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Is American Bullion a scam? Are they legit? Are there any complaints and lawsuits against this top gold investment firm?
My guide below will tell you everything you need to know.
Use these jump links to get around the article faster.
- American Bullion lawsuit;
- American Bullion complaints.
Table of Contents
American Bullion Lawsuits
While doing my research I found several lawsuits American Bullion was involved in. II detail them all right below.
American Bullion, Inc. v. Regal Assets, LLC et al, No. 2:2014cv01873 – Document 34 (C.D. Cal. 2014)
The plaintiff, American Bullion, Inc., and the defendants, Regal Assets, Kelly Felix, and Tyler Gallagher, are business competitors in the industry of adding precious metals to individual retirement accounts and converting existing retirement accounts into precious metals. American Bullion generates business mainly through word-of-mouth and by promoting itself online, including through third-party affiliates who are paid for referred business.
American Bullion alleges that Regal Assets, of which Felix is a part owner and Gallagher is the CEO, has created and operates affiliate websites that falsely advertise for Regal Assets and disparage American Bullion. Although the websites purport to contain independent consumer reviews, American Bullion contends they are not independent at all and that Regal Assets does not disclose its connection to the sites. The reviews praise Regal Assets and criticize American Bullion’s services, with some allegedly containing false information and others plagiarizing content. American Bullion argues there is unity of interests between Regal Assets and Gallagher and Felix such that the individuals are alter egos of the company. Defendant Felix has not participated in the legal action.
You can read the entire lawsuit here.
AMERICAN BULLION INC VS AMERICAN INTERNATIONAL BANK, ET AL
On August 25, 1993, American Bullion Inc. filed a business contract lawsuit against American International Bank. The lawsuit was submitted to the Los Angeles County Superior Court at the Stanley Mosk Courthouse in Los Angeles, California. Judge David A. Workman oversaw the case, which has since reached a disposition of being dismissed or dropped.
MORGAN GOLD LLC VS AMERICAN BULLION LLC ET AL
On May 11, 2011, Morgan Gold LLC filed a business contract lawsuit against American Bullion LLC. The lawsuit was submitted to the Los Angeles County Superior Court at the Stanley Mosk Courthouse in Los Angeles, California. Judge Abraham Khan oversaw the case, which has since reached a disposition of being dismissed or dropped.
Is American Bullion Legit? Are They a Scam? Why Aren’t There More Lawsuits Against This Gold IRA Company?
American Bullion is a legit gold IRA company. They’re not a scam.
There aren’t that many lawsuits against them because American Bullion are legit and they do good service for people who want to diversify their portfolios and retirement portfolios with precious metals (especially gold and silver).
American Bullion has excellent scores on popular consumer watchdog websites:
- BBB- A+
- Trustpilot– 4.8/5.
- Trustlink– 5/5.
- Yelp- 3.3/5.
American Bullion Complaints and Negative Reviews
Not everyone is happy with American Bullion. There are a handful of complaints and negative reviews to be found on popular consumer watchdog websites.
I hand-picked and detailed several of them right below.
Here’s someone who complains they’ve been misled about the worth of American Eagle Proofs and consequently lost a lot of money because of it.
The person is not happy at all and wishes the person in question (an employee working for American Bullion at the time) ) will someday receive their comeuppance.
Here’s someone who complains they’ve had negative experiences with 3 different American Bullion staff members.
They feel dejected and in their own words
“I would never recommend this company to anyone, as I know of at least three employees/consultants/managers (not sure the correct titles) that are rude and argumentative and misleading because I tried to speak my concerns.“
Here’s someone’s long complaint where the person says they lost a lot of money through investing in gold with American Bullion.
Not only that, the person says they had trouble with some of the staff who weren’t that pleasant to talk to, and who’ve even been rude to them.
The person doesn’t appreciate at all being called a liar and is generally confused as to what happened.
Here’s someone who complains they’ve lost a lot of money when investing in gold with the help of American Bullion.
Namely, they moved $75,000 out of their stock IRA to invest in gold. After a few years when the price of gold sufficiently rose, the customer decided to cash out and make a hefty profit.
To their surprise, they were offered $ 72,000 to buy back their precious metals. The customer is pissed and complains of all the fees they had to pay to American Bullion.
Here’s someone who complains they overpaid for some gold and silver coins they were persuaded to buy from an American Bullion staff member. Later when they decided to sell these coins they were offered a dismal price for them (only $2 over the spot price).
American Bullion Lawsuit and Complaints (Conclusion)
American Bullion is a legitimate gold IRA company.
They’re not a scam, there are very few negative reviews and complaints against them, and they’ve only been sued a handful of times in total.
The one major lawsuit American Bullion has been involved in was the one they filed against Regal Assets, one of their competitors, who were using unethical marketing to get more clients.
Have experience with American Bullion?
Share it in the comment section below.
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Nikola Roza
Nikola Roza is a blogger behind Nikola Roza- SEO for the Poor and Determined. He writes for bloggers who don't have huge marketing budget but still want to succeed. Nikola is passionate about precious metals IRAs and how to invest in gold and silver for a safer financial future. Learn about Nikola here.
I didn’t have any experience with American Bullion.
However I was getting the hard sell from someone on Facebook.
To the point I suspected something fishy.
Hi Alan,
yes, these gold IRA companies are often quite aggressive when advertising to people whom they consider potential future customers. Aggressive advertising doesn’t make these companies scams, but it is annoying.