Crooked Gold IRA Dealer “Regal Assets” Nailed Hard by the Feds
By Stefan Gleason
Precious metals investors beed to be careful to avoid scams. Some have been around a long time in different forms. Others are newly proliferating now that gold is hitting records.
Last week, the Commodity Futures Trading Commission announced it has obtained a judgment in federal court against a predatory firm called Regal Assets:
Regal Assets solicited customers to transfer funds primarily from their tax-deferred retirement accounts to purchase precious metals from Regal Assets through self-directed IRAs. Rather than using all of the customers’ funds to purchase precious metals, the defendants misappropriated more than $21 million from more than 120 customers.
Money Metals has long been aware of Regal Assets’ corrupt practices. At one point, we took legal action against one of its affiliates for fraud and unfair trade practices after it published libelous, negative online “reviews” about our company to promote Regal Assets.
While the victims of the multi-million dollar fraud at Regal Assets can now seek restitution, they may never be made whole. (Best we can tell, the government never located the owner, Tyler Gallagher, who reportedly fled the country.) Nor will the victims of countless other scams, whose perpetrators may never be brought to justice.
Your best protection against getting fleeced when buying precious metals is to ignore the slick pitches that sound too good to be true. For safety, avoid doing business with dealers who advertise on cable TV using celebrity spokesmen.
Stick with bullion-focused dealers who have built up a reputation for stellar customer service and exhibit a genuine commitment to sound money principles.
Originally Published on Money Metals Exchange.
