Disclosure: Some of the links you’ll encounter are affiliate links. If you click and buy something, I’ll get a commission. If you’re reading a review of some precious metals company, please understand that some of the links are affiliate links that help me pay my bills and write about what I love with no extra cost to you. Thank you!
Lear Capital lawsuits…
Are there any?
Are there plenty of lawsuits filed against this gold IRA company? Is Lear Capital a pyramid scheme?
Read my Lear Capital lawsuit guide below to find out.
- Lawsuit 1- Attorney General James Sues Lear Capital and Founder for Defrauding New Yorkers Out of $10 Million in Precious Metal Investment Scam
- Lawsuit 2- French v. Lear Capital, Inc. et al
- Lawsuit 3- THE PEOPLE OF THE STATE OF CALIFORNIA VS LEAR CAPITAL, INC., ET AL.
Table of Contents
Lear Capital Lawsuits
I found 3 lawsuits Lear Capital were involved in.
I detail them right below.
Lawsuit 1- Attorney General James Sues Lear Capital and Founder for Defrauding New Yorkers Out of $10 Million in Precious Metal Investment Scam
New York Attorney General Letitia James has filed legal action against Lear Capital and its founder Kevin DeMeritt, alleging the company defrauded nearly 1,000 New York residents of approximately $10 million through deceptive precious metals investment schemes.
The lawsuit claims Lear Capital specifically targeted elderly New Yorkers and their retirement savings, convincing them to invest in precious metals and coins while concealing commission fees as high as 33 percent. These hidden charges, buried in legal documentation and confirmation recordings, immediately reduced investors’ holdings by up to one-third of their initial investment. The company generated roughly $10 million in profits from over $43 million in sales through these undisclosed fees.
According to the Attorney General’s office, Lear Capital operated this scheme while failing to obtain required registrations as a commodity broker-dealer, investment advisor, or telemarketer under New York law. The company allegedly misled investors by claiming their success was aligned with investor interests, when in reality the business model profited from the substantial hidden commissions.
The petition describes additional deceptive practices, including coaching investors on responses to questions, creating non-standard financial terminology, and issuing invoices that obscured commission information. Attorney General James has filed the lawsuit in Erie County State Supreme Court and is seeking a temporary restraining order to halt the company’s operations immediately.
The legal action seeks permanent prohibition of Lear Capital’s New York operations, full restitution for affected investors, disgorgement of profits, damages, penalties, and associated costs.
Lawsuit 2- French v. Lear Capital, Inc. et al
On April 28, 2021, French initiated a civil lawsuit regarding securities and financial instruments against Lear Capital, Inc. The case was filed in the U.S. District Court for the Northern District of New York. Judges David N. Hurd and Daniel J. Stewart oversaw the proceedings. The case has been closed.
No more info is available about this Lear Capital lawsuit. I’ll update my guide once the verdict is reached and payout amounts are known.
Lawsuit 3- THE PEOPLE OF THE STATE OF CALIFORNIA VS LEAR CAPITAL, INC., ET AL.
On June 5, 2019, the State of California initiated a business contract lawsuit against Lear Capital, Inc. The case was filed in the Santa Monica Courthouse of the Los Angeles County Superior Court system in Los Angeles, California. Judges David J. Cowan, Mark H. Epstein, and Kenneth R. Freeman presided over the proceedings. The case has been resolved with a judgment entered and the matter disposed.
No more info is available about this Lear Capital lawsuit. I’ll update my guide once the verdict is reached and payout amounts are known.
Lear Capital Lawsuit Guide- Have Lear Capital Ever Been Sued? Is the Settlement Amount Public (Update)? Conclusion
There’re currently three lawsuits filed against Lear Capital.
It’s probable they’re a legit Los Angeles gold investment company that does good work for Americans looking to diversify their portfolios.
However, they did have some legal issues in the past and they were sued by entire states.
It’s up to you to decide what to do next.
I’ll make sure I update my Lear Capital lawsuit guide once a new lawsuit against this company drops.
In the meantime check out these other legit gold IRA companies:
- Preserve Gold (read my Preserve Gold lawsuit guide);
- Bishop Gold Group (read my Bishop Gold lawsuit guide);
- American Hartford Gold (read my American Hartford Gold lawsuit guide);
- Augusta Precious Metals (read my Augusta Precious Metals lawsuit guide).
References:
- Lawsuit 1- attorney General James Sues Lear Capital and Founder for Defrauding New Yorkers Out of $10 Million in Precious Metal Investment Scam- https://ag.ny.gov/press-release/2021/attorney-general-james-sues-lear-capital-and-founder-defrauding-new-yorkers-out
- Lawsuit 2- THE PEOPLE OF THE STATE OF CALIFORNIA VS LEAR CAPITAL, INC., ET AL.- https://unicourt.com/case/ca-la23-the-people-of-the-state-of-california-vs-lear-capital-inc-et-al-392960
- Lawsuit 3- French v. Lear Capital, Inc. et al- https://unicourt.com/case/pc-db5-french-v-lear-capital-inc-et-al-895484
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.
