• Report: #1004130

Complaint Review: Newbridge Metals

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  • Submitted: Sat, January 26, 2013
  • Updated: Thu, January 31, 2013

  • Reported By: bulldog — Rincon Georgia United States of America
Newbridge Metals
2424 N. Federal Hwy. S Boca Raton, Florida United States of America

Newbridge Metals Gregg Scott Took 47000.00 in silver and gold to invest in more silver to help me double my money, then 8 months later said they had to shut down. they then sent me a 20,000 check and said that was all I had comin Boca Raton, Florida

*Author of original report: Gregg Scott Atz

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I took my precouis metals IRA, which was 47000.00 in silver and gold and sold it to newbridge metals because they said that was the only way I could leverage my metal for them to re-purchase more silver for the leverage in which they said I should be able to double my silver amount by the end of the year. I was told for 6 months that I was making money and everything was going great, then I saw that the commodities futures and trading commission was sueing Newbridge alliance corp. for making false contracts. I confronted gregg scott about this (my broker) and he said that they were just a company using their name and said that there was nothing to worry about. about 2 weeks later he told me that they had a lawyer check in to it and said they had decided to send their clients their silver back and he was going to send me my silver because they were scared that because of the lawsuit that they might have their assets frozen and that all their clients would lose everything. I assumed that he was sending me my 47000.00 worth of silver back to me, so I agreed. I tried to call gregg scott for about 2 weeks and could never get in contact with him. Gregg tells me for the last seven months that the silver that we had been purchasing was being stored in a depository. I finally get in touch with a guy name jonathan, that telss me that they are sending me a check instead of silver because they could not purchase it because the price is too high. I then get another story about having to purchase it after I have been told it was in a depository. I knew then that I was being ripped off, but what do you do? I recieved the check in the mail and put it in the bank, because I figured if I didn't, I would be lost that too. I would like to talk to other investors that have gotten tied up in this, and pursue a class action lawsuit if possible, because I don't know what else to do in order to get my silver and gold back.

This report was posted on Ripoff Report on 01/26/2013 09:14 PM and is a permanent record located here: http://www.ripoffreport.com/r/Newbridge-Metals/-Boca-Raton-Florida-33431/Newbridge-Metals-Gregg-Scott-Took-4700000-in-silver-and-gold-to-invest-in-more-silver-to-1004130. 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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Updates & Rebuttals

#1 Author of original report

Gregg Scott Atz

AUTHOR: southgent7 - (USA)

I only learned recently that Gregg 's last name is ATZ, not scott. scott is his middle name. Gregg told me

that his last name was scott. This is what I was told today.  I would like to remove jonathan's name from my report and just say a man.I dont think he was part of this scandel. I would like to talk to other client's

who got ripped off by newbridge metals or anybody familiar with this case, lawyers included, about getting a lawyer and filing a class action lawsuit against them. whoever might be interested in this can  contact me at this email address  savvyreb@yahoo.com.  I have tried to get in contact with the CFTC. about their lawsuit on newbridge alliance. I left a message but nobody ever called me back. I thought that maybe we could help each other on this scam that has cost alot of good people alot of hard earned money, including myself. If somebody from the CFTC. sees this report please contact me at this email address.
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