Regal Assets Regal Assets LLC, Regal Assets Gold IRA Purchase precious metals (Silver bullion) Beverly Hills CA

FRAUD SCAM Alert: After 8 months … NO Metals, NO Refunds

In October 2021, my wife and I transferred funds from our two Fidelity accounts to Regal Assets to purchase metals for a total of over $2.6M. The funds were received by Regal Assets through the custodial bank, CNB Custody (Community National Bank), on Nov 10, 2021, we were told it would take 6-8 weeks to receive the metals we subsequently ordered, into the Depository.

For months following, we attempted to get status, each time getting no answer as to where the metals were. In April 2022, after several messages and texts, the president of Regal Assets (Leah Donoso) sent us an email stating our metals had been received at the depository, and were waiting to be checked in to our account.

As “proof,” she emailed us a hand-written shipping doc dated April 26th that we did not view as verifiable. From May 1 to June 5, we asked regularly when metals would be reflected in our account. Leah kept punting, stalling, not providing any direct answers. She gave us a litany of excuses, telling us she is picky with choosing our metals, the depository is short staffed, they had a mishap with their paperwork, etc.

Yet our accounts in the custodial company system still showed “awaiting metals.” On June 6, with no metals in our accounts, we reached out to CNB for help in resolving. After several unsuccessful weeks receiving only reactive communication from Leah at Regal Assets, Leah indicated there were no metals and told us we could get a total refund on both accounts, which she agreed to provide June 8th.

On June 10th, Leah claimed in email to CNB that she had sent in the request for same-day wire transfers from Bank of America and told us in email that my account funds would be “released on June 15th” and although we requested them numerous times, we did not receive wire transfer instructions or IMAD numbers which would allow us to track the wires.

There is still no resolution and no such documentation from Bank of America. She told us she met with BofA fraud and worked this out, but as of July 14th more than five weeks after Leah at Regal Assets had promised to refund the money and over 8 months after sending them our money, there is still no resolution or full funds back in our accounts.

We’re certain this is evidence of fraud and have secured legal counsel as our next step. Buyer/investor beware, we have seen several other similar negative reviews on Regal Assets and we hope to avoid others being in our situation, having your money held hostage by this clearly nefarious metals investment firm.