ED Magedson – Founder
Superior Gold GroupSuperior Gold Group 233 Wilshire Blvd, Ste. 400 Sa Woodland, Hills, California United States of America
Several of us are also having troubles with
Before this problem we had our
Shortly after that and after receiving several entirely irrational and threatening phone calls from Bruce Sands the CEO of Superior Gold Group regarding our having the Sterling account frozen and trying to cancel our order with him; we received a phone call from Alfred Winsor Sloan II, Esq., PC; the attorney for Superior Gold Group stating that Bruce Sands no longer wished to do business with us and had requested that, he Alfred was to handle the liquidation of my husbands retirement account and the return of all of my husbands money to his IRA.
After that last phone call with Alfred Chip Windsor Sloan II, Esq., P.C; my husband and I made a hi-five and decided there was indeed a God after all! Over a period of the next three months my husband would receive phone calls and emails from Alfred Chip Winsor Sloan II, Esq., PC, two to three times a week, stating that he was working diligently on liquidating my husbands account and, always giving various excuses as to why it was taking him so long to liquidate my husbands account. After three months we caught Alfred Chip Windsor Sloan II, Esq., PC in a bold faced lie regarding the return of my husbands IRA funds; needless to say, that did not bode well! My husband attempted to contact Bruce Sands directly; Sands refused to receive his call. However, that evening Bruce Sands phoned us at home with Alfred Sloan present with him and, started yelling at us irrationally again, stating that he had never given Alfred permission to liquidate my husbands account. Furthermore, that he was shipping metals to my husbands account rather he liked it or not and, there was nothing that we could do about it; the price of gold was what he Bruce Sands said it was and, he hung up on us; again! Four months after we placed a written and verbal order to have Sterling Trust Company freeze the IRA from having metals delivered to my husbands account by Bruce Sands; Bruce Sands, shipped 776/oz of Proof Silver to my husbands account. The Proof Silver was received and deposited at the DDSC and confirmed by Fidelitrade to Sterling Trust Company into my husbands IRA; regardless of his verbal and written orders not to accept any metals from Bruce Sands/Superior Gold Group.
We contacted an attorney that had helped us previously with drafting a letter to Superior Gold Group and prior to Alfred Sloan contacting us to liquidate the account; we then filed for arbitration against Superior Gold Group. Our attorney gave Bruce Sands/Superior Gold Group several chances in order for them to just return our money over the next 11 months; Bruce Sands chose not to do so. And by the time we got into arbitration my husbands retirement account had already been left exposed by Superior Gold Group aided by Sterling Trust Company, DDSC, and, Fidelitrade, for nearly 18 months. One month prior to the arbitration hearing Bruce Sands appeared to have made two small gold deposits to my husbands IRA.
Several charges had been filed against Bruce Sands/Superior Gold Group/Adam Blaser account representative: Breach of Contract, Unfair Business Practices, Misrepresentation, Fraud, and, Fraud in the inducement. During the hearing Bruce Sands denied very little; he agreed and seemed proud of the fact that he was running a boiler room! He agreed with our account representative Adam Blaser, that it was a company policy to never give the customer the true price, if you give the customer the true price the customer will go down the street and do business with someone else. The arbitrator made the statement that my husbands IRA had been left exposed for 18 months and Bruce Sands replied back that in some cases it could take up to as long, as three years for Superior Gold Company to deliver metals to the customers account; in spite, of the testimony that our expert witness, Joel Rettew [Joel Rettew is a contributing author to The Official Red Book A Guide Book of United States Coins] gave during the hearing, stating that he had never experienced it taking more than 10 days to deliver metals, and, on but a very few rare occasions had it ever taken more than 30 days to deliver metals to a customer. By the way Superior Gold Company was a week or two shy of being three years old when our arbitration hearing took place; testimony even more egregious than that was heard by Bruce Sands over the next three days. When the arbitrator asked Bruce Sands about threatening my husband and I with the Patriot Act, Alfred Sloan, immediately stood up and stated that they did not mean to threaten us with the Patriot Act they meant the Revenue Act; go figure? Did it really make any difference what threats Bruce Sands made to us; as long as we all agreed that he was threatening us with something? The Coen Brothers could not have scripted Bruce Sands off-the-wall testimony during these arbitration hearings.
