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My wife and I are both seniors. She is 68 and I am 73 and we…

My wife and I...

My wife and I are both seniors. She is 68 and I am 73 and we live out in Wickenburg AZ. We have been taken advantage of financially and I think we could be victims of fraud. We trusted Landmark Capital Gold Group (LCGG) of Phoenix AZ with our life savings. They were suppose to convert the cash in our IRA to an asset in the form of gold coins of equal value and put it in our self directed IRA. This was supposed to protect our life savings from government confiscation. My IRA was worth $116,469.05 and my wife’s was worth $48,979.12. The fist problem is we were not told what coins were going to comprise the assets. The second problem is that we were not told the price of each coin in the asset. We trusted LCGG to give us assets in our IRA’s worth the value of the cash we had in our old IRA’s. David Fischer, CEO of LCGG, brought the coins to our home and gave us an invoice with the coins listed with the price each one is worth. This is where I believe the fraud was committed. LCGG misrepresented the value of assets and you would only find out the true value of the coins when you sold them. The fact is there is no place on earth you could sell the coins in our assets for the price LCGG claims they are worth. One of the main reasons you are kept in the dark about the value of the assets is because we received yearly statements that show the fair market value is about the value of the initial price. For example, my wife’s asset was stated to be worth $48,404.12 and now if I wanted to sell the asset it is worth $23,575.00. I checked the price when we were given the asset using the PCGS prices for the coins then and now. It appears the coin prices are of plus grade coins. There is a big difference between a regular grade coin and a plus grade coin. The value of the asset coins were inflated above their true value by a substantial amount. For example a 1926-S MS64 today has a PCGS value of $8,500, but the same coin with a plus grade is worth $11,000. The only one who benefited from the transaction was LCGG and I have to say it caused my wife and me much anxiety and sleepless nights. I have documented everything I could that pertains to this deal and have quite a bit of material. The total of our assets when they were converted to coins was $165,089.12, now the same assets have a LCGG sale price of $88,080.00 and that is a loss of $77,009.12. I compared the PCGS prices from July 2015 to present prices and they did depreciate $22,705.00 and that is acceptable, but that is a far cry from $77,009.00. That leaves $55,000 missing. I contend that the inflated prices we were charged when the cash was converted to coins allowed LCGG to drain the cash from our IRA’s, this is when LCGG benefited from the difference between the inflated price and the actual value of the assets. We thought the value our assets were secure because of the reports we received yearly. They show the value to be close to the original value. I am sure there are more seniors that have been taken in by this type of business transaction and I hope something can be done about this type of behavior.
Thank You
James & Phyllis Klaus
what can be done about this?

Lawyer's Assistant: Because education law varies from place to place, can you tell me what state this is in?

Arizona, wickenburg

Lawyer's Assistant: What steps have you taken so far?

I have not done anything yet. I had planned on putting this on BBB. But i'm not sure how to proceed.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

That is the info I have now, but I have more research about the deal.

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Answered in 10 minutes by:
3/14/2018
Law Educator, Esq.
Category: Consumer Protection Law
Satisfied Customers: 125,859
Experience: Attorney experienced in commercial litigation.
Verified

For starters, the company does have an A+ rating with the Better Business Bureau, see: https://www.bbb.org/phoenix/business-reviews/investment-advisory-services/landmark-capital-gold-group-in-phoenix-az-1000036235

If you can show the company misrepresented the value of the coins to you when making up your portfolio, then yes, this is indeed fraud or misrepresentation and it can also be deemed financial abuse of the elderly as well. You would need to prove the misrepresentation based on the terms of the contract with them and the fact you relied on them to provide you coins of the value they stated, since they were coin experts not you.

You can start here by demanding a refund from the company based on what you said above. If the company does not respond, your next step is contacting Adult Protection Agency in AZ and also the AZ attorney general for investigation AND the Better Business Bureau.

If those three complaints do not resolve the claims you have, THEN you would need a local attorney to file suit against the company for fraud or misrepresentation and the damages they caused you to suffer.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

Law Educator, Esq.
Category: Consumer Protection Law
Satisfied Customers: 125,859
Experience: Attorney experienced in commercial litigation.
Verified
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