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Do you deal with conflicts between client and precious metal…

Customer Question
Do you deal with...

Do you deal with conflicts between client and precious metal broker/dealer?

Lawyer's Assistant: What state is this in? It matters because laws vary by location.

The Client is in SC and the broker is in TX.

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

After my broker sold a precious metals IRA Proof Coins at a 54% loss and replaced with non-proof gold Am. Eagles, communications have gotten to next to nothing for an explanation.

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

The account of which we speak initially were cashed-in IRA annuity accounts ($100+). The Proof Coins and Sets were valued at $66K melt value. Once the conversion from Proofs to non-proof coins, the melt value of the account was listed as less than $30K.

Submitted: 2 months ago.Category: Legal
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Customer reply replied 2 months ago
The broker who converted the IRA annuities into IRA precious metal proof coins was with Swiss America. I have no complaints with that broker. After my husband passed June, 2017, my husband's original annuity IRA was transferred to my IRA account with Gold Star Trust. My broker from Universal Coin of a decade+ converted the Proof Coins to non-proof coins at a 54% loss to me. Since I inquired about the loss, the line of communication has resulted in next to nothing with no substantive explanation for the loss?
Answered in 1 day by:
3/25/2018
Lawyer: Josie-Mod,
 replied 2 months ago
Josie-Mod
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Hi, I'm Josie, a moderator for this topic.
I've noticed you have not yet received a response to this question.
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If you are, please let me know. If not, feel free to let me know and I will cancel this question for you.
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Lawyer: Legal Eagle, Lawyer replied 2 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 12,191
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today.

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only. What specific questions did you have? I have an idea about your situation, but I don’t want to make any assumptions.

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Customer reply replied 2 months ago
Thank you for your reply. I am having communications and response problems with 'soon not to be' my broker, Kirk Hampton, at Universal Coin. My husband converted his original IRA into Augusta Precious Metals Home Held LLC IRA in late 2015. After Steve's death June, 2017, I got nervous about having the precious metals in the bank and safe at home (particularly since the home was vacant 4-5 months of the summer). Kirk suggested shipping the metals to Universal Coin in July at which time the Canadian Silver metals were converted into Gold American Eagles. That went fairly smoothly until Steve's other Annuities IRA at Gold Trust was transferred over to my IRA account. Last August, 2017, Steve's Gold Proof Coins were converted into non-proof gold coins at a 54% loss to me.The broker who converted the IRA annuities into IRA precious metal proof coins was with Swiss America. I have no complaints with that broker. My broker from Universal Coin of a decade+ converted the Proof Coins to non-proof coins at a 54% loss to me. Since I inquired about the loss, the line of communication has resulted in next to nothing with no substantive explanation for the loss?Kirk promised to submit an inquiry of the transaction to his boss, Dr. Mike Fuljanz, I have not received that report. Two weeks ago, Kirk promised a 2-3 day evaluation report of the two accounts, ear-marking the melt and market values. Nothing has been received.Are there any procedures that I can take to strongly encourage what was promised? Would the BBB be a route to go and what else?
Lawyer: Legal Eagle, Lawyer replied 2 months ago

Thanks so much. Did they make any promises to you that they would get a profit when they were converted to non-proof gold coins?

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Customer reply replied 2 months ago
Typically, brokers only get a commission on the sale of coins, not a client cashing in.
Lawyer: Legal Eagle, Lawyer replied 2 months ago

I understand. So, did they make any promises to you that they would get a profit when they were converted to non-proof gold coins?

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Customer reply replied 2 months ago
I will hold on that decision until Monday PM or later at ur convenience. I’m hoping Mon. will show some progress. Can I do that?
Lawyer: Legal Eagle, Lawyer replied 2 months ago

Sure thing.

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Customer reply replied 2 months ago
To ur most recent question. Their profits were not discussed. Probably my fault, but a 54% loss?
Lawyer: Legal Eagle, Lawyer replied 2 months ago
I see. Did they provide you any reason as to why there was such a loss?
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Customer reply replied 2 months ago
I’ll speak with u Mon. PM. Thank you.
Lawyer: Legal Eagle, Lawyer replied 2 months ago
Great!
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Customer reply replied 2 months ago
The reason for the great loss has been my consistent request with no answer. Talk to you Mon. PM. Thank You.
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