Rosland rejects all of the complainant's allegations, and sees no basis for any kind of refund.
As the complainant states in her complaint, she made a decision to sell some of her stocks to purchase gold and silver in her IRA. The rest of her allegations against Rosland are not true.
With the consent of the customer, Rosland makes and retains recorded confirmations of every transaction in order to confirm the name and address of the account holder, and to disclose and explain, among other terms and conditions, a recommended hold period for precious metals of at least 3-5 years, fees, risk of market fluctuation, buyback policy, and description of product, to which the customer must agree to and acknowledge before the transaction can be finalized. Accordingly, there is a recorded confirmation covering these matters with respect to the transaction that the complainant mentions, in which the complainant clearly acknowledges: Do you understand that coins and precious metals are a long-term purchase and should be held for at least 3 to 5 years and that Rosland is not an investment or financial advisor and has no fiduciary obligation to its Customers? (YES)
Do you understand the decision to purchase or sell is subject to your own research and judgment? (YES)
Do you understand that our cost to ask spread (meaning the difference between the price you pay for the coins and the price Rosland paid to acquire coins) typically ranges between 17% and 25%? (YES)
After this, Rosland's account representative clarified that the cost to ask spread on her purchase was in fact 23.73%, as approximately $5,900.00 in silver bullion was sold to the complainant with no fee or spread.
In addition, the complainant acknowledged the following: Do you understand that it is Rosland's current policy to re-purchase from you any precious metals that you purchased from us, at the then current market value determined by us on the re-purchase date? Due to market conditions and other factors, you may receive less than what you originally paid. The current buyback price is below the price you are paying.
In the same recorded confirmation, Rosland asks that the customer read, sign and return Rosland's Customer Agreement, which provides a comparable disclosure regarding fees, the risk of market fluctuation, and Rosland's buy-back and refund/return policies. In addition, Rosland sends to every customer an invoice of products purchased, also disclosing fees and a recommended hold period of at least 3-5 years and a risk of market fluctuation. With respect to her 1/3/2019 transaction, the complainant signed and returned the Customer Agreement and was sent the applicable invoice.
The complainant is requesting a refund more than a year after her purchase in January 2019, nearly a year after her coins were deposited on her behalf at the depository on 3/22/2019, and after having sold all silver coins in August 2019, and the remaining gold coins in November 2019. Rosland's Refunds and Returns policy is as follows in Rosland's Customer Agreement signed by the complainant: "Rosland provides Customer the right to receive a full refund of the Purchase Price for the return of undamaged and unused Products; provided, however, that Rosland receives written notice of the Customer's intention to return the Products within seven (7) days after the date that Customer receives the Products. Customer's "receipt" of the Products is deemed to occur at the earliest of: (a) the date that Customer receives actual possession of the Products or (b) the date that Customer receives written confirmation from Rosland that the products have been deposited on Customer's behalf in an independent depository. Rosland shall, upon written notice of cancellation and receipt of the Products in the same condition as delivered, issue a full refund of the Purchase Price to Customer within thirty (30) days of the date of Rosland's receipt of notice of cancellation from Customer." Rosland received no such notice. In this case, the complainant had more than three months to request a refund after her 1/3/2019 purchase.
The complainant also asserts that she received no response from her account representative's superior at Rosland. This is also not true. As Chief Compliance Officer, I have had numerous, lengthy conversations with the complainant since April 2019, answering her questions, addressing her concerns, and processing her liquidations.
As a courtesy, and under no obligation to do so, Rosland paid the IRA custodian's termination fee after the remaining metals were liquidated, and the complainant transferred her funds to another IRA custodian.
In light of the foregoing, Rosland sees no basis for any kind of refund, as the complainant's purchase and subsequent sale were in the ordinary course of business, and Rosland has done nothing improper in connection with the complainant's purchase or subsequent sale.