• Report: #706379

Complaint Review: Lear Capital

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  • Submitted: Tue, March 15, 2011
  • Updated: Thu, April 28, 2011

  • Reported By: expectations — Chicago Illinois United States of America
Lear Capital
1990 S. Bundy Drive Los Angeles, California United States of America

Lear Capital REVIEW: Excellent customer service is Lear Capitals number one priority. Committed to ensuring clients success through the timely investment in gold, silver and other precious metals.
*UPDATE: Lear Capital pledges their commitment to always improving their operations by joining Rip-off Reports Corporate Advocacy, Business Remediation and Customer Satisfaction Program. This program benefits the consumer by increasing their confidence when doing business with a member business. Lear Capital is recognized by Ripoff Report as a Verified Safe business.

*Consumer Comment: what about just plain old bullion

*UPDATE Employee: Lear Capital divulges fees verbally and in writing.

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Rip-off Report REVIEW:

Editors UPDATE: Positive rating and recognition has been given to Lear Capital for its commitment to excellence in customer service.

Rip-off Reports discussions with Lear Capital have assured us that Lear Capital has made customer satisfaction a core principle and that Lear is constantly seeking ways to improve its already high standard of customer care. This means that Lear Capital will provide accurate, timely and courteous information to its clientele and that Lear staff will work quickly to satisfactorily resolve any client questions or concerns.

It also means that Lear is committed to learning from its customers through regular, voluntary follow-up calls and conversations. This feedback helps Lears customer care team to correct any mistakes and to ensure an even higher standard of customer service in the future.

RipOff Reports was pleased to learn that Lear Capitals president, Kevin DeMeritt, deliberately focused on excellent customer service as a business hallmark in order to make Lear stand out from other gold and precious metals investing firms. Indeed, great customer service is what DeMeritt terms the Lear Advantage.

As an investment industry leader, Mr. DeMeritt understands that Lear clients investments are precious and that Lear has a responsibility to meet the highest standards of transparency, integrity and customer assurance. Lears goal is to establish a long-term relationship with its clients and understands that it can only do so by providing them with the best and most timely information and guidance.

A top executive at Lear told Ripoff Report that Mr. DeMeritt is an innovator constantly looking for ways to provide added value to his customers. Kevin understands that the world is changing and that investors needs change just as fast. He strives to provide clients with real-time answers to real-time questions about precious metals investing. His goal is to provide the best and most responsive customer service in the industry, whether through knowledgeable and friendly customer care representatives, or through constantly-updated information on Lears full-service website. Kevins philosophy is: Never make a customer wait, never make a customer wonder.

Lear Capitals customer care team notes that the expertise of Lears senior management gives Lear clients confidence. DeMeritt, predicted the market crash of 2001 on national radio and the ensuing strength of gold as an investment. He has steered Lear to a position as one of the most prominent precious metals investing companies in America, with frequent endorsements from a range of media leaders, including the Rush Limbaugh Show, Michael Medved, Dennis Prager, George Noory, Laura Ingraham, Mike Gallagher, Oliver North, Noah Hutchings, the late Marlin Maddoux and many others.

More importantly, DeMeritt and his team have helped thousands of investors protect their savings and retirement through the well-timed purchase of precious metals. As a result, Lear clients report high customer satisfaction.

Polly Gable, a customer of Lear Capital has this to say, My representative, Victor DeRose, rates an A+. I had tried to purchase some coins from another company but they were so rude that I just hung up the phone. I was delighted to find Victor and his professional, kind, and helpful manner. I am recommending him to friends. All in all my first experience buying metals was a wonderful one. I hope to purchase more as time goes on.

Lear Capital recognizes that complaints posted on Rip-off Report (whether true or not) are issues that need to be addressed, not ignored. If handled correctly, complaints can be valuable learning opportunities. With the feedback generated by Ripoff Reports Investigation, Lear Capital has instituted systematic changes to ensure that problems are resolved quickly and quality standards remain high.

In summary, after our investigation, which included discussions with Mr. DeMeritt and many of his past and current associates, Rip-off Report is convinced that Lear Capital is committed to delivering high quality services resulting in total client satisfaction.

