• Report: #970838

Complaint Review: Aurum Advisors

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  • Submitted: Sat, November 17, 2012
  • Updated: Sun, November 18, 2012

  • Reported By: Mary — JACKSONVILLE BEACH Florida United States of America
Aurum Advisors
1801 Century Park East Los Angeles, California United States of America

Aurum Advisors Deceptive Business Practices, Unreasonable pricing, Intentional misrepresentation Los Angeles, California

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I transferred money from my IRA to Aurum Advisors to purchase gold and silver on 10/14/2010.  Gold was selling at approximately $1400 per ounce at the time and silver was selling at approzimately $35 per ounce.  Unknown to me for several months afterwards was that Aurum had charged me $2315/ounce for gold and $89/ounce for silver.  When I received a subsequent statement from Sterling Trust months later, it reflected my account had dropped in value approximately $14,883 from the original amount I had deposited, even though gold and silver prices had both increased in value since the original purchase.  I eventually was able to receive return call from Patrick who stated Sterling Trust account iinformation was not correct and they were very slow to update account information and to call him any time I wanted the "true value" of my account.  He then quoted a figure stating my account had actually gained almost  $15,000 since it's initiation, versus losing approximately $14,883, which Sterling Trust quoted me as the value of my IRA account.   I requested Patrick put that information in writing and mail it to me as there was almost $30,000 difference as to what he was telling me the account was worth, versus the figure reflected on my quarterly statement from Sterling Trust.  Needless to say, in spite of multiple phone calls, I never received written confirmation as to the amount Patrick said was in my account. 

Long story short, this deception and what appear to be outright lies and evasion of my phone calls continued until I was finally able to get Marc to release what was left of my available funds, only by letting him know that if my money was not transferred ASAP I would be reporting in very specific detail what appeared to be multiple documented instances of  intentional misrepresentation of asset appreciation,  possible interstate and mail fraud, and violations of  Aurum Advisors 2011 Ethical Guidelines, including intentional misrepresentation of the value of the coins purchased, among other possibly illegal and apparently fraudulent activities in the mishandling of my IRA account.  An account in which Gold increases in value from $1400/ounce to almost $1675/ounce and silver increases  from just over $29/ounce to almost $40/ounce, should not be have lost what appears to be well over at least $20,000 from it's account origination until the closure of the account, but that is exactly what happened when Aurum Advisors handled my IRA account.  I will gladly join a class action suit and assist with the legal system pursuing what appear to be outright thievery and deceptive business practices of Aurum Advisors.

This report was posted on Ripoff Report on 11/17/2012 11:59 PM and is a permanent record located here: http://www.ripoffreport.com/r/Aurum-Advisors/Los-Angeles-California-90067/Aurum-Advisors-Deceptive-Business-Practices-Unreasonable-pricing-Intentional-misreprese-970838. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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