Goldmoney, Inc. Peter Duncan, Head of Relationship Management; Total runaround. Tried for months to get access to my money. Toronto Ontario

I opened a Goldmoney account in the Summer of 2016.  They promised that I would be given credits in "goldmoney" which I could redeem for anytime at the current gold price either for gold or equivalent dollars  I started by giving them my checking account number and authorized a bi-weekly deposit into my account.  Occasionally I would make additional contributions of a $100 or so.  Eventually my account reached about $700-$800. 

About four months in, they announced that they had changed to Goldmoney Personal and that they needed additional 'verification' of my I.D.  (I had already done this when I set up my account).  They wanted a copy of my passport or driver's license, and a copy of a recent utility bill with my name on it.  I told them I'd already done this but they said this was a "new division" and they needed it again.  I sent them copies of what I'd already sent them but this time they told me verious excuses like the picture quality wasn't good enough or they couldn't accept scans (had to be a photo), etc. 

At that time I told them to stop taking money out of my bank account.  They told me I could only do that through the Customer Service tab on the website.  However, I was no longer able to login because my account "lacked verified credentials".  After several attempts at trying to provide acceptable credentials by letter to their corporate offices,  I wrote a letter to their main offices in Toronto stating my issues and demanding my money back.  Never heard anything back. 

Finally, I sent copies of everything (probably about 100 pages of emails, etc.) to the CEO, CFO, and every member of their Board of Directors.  Silence.  I kept filing email complaints.  I filed a complaint with the Better Business Bureau of Toronto, along with the U.S. SEC (they said they didn't have jurisdiction). 

I finally contacted a reporter from the Toronto Sun, telling her of my experience and suggested that there were probably others in the same boat.  She asked for all of my records and correspondence and a couple of weeks later I got a call from one of the managers at Goldmoney who apologized and said he would try his best to get me my money. 

He wanted to deposit it into my checking account, but that was impossible because I actually had to close that account to get them to stop taking my money out.  I finally said, "Can't you just wire it to my bank?"  He said he'd try that but that didn't work because my bank said they couldn't take money from an 'unregulated overseas investment company.'  Again, after another long series of emails, voice messages, letters, etc. I told them to send me a cashier's check directly to my address.I finally got my money.  In the meantime, the price of gold had fallen about 16% so I got 16% less than if they would have sent it to me when I first asked for it.

The whole process took six months.  I don't think I would have gotten anything if it hadn't of been for the reporter from the Toronto Star.  I would not recommend that anyone use Goldmoney.  In fact, I think they should be investigated.