Read more about why consumers should feel confident when doing business with a member of Ripoff Report's Corporate Advocacy Business Remediation & Customer Satisfaction Program. Yes, its a long name for a program that does a lot for both consumers and businesses alike.

Read about Rip-off Report Corporate Advocacy Business Remediation & Customer Satisfaction Program,.. A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. this program works.

SPECIAL NOTE ABOUT MOST OF THE REPORTS FILED ABOUT LEAR CAPITAL:

As a matter of policy, when a business becomes a member of the Corporate Advocacy Program they agree to allow Ripoff Report to contact every person who filed a complaint so the member business can make things right with them. In order to confirm that the complaint was resolved, Ripoff Report emailed the author of all the reports about Lear Capital.. Fortunately, the posting of false reports is not the norm, ..Sadly in this case, most of the reports posted about Lear were filed by the same person. The good news is, the few Reports that were real where people did respond did so in a positive way..

Most of the other Reports that were not posted by the same person looked suspicious.... Ripoff Report has the evidence. Ripoff Report waited more than 2 weeks to post this UPDATE. It is the opinion of Ripoff Report, because the Precious Metals industry is so competitive, that it is more than likely unscrupulous cut-throat competitors posted the reports about Lear. Executives at Lear admit to Ripoff Report they are not perfect, as no company or individual ever is, but, the people at Lear have made a commitment to do their best to always do right and what is fair by their customers. If any of our readers feels a member of the Corporate Advocacy Program did not do right by them, to please contact us here at Ripoff Report. editor@ripoffreport.com

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NOW TO THE ORIGINAL REPORT THAT WAS FILED
=====================

Lear Capital Lear Financial deceived me by purposely lying about Lear's commission rate to string me along Los Angeles, California

I saw ads for buying gold and requested several brochures. Gold line was one Lear the other. The commissions for Goldline seemed very high. For some reason I called Lear trying to expand my knowledge and got ahold of one Benjamin Novak-a name which will forever live in infamy. He said don't buy from Goldline their spreads (commissions) are way too high. I asked what Lear's were. He said 6.5%, never more! I mentioned that my funds would be in an IRA, and that I read that this was more complicated and might cost more.  No problem the rates are the same. Really?

I sent a cashier's check for $30000 along with the necessary paperwork to Lear. It took awhile for the funds to settle, I guess I was anxious to move forward. Mr. Novak eventually called me at my office and said he was ready to make the purchase, but needed me to have a tape recorded call to allow him to buy the gold.



Suddenly he was saying that he was buying semi-numismatic coins in both gold and silver. ( These coins allow Lear to raise it's spread substantially) We had never discussed this before. We always talked about bullion, nor did I ever mention an interest in silver. He proceeds to ask me my name etc. for the record then says, "you understand that the spread on precious metals is running around 25% and that he was buying 69 silver eagle proofs and 11 American gold eagle proofs and mentioned a total cost. I don't know where my head was, but the recording they have since sent me proves I agreed. It all happened so fast. Had I asked for it on paper and had time to breathe I would not have authorized it. When I saw my account at Sterling Trust several days later I was shocked to see the value was barely $20000. I'd lost $10000 over night.

Lear denies they ever mentioned 6.5% at any time. In addition I'm not even sure what they put in my Sterling Account. For all I know it could be marbles. I have to travel to Wilmington DE to see what's there. Who knows I might be out the rest of my investment.



It seems legally I'm stuck. I feel such a fool. But any commission over even 10% is userous, really criminal. Gold is a tricky market. Please if anyone goes to LA, stop in and punch Ben Novak in the mouth for me. He really deserves it. Stay away from Lear Capital!!!!!!!

This report was posted on Ripoff Report on 03/15/2011 02:53 PM and is a permanent record located here: http://www.ripoffreport.com/r/Lear-Capital/Los-Angeles-California-90025/Lear-Capital-REVIEW-Excellent-customer-service-is-Lear-Capitals-number-one-priority-Comm-706379. 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.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

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REBUTTALS & REPLIES:
0Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

what about just plain old bullion

AUTHOR: Rick - ( )

I just have a few questions regarding this complaint. I am not an "investor" myself, just someone who has heard the radio ads a thousand times.

