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26565 Agoura Road Suite 200
Calabasas, CA 91302
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http://gsiexchange.com

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Friday 7:00am - 2:00pm (PST)

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Total Amount in Dispute:
$133,000.00

Total Amount Settled:
$0.00

Complaint Experience

100%

Complaint Resolution Index (CRI)

BCA's Summary and Analysis:

Our complaint history for this company shows that the one complaint brought to the company’s attention was responded to and given proper consideration.

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Complaint Closing Statistics

1 complaints against GSI Exchange closed in last 3 years.
Complaints Type of response
0 Making a full refund, as the consumer requested
0 Making a partial refund
0 Agreed to make an adjustment
0 Refusing to make an adjustment
1 Refuse to adjust, relying on terms of agreement
0 Unanswered

1 complaints against GSI Exchange

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2/9/2020

RESPONSE: Refuse to adjust, relying on terms of agreement Amount in Dispute: $133,000.00 Amount Settled: $0.00

Customer Complaint

1/14/2020

I wanted to buy Canadian Gold Maple leaves in my IRA. GSI manipulated me into buying Canadian Gold Polar Bears which are bullion coins with no additional value, and they absolutely ripped me off. Overnight my account was worth 133,000 dollars less than before I bought with them. They charged me approximately 40 markup on the gold coins in my IRA. Total con artists. They are refusing to refund me. Resolution Sought I want a full refund; for them to wire me the 133,000 that they overcharged me to my IRA custodian account.

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Company Response

1/22/2020

Our contractually obligated assets were delivered to you promptly following your verbal verification and signature on our Risk Disclosures. (Please See Your Signatures in the 8 Documents attached) I apologize that you feel our team misled you, but the other metals dealer that you've been speaking to is attempting to sell your non-CUSIP coins for scrap pricing, which we do not recommend. There are many tools that we provide you as a GSI Exchange account holder; we give you the ability to set price alerts to notify you when your account is in profit, the ability to price your coins in other currencies. You can also view the daily Growth/Loss factor on your account. Last I checked your account had grown more than 8,000 dollars. This $8k growth offsets the costs associated with switching from CUSIP listed to non-CUSIP listed products. As you can see in the attached files, we also had losses to make this happen, the shipping costs and insurance fees from Salt Lake City to Delaware Depository cost us a lot of money, but it's a standard cost of getting an asset-exchange done. If you requested an outline of all prices beforehand, we would have gladly broken it down for you alongside the benefits of such a deal. Additionally: All of our inbound calls are recorded or monitored for quality assurance; our initial conversation was regarding the CUSIP list tracking 93 Precious Metals, including Canadian Maple Leaf coins and Bars. I have these recordings to refresh your memory if you'd like to review with us. For the Record, you never asked for Gold 1 ounce Canadian Maple Leafs.

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Customer Rebuttal

1/23/2020

GSI's response makes no sense and is simply avoiding and denying the main issue here. I wanted bullion coins priced close to spot; I certainly never asked for Gold Polar Bears. They used high pressure sales techniques and confused me, but I never would have paid nearly 40 percent markup for gold coins that aren't worth more than spot. I priced the gold polar bears with 2 other companies and even in mint brilliant uncirculated condition I learned that GSI charged me over 130,000 dollars more than these other companies would charge me for the EXACT same coins. The representative worked for 2 companies prior to this that were charged with fraud, Goldline and Merit. GSI is charging egregious markups for coins which they claim to have collector value, but are really just bullion coins. This was a huge ripoff and I want a full refund. I am planning to sue and report GSI to the appropriate government agencies. As a consumer advocacy group, it is your obligation to remove any good rating you have posted for GSI and to take disciplinary action.

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Company Final Response

2/7/2020

I have never worked for Goldline or been charged with fraud! The allegations are false. Per our recording, it appears that you have a pattern of this behavior. You talk about how you did the same thing to your former "IRA Broker on Record," Hartford Gold Group (HFG). We charge the lowest prices industrywide, our prices are publicly listed online, and we're not in the business of high pressure. We urge our reps to make sense of our recommended assets and well-document everything. You agreed with our logic in our printed material in the conversation. We ensure all documents are signed, approved, and all clients are happy post-transaction. Per your inbound text to Rick post-transaction you were pleased, but somewhere your attitude changed: Contact Name M***** Created By System Created Thursday, August 29, 2019, 9:59 AM SMS Inbound From +XXXXXX: "Hey Rick this is M***** I just want to let you know I'm really happy about my deal that we put together couldn't be happier thanks a lot hope you have a great day and a fantastic Labor Day weekend." The notes on your account mentioned there is an influencer in your dealings with HFG who may be coaching you. All Sales are Final.

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