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Regal Assets lawsuit…
Is there any?
Or are there many lawsuits filed against this problematic US gold investment company?
Is Regal Assets a pyramid scheme?
Read my Regal Assets lawsuit guide below to find out.
- Regal Assets Lawsuits- What Happened With This Gold IRA Company?
- Lawsuit 1- Gburek et al v. Regal Assets LLC
- Lawsuit 2- REGAL ASSETS, LLC VS MIDAS GOLD GROUP, LLC, ET AL.
- Lawsuit 3- Goldline, LLC v. Regal Assets LLC et al
- Lawsuit 4- American Bullion, Inc. v. Regal Assets, LLC et al, No. 2:2014cv01873 – Document 34 (C.D. Cal. 2014)
Table of Contents
Regal Assets Lawsuits- What Happened With This Gold IRA Company?
Regal Assets were a gold IRA company implicated in a scheme where customer funds were misappropriated, rather than used to purchase precious metals as promised.
Specifically, the company solicited customers to transfer funds from their tax-deferred retirement accounts to purchase precious metals through self-directed IRAs, but the funds were not used as intended.
The Commodity Futures Trading Commission (CFTC) and the California Department of Financial Protection and Innovation (DFPI) jointly filed a complaint alleging that Regal Assets, its owner/CEO Tyler G. Gallagher, and former President Leah Donoso misappropriated over $21 million from more than 120 customers.
The defendants were accused of using customer funds for personal expenses, including business expenses, salaries and bonuses (including precious metals for Donoso), Gallagher’s gaming business, and his Beverly Hills home, according to the CFTC and California DFPI.
The complaint also alleged the defendants used new customer funds to make Ponzi-like payments to older customers, further highlighting the fraudulent nature of the scheme.
A U.S. District Judge issued default judgments against Regal Assets LLC, Tyler G. Gallagher, and Leah Donoso, stemming from the joint CFTC and DFPI complaint.
The orders resulted in monetary sanctions exceeding $49 million, according to the CFTC’s Notice of Covered Action.
As you can see Regal Assets were gold IRA scammers.
They cheated multiple clients for millions of dollars and their CEO Tyler Gallagher escaped the US when thing got heated and his ploy discovered.
Even if Regal Assets were still in business I’d recommend you not work with them and risk your hard-earned money.
I also found some additional lawsuits Regal Assets were involved in. Think of them as clues to the fraudulent nature of this gold and silver IRA company.
Lawsuit 1- Gburek et al v. Regal Assets LLC
On September 19, 2022, Gburek initiated a commercial contract dispute against Regal Assets LLC in the U.S. District Court for the Eastern District of Michigan. The case remains active under the oversight of Judges Mark A. Goldsmith and Elizabeth A. Stafford.
No more info is available about this lawsuit. Once a verdict is reached I’ll update my guide.
Lawsuit 2- REGAL ASSETS, LLC VS MIDAS GOLD GROUP, LLC, ET AL.
On August 26, 2020, Regal Assets, LLC brought a business contract lawsuit against Midas Gold Group, LLC in the Los Angeles County Superior Court at the Stanley Mosk Courthouse. Judge Christopher K. Lui is presiding over the case, which currently has a pending status.
No more info is available about this lawsuit. Once a verdict is reached I’ll update my guide.
Lawsuit 3- Goldline, LLC v. Regal Assets LLC et al
This was a federal lawsuit filed in 2014 in the U.S. District Court for the Central District of California (Case No. 2:2014cv03680).
This case centered around competitive keyword advertising and trademark issues. Goldline alleged that Regal Assets and its affiliates purchased advertising keywords that included Goldline’s trademarks, causing their websites to appear when search terms intended for Goldline were entered in search engines. The affiliates’ websites were designed to divert customers away from Goldline toward Regal Assets (read my Goldline lawsuit guide next).
Lawsuit 4- American Bullion, Inc. v. Regal Assets, LLC et al, No. 2:2014cv01873 – Document 34 (C.D. Cal. 2014)
American Bullion filed a lawsuit against Regal Assets LLC, Tyler Gallagher, and Kelly Felix in March 2014 in the U.S. District Court for the Central District of California (Case No. CV 14-01873). The case involved allegations that Regal Assets created fake reviews praising their services while criticizing American Bullion, with some reviews containing false information and plagiarized content.
Likewise, Regal Assets’s Trustpilot reviews are abysmal with many defrauded people complaining and shouting into the void. To them Regal Assets are a scam.
Regal Assets Lawsuit- Have Regal Assets Ever Been Sued? Is the Settlement Amount Public (Update)? Conclusion
Regal Assets were gold IRA scammers.
They cheated multipole clients for millions of dollars and their CEO Tyler Gallagher escaped the US when thing got heated and his ploy discovered.
I’ve covered all the lawsuits against Regal Assets I found. In case this company ever get back in business I’ll make sure to update my guide with new lawsuits that drop.
Regal Assets were a scam. But there’re legit gold investment companies on the US market. 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) and Augusta Precious Metals (read my Augusta Precious Metals lawsuit guide) are all excellent choices.
None of these gold IRA companies are scams or pyramid schemes.
References:
- American Bullion, Inc. v. Regal Assets, LLC et al, No. 2:2014cv01873 – Document 34 (C.D. Cal. 2014)- https://law.justia.com/cases/federal/district-courts/california/cacdce/2:2014cv01873/584955/34/
- Gburek et al v. Regal Assets LLC- https://unicourt.com/case/pc-db5-gburek-et-al-v-regal-assets-llc-1295056
- REGAL ASSETS, LLC VS MIDAS GOLD GROUP, LLC, ET AL.- https://unicourt.com/case/ca-la23-regal-assets-llc-vs-midas-gold-group-llc-et-al-583515
- Federal Court Orders Precious Metals Dealer, its CEO and President to Pay $49M for Fraudulent Misappropriation Scheme- https://www.cftc.gov/PressRoom/PressReleases/9001-24
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.
