• Report: #764334

Complaint Review: Aurum Advisors

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  • Submitted: Fri, August 12, 2011
  • Updated: Sun, July 08, 2012

  • Reported By: Lesley TX — Luling Texas United States of America
Aurum Advisors
1801 Century Park East Suite 25, Los Angeles, California United States of America

Aurum Advisors Gold Made Easy Exorbitant costs to buy. Deceptive system to provide current values. Fraudulent at best Los Angeles, California

*Author of original report: Aurum Advisors committing fraud

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In May of  2010, I contacted Aurum Advisors(AA) to purchase gold for my IRA.  Patrick Peterson assisted me.  Initially, I was going to buy gold and silver, but at the last minute, he told me he had a special customer that was selling a lot of silver proofs that are designed for IRA's and that I could make about $40,000 if I purchased right away.  I was purchasing at $131/oz and the value was jumping to $141/oz.  I put my trust in this man which as it has turned out was a big mistake.  Since then, the values of my silver proofs have never been that high.  I have monitored the values for months and at best were between $110 to $113/oz. as quoted to me by AA.  I have incredible difficulting getting AA to give me my values.  Their is no means to independently verify what they are quoting me as the value.  The value at Sterling Trust has never shown the value that AA quotes me.  I have had numerous discussions with Patrick Peterson about that fact and he has always assured me that the values he quotes me are accurate and that the are the price I would get if I sold back to AA as the commission to AA would only be made on the purchase side not on the sale.  I verified everywhere possible but I could never find the price that AA was quoting me.  Patrick said that I could get access to their system for a cost to me of more than $4000.00.  On July 20, 2011 I contacted Patrick to get the current values.  I left messages on 7/20, 7/21, and again on 7/22 with no response.  On 7/22/11, I finally spoke with Marc Gregory who told me that Patrick was on vacation and that he would get me my values by Monday 7/25/11.   I did not hear from Marc G. on Monday 7/25/11 and called him on Tuesday 7/26/11.  He assured me that he would fax me the information that day.  I continued calling and calling and finally on Monday 8/1/11 I got the values faxed.  The fax shows that the values were $112.05/oz still a significant decrease from my purchase but the value had been consistently in that range for the last 3 to 4 months.  I called Marc back on 8/3/11 to tell him that I wanted to sell the coins believing that the value would be near that range.   Later that afternoon, I was contacted by Barry Davis who informed me that the value was $93/oz.  I had never spoken to Barry Davis before and I thought he was in error about the value.  He got back with me the next day and the value was up to $94/oz.  There is something not right about this company and their value quotes.  I believe it to be fraudulent.  I believe they charged me an excessive amount for these coins to begin with and never intend for me to get my money back.  This week (8/8/11 - 8/12/11)I have contacted both Marc Gregory and Barry Davis and have not received one call back.  I have spoken with Stuart and Robert Drake but these advisors have been unable to help me with my questions.  I have left messages for the owner of the company Marc Lubaszka, but he has never returned my call.  I am sure they don't want to address these issues as they know they have intentionally RIPPED ME OFF!  A reputable company owner would speak to their customers and work out the issues that I have, in particular, the fact that I cannot get information on a timely basis.  BUYER BEWARE

This report was posted on Ripoff Report on 08/12/2011 11:54 AM and is a permanent record located here: http://www.ripoffreport.com/r/Aurum-Advisors/Los-Angeles-California-90067/Aurum-Advisors-Gold-Made-Easy-Exorbitant-costs-to-buy-Deceptive-system-to-provide-curren-764334. 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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#1 Author of original report

Aurum Advisors committing fraud

AUTHOR: Lesley TX - (United States of America)

  A group of victims are forming to try to get our money back.
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