1. Why was Mr. Rockwell pushed into the "numismatic" gold coins rather than bullion, which is apparently what he wanted to purchase? There is a big difference, most notably the objective value of the gold. In general, buillion has a very objective value based entirely on the weight of the gold and the spot market price on a given day. For example, gold is at $1,490 today? Fine, then that ounce of 24kt bullion you have is worth...about $1,490. On the other hand that 1906 double eagle $20 piece you have is worth... well who knows, it depends on the grade, quality etc. could be $1440, $1540, $1840. In other words, its value is totally subjective, apart from the fact that objectively it's worth at least 96.75% of the spot price because that's the real metal content. But there's that vague "collector's premium" that really jacks up the price after which it comes down to being worth what someone else is willing to pay.

2. The radio ads feature Kevin speculating on the price of gold, how high it could go, etc. Okay, fine - so far so good. He's obviously referring to the SPOT price when he's throwing out numbers like $1300 an ounce, $1500 an ounce and so on. Yet the last thing Lear wants to do, apparently, is sell bullion, whose value is based on the metal itself where the per-ounce prices Kevin talks about are meaningful. They seem to only be interested in selling collector's coins that incidentally happen to be made of gold. Coins whose perceived value have little to do with the SPOT price.

3. Who the heck is "Larry"? What is Larry's last name? What else does Larry do? Is Larry a famous person? A celebrity, maybe? A talk show host? If you've not heard the ads, Larry interviews Kevin, and Kevin calls him "Larry" several times. The point is, why does Kevin bother to call him "Larry" if Larry is a total nobody? Larry does not APPEAR to be a person that anyone other than Larry's wife would recognize. Larry uses language like "on this show" (what exactly is Larry's show?), and "we've interviewed" (who is "we"? Larry and who else?). Why does Kevin pretend that Larry is somebody important, when it seems that Larry (which may or may not be his real name) is just a voiceover actor who is hired for no other reason than to pretend to interview Kevin?
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#2 UPDATE Employee

Lear Capital divulges fees verbally and in writing.

AUTHOR: Manager of Customer Relations - (United States of America)

On February 9, 2011 Mr. Rockwell responded to an ad and requested gold information. Lear Capital sent Mr. Rockwell the information as requested, then Lear Capital contacted Mr. Rockwell to discuss a metals purchase.


On March 3, 2011, Mr. Rockwell entered into a Verbal Confirmation recording with intentions to secure a purchase. On the Verbal Confirmation several questions were asked as are with every Verbal Confirmation Lear Capital records on behalf of each client. The initial questions reference having the correct name on the account, address and email address. Then there's a series of questions to initiate the purchase. The first question being, Do you understand that numismatic coins are a long-term investment and should be held for at least 3 to 5 years? And Mr. Rockwell responded, Yes. Another question asked was, Do you understand that our Numismatic cost to ask spread currently averages 25% and that there is a risk of market fluctuation. Mr. Rockwell responded, Yes.. And the final question was, The information package you received includes a transaction agreement. You must read the agreement and then sign and date it and send it back to us along with your funds to open your account. Do you agree to this?, and Mr. Rockwell responded, Yes..


The transaction agreement clearly outlines in bold our fees on the first page. Mr. Rockwell signed the agreement on March 2, 2011. This transaction agreement was included in the information package Lear Capital sent to Mr. Rockwell on February 9, 2011. Almost a month prior to his purchase! This is not a complicated agreement and is only two pages long!


After these questions, Mr. Rockwell's purchased was specifically outlined to him on the recorded line, so that pricing could be locked in. Each item was detailed with an explaining of the type of the metal, quantity, and price, along with a total.


On March 14, 2011, Mr. Rockwell was emailed this Verbal Confirmation. Mr. Rockwell agreed that he did indeed agree to the terms of the purchase.


Mr. Rockwell mentions a 6.5% commission in his complaint, however the Verbal Confirmation clearly states the, ...spread currently averages 25%.... On March 17, 2011, Mr. Rockwell was asked why he didn't stop the recording and inquire about any perceived discrepancy and Mr. Rockwell didn't give an answer.


Mr. Rockwell claims in his complaint that he's down $10,000.00. This is not the case. Mr. Rockwell is down $6,343.00 as of March 24, 2011.


Mr. Rockwell is welcomed to call Lear Capital anytime regarding the status of his purchase.
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