I am a 70-year-old retiree who fell victim to a fast- and slick-talking salesman named Bob Stropp at Lloyds Metals. He pressured me into sending him my 100 Gold $20 Liberty coins and $30,000.00 in cash, which he was going to use in trading in silver and palladium. That was my life savings, and I can't replace it.
He promised me that by the end of the year (2010), he would "have me at $200,000." It took him only nineteen (yes, 19 trading days!) to lose my money down to $41,621.00, which I demanded back and received, though they were extremely reluctant to let me have it back.
Bob Stropp tried very hard to keep me from getting it back, instead, he wanted to "get it back up" for me. In order to keep me from taking the remainder of my money back, he dropped their commission from 6% to 4% on the last trade, and when I finally demanded my money back, he offered to continue (mis)managing my account at zero commissions to induce me to stay.
In every single trade he bought high and sold low! I didn't see this until I started getting reports, which arrived 8-10 days after the trades were done. That's where they made their money and they didn't care one bit about what happened to my money! Buying and selling frequently is how they make their money, without regard to the fluctuation of the value of the coins. Get those commissions and fees, whatever you have to do!
My loss came to $136,514.00, which included their commissions, fees, and interest of $35,667.00. I felt gutted, to pay them that much money to LOSE my money so fast!
Either they are extremely incompetent at what they are doing, or they lied to me and STOLE MY MONEY! With the cost of gold, silver, and palladium going up over this past year as it has, it's sheer incompetent stupidity or outright theft! What do you think?
I'm a 70-year-old retiree, trying to take care of an ailing 95-year-old mother and a grown handicapped daughter. We need this money to live on and pay bills, and I'm just devastated by this loss.
Avoid Lloyds Metals at all cost. If you are reading this and have lost money to these crooks, please post it on this site, so I can contact you, or you can contact me here. I hope to join others in going after these thieves!