PRECIOUS METALS / Gold Scams
Company is not a licensed brokerage, and is not registered with the CFTC. They are not even registered as a business in the State of NewYork. Employees are not licensed or registered brokers, and the only employee who I dealt with was later found to have a criminal record. I can only imagine the rest. That employee sent me a check, which immediately bounced. It was for money owed in a seperate business transaction, and that was the only initial obvious red flag that led me to be concerned about my investment.
I wasn't aware of any issues when I wanted to purchase Gold, and was advised to invest in Palladium by purchasing on Margin. I did basic due dilligence prior to investing, and found no complaints. When I requested information such as "Title of Ownership", I received illiterate emails saying basically "no". Then a response that the "clearing house", Worth Metals, which supposedly stored my investment wouldn't provide Title. Despite their website with assurances to the contrary. The explanations given were a complete con job. If it weren't for the bounced check, I would have left my money sitting for years and probably would have lost it all.
The practice of buying on Margin and "storage", along with hidden fees, is a practice that the CFTC recently warned about being common among fraudulent entities. Even though the market went up almost $100 and an oz., I lost almost $2, 000. I was told that I by a Federal agency that I was among a few lucky investors that was able to get any of my $10, 000 investment back, and only with the help of an attorney.