also ripped me off after I checked with the BBB
DO NOT INVEST WITH THESE CROOKS
 5th of Apr, 2011 by   johnsmith1011 +1 Votes
Why would you idiots buy something when you don't know what it is? Gold is obviously a long term investment. But "that is not what you want" but you spent thousands of dollars on it anyway. Are you daft?
 7th of Apr, 2011 by   dale rothrock 0 Votes
Wouldnt you consider a five year term a long investment? Thats what I had and lost money with my lear investment, Again they are nothiung but a bunch of scammers and liars. Give them a try and I know you will also get your ass kicked by thes bastards!!
 8th of May, 2011 by   preetui 0 Votes
lear capital is a fraud and very unprofessional company.I call them to confirm my order and to check with them some requirements to refer a friend and get some free gold .A guy name james novak attended my phone and did not satisfy me with his answers.Next day i try to call them again and could not talk to them because they blocked my phone then one of my friend told me that they blocked his phone too.Please do not trust them
 9th of May, 2011 by   dale rothrock 0 Votes
What really pisses me off is Russ Limba recommends these criminals and many older people get sucked in by these creeps. Believe me! You will be a looser if you invest with these scammers!!!

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