Furthermore, Bruce Sands after showing up the first day of arbitration over two hours late, handed the arbitrator a piece of paper, and stated that all of the metals had been deposited and confirmed into my husbands account; thus, fulfilling Superior Gold Groups contract with my husband; and this turned out to be an even bigger lie!
One month after the arbitration hearing we received the first partial award made by the arbitrator; it appeared to me that the arbitrator, we got, seemed to have real judgment issues and suffered from a lack of desirable decision making qualities. The arbitrator declared my husband the prevailing party on one claim for Breach of Contract; due to Superior Gold Company taking over 30 days to deliver metals to my husbands account. The arbitrator did not find any sort of fraud, fraud in the inducement, unfair business practices or, misrepresentation. He felt that, Adam Blaser, our account representative had misspoken when he quoted us a gold spot price of $735.00/oz; regardless of the fact that he misspoken in at least 15 different phone conversations and several emails which he had sent to us. I suppose the arbitrator felt that we misunderstood being threatened by the respondents too; I dont think so! We knew we were being threatened by Bruce Sandsthough I digress!
The arbitrator awarded my husband one of two options. Option one: was to accept $212,000.00. And what that amount of money was based on could be anyones guess; that just happened to be the same amount of money that Bruce Sands told the arbitrator that he, Bruce Sands, would pay to settle my husbands account! Option two: was for my husband to keep the metals that had been deposited to my husbands account and, was confirmed by Sterling Trust Company, to be worth around $185,000.00 and accept $62,400.00 based on what the arbitrator considered to be a miscalculation on Bruce Sands part regarding the amount of metals that were supposed to be deposited into his account. Please dont lose track of the ball hereremember we sent a written order to Sterling Trust that a freeze be placed on my husbands IRA until we approved the type of metals being deposited into my husbands account more than a year prior. Neither of the figures given above included disgorgement or pre-arbitration interest of my husbands investment. My husband ultimately in the Final award, was awarded attorney fees plus which ever option he chose.
In my husbands best interest, after the first partial award was made, my husband had decided to go ahead and weigh the two options given to him by the arbitrator before he made his mind up, as to which option he should take. And this was against the advice of my husbands attorney; which was to just take the cash offer from the first option. The second option would have been worth around $35,000.00 more. However, when my husband went to check his Sterling account he found out that the metals that Bruce Sands had stated delivered to my his account two days prior to the start of arbitration April 24, 2010 and, had been confirmed into my husbands account with a print-out of the Sterling Trust Company statement during arbitration, had in fact been reversed out of my husbands account the very day after the closing date of the arbitration evidentiary hearing; May 13, 2010! This was both a misrepresentation of facts and testimony given by Bruce Sands.
This misrepresentation of facts and testimony was immediately brought to the attention of the arbitrator and his first response was; if Epstein accepts option one doesnt that makes option two go away? What about Bruce Sands committing fraud and misrepresentation in Mr. Arbitrators hearing room; HELLO? Nonetheless, the arbitrators final statement on this subject was that the new evidence would entitle us to file for an entirely new arbitration; and there was just no way in hell that either my husband or I would consider playing spin the bottle with this arbitrator again after experiencing his previous decision making process regarding this matter? However, the arbitrator also decided that after briefly entertaining the issues at hand, regarding misrepresentation of material facts and the given verbal misrepresentations heard during the hearing. The arbitrator stipulated that the new evidence had been presented to him too late, for him to change his decision before the stipulated evidentiary cut off date, May 12, 2010. And his first decision was based on the evidence presented to him at the time of the hearing.
