Report: #1045045

Complaint Review: Sterling Trust Company

  • Submitted: Sun, April 21, 2013
  • Updated: Sun, April 21, 2013
  • Reported By: Mark T. — Livermore Falls Maine
  • Sterling Trust Company
    1101 Wooded Acres, Ste. 120 Waco, TX 76702-2526
    United States of America

Sterling Trust Company Equity Trust Co. Gold IRA fraud Internet, Internet

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On 01/18/12 I rolled over a traditional IRA account valued at $39,406 from my local bank in Maine to a gold IRA through Lear Capital Inc. (account designated reprsentative) who used Sterling Trust Co. as the custodian. I trusted their financial advice. They only left $606.85 in cash and the rest in gold: AM Eagle gold 86 1 oz. prf. at 9.00 unit/share at $1,792.30 total value 16,130.70 and bullion bar cast slvr. at 4.00/unit or share at $3,454.00 valued at $13,816.00 these figures as of 09/28/12 for a total value of $30,552.70 as of 09/30/12. The last statement I received from them for the last quarter of 2012 valued my whole accunt at just $27,747.03. I have yet to recieve an account statement from the first quarter of this year 2013. I can't seem to reach anyone by phone either- and I'm left wondering what happened to the value of my account- even taking into consideration the drop in the gold market of the last several weeks. I wish I could get what's left of my money away from them and invest in a more reputable company. I have been reading numerous complaints by others invested with them and am greatly concerned. This was almost my entire nest egg.                     
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