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Is JM Bullion a scam? Or are they legit? Are there any lawsuits, complaints and negative reviews against this excellent gold investment company?
Read my guide below to find out.
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Table of Contents
JM Bullion Lawsuits
While doing my due diligence I found 5 lawsuits JM Bullion was involved in. There could be more in the works, but they haven’t been published online yet.
I detail these lawsuits and trials right below.
Lawsuit 1- Suk v. JM Bullion, Inc.
Plaintiff Samuel Suk filed a lawsuit against JM Bullion, Inc. alleging they breached a contract. The plaintiff claimed JM Bullion failed to deliver the gold bars which they bought. The precious metals dealer denies the accusation (read the full lawsuit here).
JM Bullion asked the court to dismiss the complaint, arguing that even if all the facts Samuel Suk alleged are true, they do not amount to a legal breach of contract claim. The court has authority over this case based on the parties being from different states and the amount of damages requested.
The parties also agreed to let a magistrate judge decide the case instead of a district court judge. The court denies JM Bullion’s request to dismiss the complaint, for reasons explained in the full order.
Lawsuit 2- Old Republic Nat’l Title Ins. Co. v. JM Bullion, Inc.
In early 2013, two or more individuals stole the identities of Mehrdad Saghian and Stephanie Jarin and contacted 1st Point Lending about refinancing property owned by Saghian and Jarin in Beverly Hills. 1st Point contacted the lender OK LLC, which agreed to provide a $2 million cash-out refinance loan. Escrow companies Greater LA Escrow and Title 365 opened escrow for the loan.
On February 5, 2013, OK LLC transferred $2 million into the Title 365 escrow account. Title 365 then transferred about $1.98 million to Greater LA Escrow’s account. On February 6, Title 365 issued a title insurance policy to OK LLC. Greater LA Escrow wired about $1.87 million in net loan proceeds to a falsely opened Comerica Bank account in Saghian’s name.
On February 12-13, an imposter posing as Saghian purchased over $345,000 in gold coins from Apmex, wiring funds from the fake Saghian Comerica account. Apmex shipped the coins to a mailbox in San Marino. Around the same time, an imposter posing as Saghian purchased over $773,000 in gold coins/bullion from JMB, also wiring funds from the fake account. JMB shipped to the same mailbox.
On March 8, the real Saghian and Jarin reported their identities were stolen and their signatures forged. On March 26, OK LLC made a claim under the ORIC insurance policy. ORIC paid the claim on June 19 without investigating the loan.
In August 2015, ORIC sued JMB, Apmex, and 1st Point for recovery, but not the escrow companies. ORIC asserted conversion, constructive trust, and restitution claims against JMB and Apmex. In September 2017, summary judgment was granted in favour of JMB and Apmex.
“The court found there was no evidence JMB was subject to the Bank Secrecy Act and the AML statutes at the time of the transactions. The court pointed out that the declaration of ORIC’s expert Dennis Lormel conceded as much. The court further found that if JMB “was not required to make a reasonable investigation under the statutes, then Defendant JM Bullion is only charged with the knowledge of reasonable investigation if there were ‘facts sufficient to arouse the suspicions of a reasonable person’ such as ‘red flags”.
Lawsuit 3- Precious Metal Trader JM Bullion Acknowledges Breach
In a letter to the Montana Department of Justice, precious metals company JM Bullion disclosed that an unknown amount of customer data was compromised in a data breach earlier this year.
A malicious code was found on JM Bullion’s website between February 18 and July 17, 2022, that was capable of skimming customer payment information during purchases. The compromised data included names, addresses, account numbers, expiration dates and security codes.
The breach was discovered on July 6 and affected customers who made purchases during that period. Only those customers were notified. The malicious code was permanently removed on July 17.
It is unclear how the attacker gained entry, but it was likely through outdated or vulnerable WordPress plugins according to one expert. This highlights the importance of software updates, security best practices, and threat detection.
The extent of impacted customers is unknown, but JM Bullion ships over 30,000 orders per month to over 500,000 customers.
Experts expressed concern over the 5-month breach duration and 3-month notification delay. Quicker threat detection and response could have prevented potential customer damage. Some believe JM Bullion has security gaps and should implement behavioural analytics.
One expert suggested processing payments separately from the main website through a specialized hardened service using multifactor authentication. This could better protect financial data.
“The attack against JM Bullion is concerning for two main reasons. The first is the five-month dwell time the attackers had between initially compromising JM Bullion’s website and the eventual remediation. The second is the additional three months between their remediating the breach and notifying the users who may have been affected,” Saryu Nayyar, CEO of security firm Gurucul.
Lawsuit 4- NEWMAN VS JM BULLION, INC.
On February 26, 2021, Newman filed a breach of contract lawsuit against JM Bullion, Inc. The lawsuit was registered at the Kern County Superior Courts, specifically the Kern County Metropolitan Division located in Kern, California. The case has since been disposed of with a judgment entered by the courts.
Lawsuit 5- Carrillo -v- JM Bullion, Inc. et al
On May 20, 2021, Carrillo filed a breach of contract lawsuit against JM Bullion, Inc. The lawsuit was registered at the San Bernardino County Superior Courts, in an unspecified department located in San Bernardino, California. The case was overseen by Judge John M. Pacheco. The current status of the case is that it has been dismissed by the courts.
