- Report: #1067779
Report - Rebuttal - Arbitrate
Complaint Review: Libert Capital
Libert Capital1900 S. Bundy Drive Suite 600 Los Angeles, California USA
Liberty Capital Sold outrageously overpriced gold coins to my 89 year old father Los Angeles California
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Libery Capital sold gold coins to my 89 year old father that were marked up between 42% and 52% over the price listed in the Grey Sheet (the price my father could have paid at and reputable dealer). My father bought 150 $5 Liberty gold pieces (grade: AU) and 39 $20 St Gaudens gold pieces (grade: MS65). for a total of $170,858 when the ask price for these coins on the days they were sold come to $116,000.
Liberty of course refuses to rebuy the coins for anything like what they scammed my father into paying, despite the fact that gold spot prices are substantially higher today than they were when the coins were purchased.
Liberty Capital advertises heavily on Rush Limbaugh and other conservative outlets to take in unsophisticated investors who want to buy gold as a hedge against economic collapse. Then they steer them into numismatic coins that are much harder to value. The diclosure (in tiny typw on the bottom of the invoice) states that Liberty "typically" marks up coins by 20% or so -- which in itself is outrageous. But the actually markups on the coins my father bought were as high as 52%!. My dad bought 30 $20 St Gaudens in February 2009 for $2900 when the Grey Sheet Ask price for the exact same coins was $1910.
Liberty Capital preys upon seniors and needs to be stopped.
This report was posted on Ripoff Report on 07/17/2013 12:20 PM and is a permanent record located here: http://www.ripoffreport.com/r/Libert-Capital/Los-Angeles-California-90025/Liberty-Capital-Sold-outrageously-overpriced-gold-coins-to-my-89-year-old-father-Los-Ange-1067779. 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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