January 19, 2022 12:00 PM ET
POWERED BY LAW.COM Legal Newswire
Silver Law Group and Weinberg, Wheeler, Hudgins, Gunn & Dial have filed multiple arbitrations on behalf of investors who have suffered losses investing in precious metals and coins purchased through Safeguard Metals. Silver Law Group and Weinberg, Wheeler, Hudgins, Gunn & Dial continue to investigate potential claims on behalf of more than a dozen other investors.
Safeguard Metals is a California-based company that sells precious metals to investors, often in the form of “rare” or numismatic coins, as so-called retirement investments. The Safeguard website presents the investments as a way to “protect against uncontrolled government spending and the dizzying printing of money by the Federal Reserve”.
Silver Law Group and clients of Weinberg, Wheeler, Hudgins, Gunn & Dial hoped to see a return on their investment, or at least for the metals to maintain their value, but instead suffered substantial losses primarily due to complex and hidden charges, undisclosed commissions and/or mark-ups. Investors have lost substantial amounts of their principal due to their purchases of Safeguard.
Our lawyers represent investors who allege that Safeguard Metals sales agents assured them that these investments were safe and would be profitable. We are now pursuing claims against Safeguard Metals for substantial losses suffered by our customers. The plaintiffs’ allegations include claims of violation of the Trade in Goods Act, fraud and negligent misrepresentation. Among other misrepresentations, investors allege that Safeguard Metals misrepresented the value of the coins at the time of purchase.
Precious metal scams
According to the CFTC, possible persuasion tactics indicating fraud or scam include:
- Dangle the prospect of wealth and lure you in with something you want, but can’t have. “This purchase of gold is guaranteed to increase to double what your current investments do.”
- Trying to build credibility by claiming to be from a reputable company or have a particular qualification or experience.
“Believe me, as Senior Vice President of XYZ Metals Merchant Inc., I would never sell an investment that is not producing.”
- Letting you believe that other knowledgeable investors have already invested.
“That’s how Bob on Your Street got his start. I know it’s a lot of money, but I’m in and so are half of our club.
- Offer to do you a small favor in exchange for a big favor. “I’ll give you a discount on my commission if you buy now – half price.”
- Create a false sense of urgency by asserting a limited supply.
“There are only two units left and the Asian market is about to open, so I would sign up today.”
Precious Metal Fraud Lawyers
Silver Law Group and Weinberg, Wheeler, Hudgins, Gunn & Dial currently represent Safeguard Metals investors in arbitration claims against the company, seeking to recover their losses. We are happy to talk to investors by phone or videoconference about their legal rights and about arbitration claims we have filed against Safeguard Metals.
Our attorneys have significant experience in recovering money from investors due to misconduct by precious metals companies such as Safeguard Metals. If you have suffered losses and would like a confidential consultation with an investment fraud attorney who is passionate and experienced in defending injured investors, call money law group free of charge at (800) 975-4345 or email [email protected].
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