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Rosland Capital LLC complaints

11766 Wilshire Blvd., Suite 1200
Los Angeles, CA 90025
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(888) 501-8947

http://www.roslandcapital.com

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Total Amount in Dispute:
$339,669.00

Total Amount Settled:
$339,669.00

Complaint Experience

100%

Complaint Resolution Index (CRI)

BCA's Summary and Analysis:

Our complaint history for this company shows the company gave proper consideration to complaints presented to them.

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Complaint Closing Statistics

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

11 complaints against Rosland Capital LLC

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3/24/2020

RESPONSE: Refuse to adjust, relying on terms of agreement Amount in Dispute: $29,800.28 Amount Settled: $29,800.28

Customer Complaint

2/20/2020

In December of 2018 due to slow stock market, I transferred my investment to Roseland Capital, a Sr. Acct Rep took care of the transfer. I did inform acct rep that I knew nothing about investing in gold, and I repeated this several times during numerous telephone conversation I had with her. The acct rep never told me that her company would charge me $29,800.28 fee for this transfer, the only fee she discussed with me was the annual fee, which was around $300.00, after I signed the contract she informed me that her and her company have to make money too, so this would cost me $29,800.28 which she deducted it from my investment. I filed a complaint with Finra, but they sent my complaint to Commodity Futures Trading Commission. No one there is responding either. The acct rep concealed this information from me until it was too late, I also filed a complaint with her boss, but no response was ever received except that acct rep is very thorough. The acct rep was aware of lack of knowledge on my part related to gold investment, if she had told me from the beginning, I would have never agreed to the contract, but she concealed this information until it was too late and I had already signed the contract.There is a recorded phone conversation with acct rep at the time I agreed to the contract, even then she did not tell me of the amount of the fee. The concealment of this vital information, on her part is unethical. Resolution Sought I would like someone to listen to the recording conversation, and tell me where acct rep provided me with the amount of the fee. I am confident that she did not. Knowing that I repeatedly informed the rep that I had no knowledge of gold investment and what the procedures are to move my money, knowing that she knew how much I was going to invest she should have told me about the $29,800.28 fee upfront. But she did not, until after I signed the contract. Roseland should pay the total fee back to m

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Company Response

3/6/2020

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.

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Customer Rebuttal

3/16/2020

I do not agree with the response I have received and as they have admitted in their response, that no where during the recorded conversation, Rep explained the dollar amount of the charge to me which was $29,800.26. She always spoke in codes that only people who are familiar with this program understood and she knew that I did not understand as to how this program worked. As far as the response from officer I sent a very extensive e-mail to company in April of 2019. I explained to him my disagreement with the amount of the fee, officer never responded to my e-mail to address my concerns, his only response was that rep is very detailed oriented. My response to officer was that obviously rep was no not detailed oriented enough otherwise she would explain the dollar amount of the fee to me as she knew and was 100 aware of the lack of knowledge that I had related to the process and procedures at Rosland Capital. The above response to me means, too bad that I did not understand the process. When officer received my e-mail in April of 2019, why did he not address the cancellation period to me?

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Company Final Response

3/20/2020

Rosland relies on all of the details in its initial response, and rejects the complainant’s additional allegations, as they are not true. The complainant’s rebuttal seems misplaced, in that, as Chief Compliance Officer, I immediately spoke with the complainant in response to her email in April 2014, addressing all of her concerns and answering all of her questions, ultimately having numerous lengthy discussions and sending numerous detailed emails over the course of the next several months, in response to her questions, concerns, and allegations, often referring to the disclosures and explanations on her invoice and Customer Agreement in her possession. The complainant did not request a refund, nor did she ever mention the refund policy (In Bold Heading, number 4 on her Customer Agreement), rather, she sought to understand the nature of her purchase, each time thanking me for my thorough explanations, time spent on the phone with her, and responding to her emails. The complainant also acknowledged that the buyback value of her coins had increased significantly in the time she held the coins in her precious metal IRA, and that the buyback value of her coins was in fact approximatel

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2/13/2020

RESPONSE: Agreed to make an adjustment Amount in Dispute: $25,432.00 Amount Settled: $25,432.00

Customer Complaint

1/8/2020

On 1/30/2015, I purchased 22 Gold Coins for $25,432.00. They turned out to be half of coins that at $1,156.00 an Oz, which was worth $12,716.00. Exactly half of my purchase price. This equals a 100% mark up! I was mislead and stolen from. Resolution Sought I wouild like an investigation of this complaint to my satisfaction, which is being offered $15,000 for a purchase of $25,432.00 is ridiculous! I want more money back, so I can be satisfied with this entire deal.

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Company Response

2/3/2020

Rosland has spoken at length with the complainant regarding his 2015 purchase, clarifying details, terms, and market conditions, and is currently sending duplicates of his signed customer agreement and invoice per his request.

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