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PRECIOUS METALS / Gold Scams

1 Brooklyn, NY, United States Review updated:
Contact information:

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.

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Comments

  • Ca
      19th of May, 2011
    +1 Votes

    Be carefull with any company offering leverage or storage. Be especially carefull if you find no history or complaints against investment firm. No complaints are likely result of boiler roon operation that set up last month.

  • Ca
      30th of May, 2011
    0 Votes

    Rothchild is a scam.

  • Du
      10th of Aug, 2011
    0 Votes

    I expected precious metals to do well in the last few years, so when called by Rothchild & Assoc. I believed it was because I had been looking up precious metals online. The smooth talk, the knowledge about what was going on in the markets convinced me. I invested $25000. in Palladium, which was at 668 when I gave them the check, and then was informed it would have to hit 740, to break even. Almost a year later when it hit 840, I asked for $7500 back, due to a family emergency and recieved two weeks later $6025. back. When trying to find out why 40 ozs of palladium was taken out of my acct. I was told my break even was now over 1, 000. and was sent an additional 975. Long story short I did everything I could to get my money out and yesterday recieved 9284. All of the investment is gone.

  • Ca
      21st of Aug, 2011
    0 Votes

    Duped,

    Contact the CFTC. Federal agencies have Rothchild and Associates, and the like, on the clock. They are either collecting evidence and/or waiting to get the big dogs. The CFTC passes information across agencies, and I think the fact that your investment was $25, 000, if added with other complaints, will allow the FBI to legally step up, instead of just watching. Also contact State Attorney, BBB, etc. There are people more financially vulnerable than you, who will fall prey. Do your duty.

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