Come to find out later, Bruce Sands, had placed a phone call to some one at the DDSC telling them that he was shipping xxx amount of metals to the DDSC to be deposited FBO Epsteins IRA. Then the DDSC verbally notified the administrator at Fidelitrade that the metals had been shipped and, Fidelitrade then verbally notified Sterling Trust Company those xxx metals, [line-item-descriptions included], had been delivered to Epsteins account; and Sterling Trust Company, confirmed that deposit. It was a printed copy of that same confirmation provided and, later given to the arbitrator that afforded this arbitrator to completely go off the track system and, come to the conclusion that he made in this case. Supposedly, as strange as it may seem, when Simon Schatz the CEO at Fidelitrade learned that the metals had never really been shipped by Bruce Sands/Superior Gold Group, Mr. Schatz gave the order to reverse the metals [metals that were never shipped or deposited] from my husbands account.
Now we have been arguing with both Mr. Schatz at Fidelitrade and Sterling Trust Company for the past seven months regarding how they have chosen to reconcile my husbands account; it appears to be a matter of conjecture as to whose accounting principals Sterling Trust Company, DDSC, and, Fidelitrade, choose to abide?
UPDATE: Seven months later in spite of Alfred Chip Sloan II Esq., PC repeated promises to our attorneys regarding the checks in the mail story; the check has never arrived! Furthermore, it has been pointed out to both Sterling Trust Company and Simon Schatz at Fidelitrade the harm that both of their companies have created to my husband and I, due to their false confirmation of metals into my husbands account during the arbitration process. Sterling Trust and Fidelitrade both feel confident that they are protected by the Uniform Commercial Code of Commerce regarding their mistakes; we will see! The entire litigation has cost to date over $80,000.00. A great deal of this litigation was financed by credit card. Needless to say, we unplug our phone a lot these days. AAA Arbitration Company has turned us into collections for $2800.00 and has threatened to sue us regarding the last charges submitted by the arbitrator; these were charges the arbitrator made for entertaining the evidence presented to him proving that Bruce Sands had made a material misrepresentation of facts and testimony at the arbitration hearing. It bothers me knowing that the arbitrator we had is an officer of the court and had at one time instructed law at UCLA.
Advice: Do not ever sign a contract that includes a clause stipulating that you agree to resolve any problems through Mandatory Binding Arbitration. In my opinion this process is nothing more than a potential vehicle which can harbor criminal behavior. Case in point: Epstein vs. Bruce Sands/Adam Blaser/Superior Gold Group, LLC. If enough people start to carry a red ink pen around with them everywhere they go and, when they sign a contract, draw a line through the Mandatory Binding Arbitration Clause, if there is one; and We the People could potentially end this consumer unfriendly form of injustice! Contact the investigators in Santa Monica, involved with the Superior Gold Group Investigation and request that they take a closer look at the companies involved with Superior Gold Group such as Sterling Trust Company, DDSC, and, Fidelitrade; these companies should be held responsible for their negligence in dealing with Superior Gold Group. Ask the Investigators to find out from companies like Sterling Trust and Fidelitrade what their policy is for notifying the authorities when their customers accounts are not fulfilled by companies like Superior Gold Group; who are also their customers. Also ask the investigators if they can find out why these companies do not feel compelled to respond to their customers concerns regarding their retirement accounts. However, as I sit here typing and, Im still awaiting a reply from Sterling Trust Company regarding these related issues and, Im also starring down at a new bill we just received from Sterling Trust Company for their services; I ask myself service by whose standard?
Superior Gold Group did not pull this great fraud off by nor through their own merits.Superior Gold Group was aided and abetted by Sterling Trust Company and Fidelitrade by neglecting their fiduciary duties to their customers by not finding out, why their customers accounts were not being filled by Superior Gold Group; who is also their customer! Superior Gold Group was given an air of legitimacy by the Better Business Bureau, who gave this company in the beginning an (A+) rating without vetting this company to their own standards. The same goes for the media: News Paper Media, Radio Media, and, Television Media; if you expect your customers to buy what you are selling than, take your time by better vetting in what and who you sell!
This report was posted on Ripoff Report on 12/30/2010 09:42 PM and is a permanent record located here: http://www.ripoffreport.com/reports/superior-gold-group/woodland-hills-california-/superior-gold-group-bruce-sands-alfred-sloan-adam-blaser-sterling-trust-company-fideli-677102. 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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