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Lear Capital, Inc. complaints

1990 South Bundy Drive, Suite 600
Los Angeles, CA 90025
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(800) 576-9355

http://www.learcapital.com

9:00 am to 6:00 pm PST

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Total Amount in Dispute:
$92,723.00

Total Amount Settled:
$72,545.00

Complaint Experience

83%

Complaint Resolution Index (CRI)

BCA's Summary and Analysis:

Our complaint history for this company shows that the company responded to and gave proper consideration to most complaints. However, one or more complaints are unresolved meaning the company failed to properly address the complaint allegations or their response was inadequate.

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Complaint Closing Statistics

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

6 complaints against Lear Capital, Inc.

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3/19/2020

RESPONSE: Refusing to make an adjustment Amount in Dispute: $18,000.00 Amount Settled: $18,000.00

Customer Complaint

1/17/2020

My wife and I opened an account on 12/31/18 to purchase $50,000 of Snowy Owl silver coins, suggested by Lev Shvarts at Lear. We reviewed our Strata summary and it apparently showed we had lost $20,000 in value in September 2019. Being very concerned, we called Lev and he assured us that was not what that meant, the $20,000 was in parenthesis. It is very difficult to contact our representative and he says to follow the Lear website as to how much our coins are worth at face value. Totally bogus, as they are saying our coin is worth $26, but website shows $48. Apparently during the phone call in September 2019 he knew we were losing money, but did not advise a strategy at that time. At this time, after investing the initial $50,000, we now have only $32,000 left of our investment. This sounds like a Bernie Madoff Ponzi scheme to me. I've been with Fidelity investments for 30 years and have never lost anything close to this amount. They gave me another broker, Terry Moloney, and had reviewed our portfolio, and suggested we needed to switch into gold. At this point we have 5 days to go ahead with this offer or just liquidate. I'm afraid if this happened once, it will happen again. This is our retirement fund we can't afford to lose any more. Resolution Sought Give us a refund because we felt we were misrepresented or whatever they can to make this right.

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Company Response

3/6/2020

Strata Trust, being an IRA custodian, should inform any Lear Capital IRA customer who wants an accurate evaluation regarding his or her IRA precious metals to call Lear Capital. In many instances, the account value information that an IRA custodian could provide a customer for his or her precious metals might not be accurate. It appears that the case described here potentially reflects that scenario. During the time of purchase, Mr. Cloyd would have been informed of the type of coins that he was buying and the price that he was paying for each like-kind coin. Also, any fees associate with the purchase would have been presented and would have had to be approved by Mr. Cloyd. This is due to the fact that Mr. Cloyd’s purchase would have been secured using a recorded Verbal Confirmation, and Mr. Cloyd is welcome to listen to the recorded Verbal Confirmations that are associated with his Lear Capital account if he calls Lear Capital. With patience, Mr. Cloyd might experience results that he is much more satisfied with, and he is always welcome to call Lear Capital and request an update on his precious metals account.

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3/6/2019

RESPONSE: Agreed to make an adjustment Amount in Dispute: $18,182.00 Amount Settled: $18,182.00

Customer Complaint

1/15/2019

Consumer alleges: On February 12, 2003 Lear Capital sold to me (5) gold LIBERTY COLLECTORS COINS for $1,995.00 cash purchase. He told me to hang on to the coins for as long as possible. I was never offered bullion. but rather 'collectors. (Gold value was at 351.80 at the time of my purchase on 02/12/2003, the current value is in the area of $1,280.85, a 360 % increase.) According to a reputable gold dealer Lear Capital sold me coins worth less than $500.00. Lear Capital on January 15,2010 sold to me (five) $20.00 Gold ST GAUDENS collector's' coins at a cash price of$9,150.00. I was told to hang onto them. He did not offer bullion. (Gold valued at $1,129.96 on the day of 01/15/2010.) In Octoberl November 2018 I tried to cash in a portion of the coins. The gold dealer in Manhattan Beach Calif. quoted me the actual value of the (10) coins, at approx. $6,850.00 currently base on an investment of$11,145.00. The dealer stater: LEAR CAPITAL HAD OVERCHARGED ME BY SELLING ME THE "COLLECTORS COINS" RATHER THAN BULLION. MR. JASON ASSUMED 75% OF MY INVESTMENT FROM 2003 AS PROFIT. I called Mr. Jason, he became defensive, asked me "are you calling me a liar?" He becoming more defensive, I chose to end the call. Resolution Sought A) Am seeking an exchange from Lear Capital of $7,182.00 from a February 12,2003 purchase of (5) coins. B) Am seeking from Lear Capital $11,000 for my second gold purchase on January 15, 2010 of $9,150.00 Gold price in 2010 was $1,129.96. Total sum of $18,182.00 in exchange for my (10) coins!

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Company Response

1/30/2019

Unfortunately, Mr. Barrett had bought coins which have experienced a tremendous drop in their premium value (which is the value of the coin above and beyond the spot price weight value). The drop was so precipitous that it overshadowed the upward spot price movement of the underlying metal. This trend was based on the influence of supply-and-demand market forces in the precious metals market. Lear Capital made nowhere near 75 profit on these coins, and Lear Capital’s internal documents show this to be true. It was Mr. Barrett’s decision to purchase these coins, and a further investment of time might yield better results. Thus, Mr. Barrett might want to consider holding on to his coins in order to potentially experience a better outcome.

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Customer Rebuttal

2/7/2019

Lear Capitals response is dishonest and deceptive. I never knew the value of the coins in both 2003 nor in the 2010 purchase. In my complaint I stated Mr Jason clearly knew I had no experience in gold purchase because I had told him so. My interest as I had told him was never in gold "coin collection" but only to secure my funds in gold. I expected Mr. Jeremy Jason to treat me with integrity and honesty and provide me a reasonable exchange for my purchases, he did not. Mr.Jason presented me with the coins rather that bullion because he could manipulate the worth of the coins as "collectors coins" rather than sell to me bullion, this was according to a reputable gold dealer in Manhattan Beach CA. The broker in Manhattan Beach verified that Lear Capital sold me coins in 2003 at a value less than $500.00 (in 2003) for my investment of $1,995.00. And again in 2010 for an investment of $9,150.00. Mr. Jason had attempted to deceive me again in October 2018 with the same excuse.

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Company Final Response

3/5/2019

Mr. Barrett claims to have not known "the value of the coins both in 2003 nor in the 2010 purchase", however Mr. Barrett was given the exact prices of each of the coins which had decided to purchase from Lear Capital for each of his orders. Otherwise, he would not have known how much to pay for what he was buying. It is unclear what Mr. Barrett means by stating that Lear Capital "could manipulate the worth of the coins". Mr. Barrett was told exactly what he was buying and exactly what he was paying for what we being bought, and he agreed to move forward with multiple transactions. Lear Capital would not expect another coin dealer to be unbiased, and we would encourage Mr. Barrett to at least consider that assertion to be true. Mr. Barrett accuses Lear Capital of being "dishonest and deceptive", but it look as though Mr. Barrett received exactly what he had agreed to buy, so it is unclear how any dishonesty or deception was perpetrated against Mr. Barrett. With patience, Mr. Barrett might experience results which he deems to be much more satisfactory.

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