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In March 2023, the Securities and Exchange Commission (SEC) charged Red Rock Secured and several of its executives with a fraud scheme that targeted retirement accounts.
The SEC alleges Red Rock Secured misled their customers by convincing them to sell securities in their retirement accounts so they can purchase silver and gold at inflated prices.
Because of this embarrassment, lawsuits and ongoing trials Red Rock Secured rebranded as American Coin Co. and kept on doing business (American Coin Co. are now completely out of business and even their website isn’t working).
My Red Rock Secured lawsuit guide covers all the lawsuit RRS were involved in along with all the lawsuits American Coin Co were currently involved in.
And I keep my guide updated regularly.
Find out more below!
- Red Rock Secured (American Coin Co.) Lawsuit- what happened?
- Red Rock Secured Lawsuit 1- ASURE SOFTWARE INC VS RED ROCK SECURED, LLC, A NEVADA LIMITED LIABILITY COMPANY
- Red Rock Secured Lawsuit 2- RED ROCK SECURED, LLC, VS , ET AL.
Table of Contents
Red Rock Secured (American Coin Co.) Lawsuit- what happened?
The SEC secured a $76.4 million judgment against Red Rock Secured (now American Coin Co.) and its executives for defrauding retirement account holders between 2017 and 2022. The company, led by CEO Sean Kelly and managers Anthony Spencer and Jeffrey Ward, targeted at least 700 investors with over $50 million in losses.
Red Rock falsely advertised precious metal coins at modest 1-5% markups to protect retirement savings, when they actually charged markups as high as 130%. The scheme specifically targeted federal employee Thrift Savings Plans, 401(k)s, and IRAs, convincing investors to liquidate securities and purchase overpriced gold and silver coins.
Under the April 2024 consent judgment, defendants face permanent injunctions and substantial financial penalties. Red Rock must pay $50.15 million in disgorgement plus $6.11 million in interest and $10 million in civil penalties. Kelly owes over $3.5 million total and is banned from serving as a public company officer or director. Spencer and Ward face penalties exceeding $2.9 million and $1.5 million respectively.
The CFTC and California and Hawaii state regulators obtained parallel judgments in related proceedings. The SEC’s New York Regional Office led the investigation and litigation, demonstrating continued enforcement against precious metals investment fraud targeting retirement savers.
See the full lawsuit verdict here.
Here are some more lawsuits Red Rock Secured were involved in in the past.
Red Rock Secured Lawsuit 1- ASURE SOFTWARE INC VS RED ROCK SECURED, LLC, A NEVADA LIMITED LIABILITY COMPANY
Asure Software Inc. initiated a debt collection lawsuit against Red Rock Secured, LLC on May 24, 2024. The Nevada-based limited liability company was sued in the Los Angeles County Superior Court system, with proceedings held at the Norwalk Courthouse. Judge Lillian Vega Jacobs presided over the case, which has since concluded with a judgment entered in favor of the plaintiff. The case status indicates final disposition through judicial ruling.
Red Rock Secured Lawsuit 2- RED ROCK SECURED, LLC, VS , ET AL.
Red Rock Secured, LLC filed a personal injury lawsuit on July 27, 2021, in the Los Angeles County Superior Court at the Stanley Mosk Courthouse. The defendant information appears incomplete in the court records. The case was ultimately disposed of through means other than a standard judgment or dismissal, as indicated by its “Other Disposed” status.
Red Rock Secured (American Coin Co.) Lawsuit Guide (Conclusion)
It’s not possible to do business with American Coin Co. (formerly Red Rock Secured). They’re out of business because of scamming their gold IRA customers.
But, even if they were in business I’d never recommend you work with them. I’ll make sure to update my guide when the payout date becomes known.
There’re so many good gold investment companies from the US you can work with, safely and securely.
Good examples are Preserve Gold (read my Preserve Gold settlement amount guide), American Hartford Gold (read my American Hartford Gold lawsuit guide) and Augusta Precious Metals (read my Augusta Precious Metals lawsuit guide).
The lesser know US gold IRA companies you can work with are Goldline (read my Goldline lawsuit guide), Endeavor Metals (read my Endeavor Metals lawsuit guide), Safeguard Metals (read my Safeguard Metals lawsuit guide) and Priority Gold (read my Priority Gold lawsuit guide).
References.
- RED ROCK SECURED, LLC, VS , ET AL.- https://unicourt.com/case/ca-la23-red-rock-secured-llc-vs-michael-korf-dickerson-an-individual-et-al-720485
- ASURE SOFTWARE INC VS RED ROCK SECURED, LLC, A NEVADA LIMITED LIABILITY COMPANY- https://unicourt.com/case/ca-la15-caseao836b361a1eee-378146
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.