Note: these are the 5 lawsuits I was able to find JM Bullion was involved in. Once more lawsuits against JM Bullion drop I’ll make sure to update my article here.JM Bullion lawsuits explained- has JM Bullion ever been sued? #silverira #goldira Click To Tweet
Is JM Bullion Legit? Are They Scam? Why Aren’t There More Lawsuits Against This Gold IRA Company?
JM Bullion is not a scam. They’re a legitimate gold investment company. There aren’t more lawsuits against them because JM Bullion is a legit enterprise helping Americans diversify their portfolios with precious metals.
JM Bullion also have excellent scores on popular consumer watchdog websites.
- BBB– 4.54/5 based on 488 customer reviews.
- Trustpilot– 4/5 based on 1092 customer reviews.
- Sitejabber– 4.79/5 based on 3334 customer reviews.
- Trustlink- 1/1 stars based on 1 customer review.
- ConsumerAffairs- 2.5/5 stars based on 291 customer reviews.
Take a look right below.
JM Bullion Complaints and Negative Reviews
JM Bullion was founded in 2011.
This means they’ve been in business for 13+ years.
During that time they’ve gotten thousands of positive reviews on popular consumer watchdog websites. But during that time they also got 100+ negative reviews and complaints to their name.
I picked a few to showcase the major complaints people have about JM Bullion.
Here’s someone who says they’ve spent $240 with JM Bullion, but the payment was never fully completed.
Namely, the money was withdrawn from the account, but JM Bullion apparently didn’t register the purchase.
Here’s someone who complains JM Bullion is just trying to milk as much money as possible from their customers.
This person complains about the high markup JM Bullion has on their products. They also complain that even when the price of gold went up, JM Bullion kept it at the old price to “protect themselves from market loss”.
This buyer warns everyone to stay away from JM Bullion and not buy gold and other precious metals from them.
Here’s someone who complains the coins they received from JM Bullion were in poor condition, full of scratches and milk spots.
They even show images of coins they received from JM Bullion.
Here’s someone who complains JM Bullion shipped the wrong product to them, and now won’t correct the mistake they made.
Namely, this person ordered a 1-ounce bar of gold worth $2111.57 (they paid for 3-day fast shipping). However, JM Bullion sent them a 20-gram bar instead of the 1-oz bar. This customer feels it’s a clear mistake on the company’s part, but JM Bullion won’t own their mistake and will not send them the correct product the customer ordered.
Beneath this complaint on BBB there’s a whole thread of back and forth messages between this customer and JM Bullion’s staff (see the image below).
Here’s someone who complains about the delivery service JM Bullion uses to send precious metals to their clients. Namely, the postal service left the package on the front door (which is something they’re not supposed to do when delivering valuable items), and the package stayed there for more than 24 hours before disappearing.
This customer lost the precious metals they paid for and they blame JM Bullion for it.
Here’s someone who complains the JM Bullion staff were not able to help them in a timely and satisfactory manner.
Namely, they wanted to get some information about gold IRAs from JM Bullion, but they couldn’t because the staff members kept bouncing this person from one to another until the customer got tired of it and decided not to open a gold IRA account with JM Bullion.
I also found this thread from Reddit where a customer complained they didn’t receive the precious metals they ordered from JM Bullion.JM Bullion complaints and negative reviews guide- are customers complaining a lot about JM Bullion? #silverira #goldira Click To Tweet
JM Bullion Review (Summary)
JM Bullion review 2024 #goldira #silverira #nikolaroza Click To Tweet
JM Bullion Lawsuit, Complaints and Reviews- Is JM Bullion a Scam or a Legit (Conclusion)?
JM Bullion is an excellent precious metals dealer operating in the US market.
They have thousands of positive customer reviews on popular customer watchdog websites, alongside dozens of clearly negative reviews and complaints.
The overall sentiment about JM Bullion is largely positive and they also have very few lawsuits filed against them.
Have experience with JM Bullion?
Tell me about it in the comment section below.
Some more resources to read:
- Goldco Precious Metals Lawsuits, Complaints and Reviews Guide- Is Goldco Precious Metals a Scam or Legit?
- Advantage Gold Lawsuits, Complaints and Reviews Guide- Is Advantage Gold a Scam or Legit?
- American Hartford Gold Lawsuits, Complaints and Reviews Guide- Is American Hartford Gold a Scam or Legit?
- National Gold Group Lawsuits, Complaints and Reviews Guide- Is National Gold Group a Scam or Legit?
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- Augusta Precious Metals Lawsuits, Complaints and Reviews Guide- Is Augusta Precious Metals a Scam or Legit?
- Birch Gold Group Lawsuits, Complaints and Reviews Guide- Is Birch Gold Group a Scam or Legit?
- Rosland Capital Lawsuits, Complaints and Reviews Guide- Is Rosland Capital a Scam or Legit?
- Preserve Gold Lawsuits, Complaints and Reviews Guide- Is Preserve Gold a Scam or Legit?
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.