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Reputation Report

1420 Kettner Blvd. #100
San Diego, CA 92101
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(877) 350-0771

http://www.metals.com

Company Rating

F

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Customer Reviews

based on 2 reviews.

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Complaint Experience

22%

Complaint Resolution Index (CRI)

27 complaints closed in last 3 years.

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Membership Information

This business is not a member of Business Consumer Alliance. This fact does not disparage the company in any way.

Recent Review

Posted on 6/12/2019

Unsolicited phone calls.

Unsolicited call received, caller was very rude and stated that apparently I didn't give 'a crap'.

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Complaints and Resolutions

Total Amount in Dispute:
$1,449,755.00

Total Amount Settled:
$357,592.00

Complaint Experience

22%

Complaint Resolution Index (CRI)

BCA's Summary and Analysis:

Complaints generally allege the misrepresentation of services, failure to buy back coins, failure to pay fees, coins worth significantly less than represented, and difficulty contacting the company. Some complainants are senior citizens that have invested their savings.

The company responds to some complaints by contacting the complainant directly to offer resolution. In most cases the company failed to respond to complaints.

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Complaint Closing Statistics

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

View summaries of the complaint descriptions and responses.

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Other Information

Company Info

This company's business is the sale of precious metals.

Primary Contact: Anthony Bowers (In House Compliance Officer)
Business Started: N/A
Social:

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Licensing

We know of no licensing or registration requirement for companies engaged in this company's stated type of business.

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Government Actions

Agency: Texas Securities Division
Description:

On May 1, 2019, the Securities Commission of the Texas State Securities Board issued an “Emergency Cease and Desist Order” against this company and employees Walter Vera, Michael Kendall, and Athena Hunter for allegedly operating an illegal advisory scheme. The emergency Order is entered to stop the company and its representatives from threatening immediate and irreparable harm to the public.


The action alleges the company and its representatives are engaging in illegal and fraudulent scheme targeting elderly persons and other investors.  In one instance, the suit alleges the company financially exploited an 80 year old senior citizen into transferring almost $850,000 for investment into Metals.com. The elderly victim did not understand the investment opportunity and was not advised that the company intended to transfer the majority of her assets into their precious metals investments.


The action alleges Metal.com “cold-called” elderly persons (ages range from 65-90 years old) and solicited investors through their website offering precious metals investment opportunities. They claim precious metals investment is more reliable than securities investments and these opportunities preserve value regardless of market fluctuations. They also claimed precious metals investments will be a better hedge against inflation and devaluation of the dollar. They assisted in contacting the investor’s dealers and investment advisers and facilitating the liquidation of their retirement accounts and to transfer funds.


The company allegedly is acting as an investment advisor without being registered with the Securities Commissioner.


Details regarding the order are available here.



Date of Action: 5/1/2019

Agency: Texas Securities Division
Description:

On July 1, 2019 the Texas State Securities Board issued an order and rescission offer requiring Metals.com to offer a full refund of the initial money invested to 84 Texas investors. The order also states Metals.com is immediately to cease and desist from acting as an investment adviser in Texas unless and until they register with the Securities Commissioner or are found exempt from registration.



 



Details of the order are available here.



Date of Action: 6/1/2019

Agency: Arkansas Securities Department
Description:

On March 9, 2020, the Arkansas Securities Commissioner issues a Cease and Desist order against the company concerning unregistered investment adviser activity and the sale of securities through the omission of material information.  The company is ordered to cease and desist from advertising and/or assisting in the selling of securities held by Arkansas residents until the proper registration is obtained and they must cease using misstatements and omitting information.



 The Department received information from at least ten Arkansas residents who liquidated their securities holdings in retirement accounts in order to make purchases of precious metals upon the advice of company representatives.  The company was not properly registered when it advised and assisted residents in selling securities and purchasing precious metals. In addition, the action alleges the company omitted or misstated material information concerning the mark-up or spread that would be charged by the company for coin and bullion bars and the risks involved in investing.



The case is currently pending and details are available here.



 



Date of Action: 3/9/2020

Comments and Analysis

Business Consumer Alliance urges anyone considering investing to use caution. It is important that you do your research before buying gold stocks and funds, bullion and bullion coins, or collectible coins.
Here are a few tips to consider:
• If you are buying bullion coins or collectible coins, ask for the coin's melt value which should be available.
• Choose a reputable dealer or financial advisor that has specialized knowledge.
• Search online for the business name using words like "review", "complaint", "lawsuit" or "enforcement". This can reveal much information about the business and potential problems.
• Obtain your own independent appraisal of the specific product you're considering. The seller's appraisal might be inflated.
• When considering investing thing about additional cost for items such as insurance, a safe deposit box, or offsite storage rental to safeguard bullion, etc. These costs will cut into the investment potential.
• Avoid high pressure sales tactics and walk away from sales pitches that minimize risk of investing. Any reputable dealer or seller will be upfront about the risks.
• Always get a receipt for your transaction.

Other Considerations

We know of no other matter or practice relating to this company that may assist you in your consideration of this company.

Industry Resources
Advertising Reviews
Additional Info

DBAs:

Chase Metals, LLC
Stuttgart Industrial, Inc.
TMTE, Inc.
Chase Metals, Inc

Websites:

Contacts:

Conor Oreilly (Compliance Manager / Inhouse Counsel)
David Weiss (Chief of Global Compliance)
Gerald Pitts (Director)
Graham Norris (CEO)
Randy Kohl (Senior Portfolio Manager)

Other Categories:

Addresses: