Stop Alleged Gold Coin Scammers From Swindling Consumers

Target: Lina Khan, Chairperson of the Federal Trade Commission

Goal: Enhance guidelines for regulating companies allegedly engaging in fraudulent gold coin scams.

Tune into conservative-leaning media outlets and you’ve likely come across a multitude of advertisements imploring you to shield yourself against impending economic doom by investing in gold coins. By some reports, gold IRA investing is a multi-billion-dollar industry, with even more money flowing into the companies’ coffers because of high-value advertising from the aforementioned outlets and from renowned political personalities. And increasingly, these companies face accusations that they are swindling older Americans out of their life savings.

Recently, individuals from at least 20 states have brought lawsuits against these entities, claiming they were the victims of fraudulent practices. One of the most prominent profiteers, Lear Financial Group, settled a lawsuit with the state of New York in which it repaid customers and agreed to greater transparency. Common complaints include alleged false claims about a coin’s value, its grading, its appreciation, and its certification. In some cases, companies have reportedly marked up the value of coins by over 90 percent, resulting in tens of thousands of dollars in losses for just one customer.

Despite the backlog of concerns, little in the way of regulation exists for these booming industries. Sign the petition below to demand more oversight over companies seemingly striking gold at the expense of vulnerable consumers.

PETITION LETTER:

Dear Chair Khan,

Lear Financial Group is just one of many companies allegedly misleading consumers and profiting off their hard-earned savings. While the Federal Trade Commission has investigated some reported cases of fraud relating to the gold IRA industry, few if any of these cases ever reach trial where they can receive the public exposure they need. And in the interim, more Americans are losing money by the millions—with the seeming aid of media outlets and personalities they trust.

Because of lax and lacking guidelines, these companies have no obligation to maintain even the thinnest pretense of transparency. Please strengthen oversight and regulation for a consumer threat that has gone unchecked for too long.

Sincerely,

[Your Name Here]

Photo Credit: Pixabay


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