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Report: #246159

Complaint Review: R.B. Badar - Lear Financial, - Santa Monica California

  • Submitted:
  • Updated:
  • Reported By: Kennewick Washington
  • R.B. Badar - Lear Financial, 429 Santa Monica Blvd Santa Monica, California United States of America

Lear Financial CUSTOMER SATISFACTION COMMITMENT: Lear Financial is committed to customer satisfaction and constantly seeks ways to further improve its high-quality customer service. We are committed to helping our clients successfully diversify their portfolios, protect their savings and retirement income, and guard against risk through timely investments in gold, silver, platinum and other precious metals. Coast to coast.
*UPDATE: Recognized by Rip-off Report Corporate Advocacy Program as a safe business service Lear Financial pledges to always resolve any issues. Feel safe, confident and secure when doing business with Lear Capital.

*UPDATE EX-employee responds: Lear Financial self proclaimed, industry leader yet, rated last by the Los Angeles Better Business Bureau vs. comparable firms.

*REBUTTAL Owner of company: Total Nonsense

*REBUTTAL Owner of company: Total Nonsense

*REBUTTAL Owner of company: Total Nonsense

*REBUTTAL Owner of company: Total Nonsense

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Rip-off Report REVIEW:

Editors UPDATE: Positive rating and recognition has been given to Lear Financial for its commitment to excellence in customer service.

Ripoff Reports discussions with Lear Financial have assured us that Lear Financial has made customer satisfaction a core principle and that Lear is constantly seeking ways to improve its already high standard of customer care. This means that Lear Financial will provide accurate, timely and courteous information to its clientele and that Lear staff will work quickly to satisfactorily resolve any client questions or concerns.

It also means that Lear is committed to learning from its customers through regular, voluntary follow-up calls and conversations. This feedback helps Lears customer care team to correct any mistakes and to ensure an even higher standard of customer service in the future.

Rip-Off Reports was pleased to learn that Lear Financials president, Kevin DeMeritt, deliberately focused on excellent customer service as a business hallmark in order to make Lear stand out from other gold and precious metals investing firms. Indeed, great customer service is what DeMeritt terms the Lear Advantage.

As an investment industry leader, Mr. DeMeritt understands that Lear clients investments are precious and that Lear has a responsibility to meet the highest standards of transparency, integrity and customer assurance. Lears goal is to establish a long-term relationship with its clients and understands that it can only do so by providing them with the best and most timely information and guidance.

A top executive at Lear Ripoff Report that Mr. DeMeritt is an innovator constantly looking for ways to provide added value to his customers. Kevin understands that the world is changing and that investors needs change just as fast. He strives to provide clients with real-time answers to real-time questions about precious metals investing. His goal is to provide the best and most responsive customer service in the industry, whether through knowledgeable and friendly customer care representatives, or through constantly-updated information on Lears full-service website. Kevins philosophy is: Never make a customer wait, never make a customer wonder.

Lear Financials customer care team notes that the expertise of Lears senior management gives Lear clients confidence. DeMeritt, predicted the market crash of 2001 on national radio and the ensuing strength of gold as an investment. He has steered Lear to a position as one of the most prominent precious metals investing companies in America, with frequent endorsements from a range of media leaders, including the Rush Limbaugh Show, Michael Medved, Dennis Prager, George Noory, Laura Ingraham, Mike Gallagher, Oliver North, Noah Hutchings, the late Marlin Maddoux and many others.

More importantly, DeMeritt and his team have helped thousands of investors protect their savings and retirement through the well-timed purchase of precious metals. As a result, Lear clients report high customer satisfaction.

Lear Financial recognizes that complaints posted on Rip-off Report (whether true or not) are issues that need to be addressed, not ignored. If handled correctly, complaints can be valuable learning opportunities. With the feedback generated by Rip-off Reports Investigation Lear Financial has instituted systematic changes to ensure that problems are resolved quickly and quality standards remain high.

In summary, after our investigation, which included discussions with Mr. DeMeritt and many of his past and current associates, Rip-off Report is convinced that Lear Financial is committed to delivering high quality services resulting in total client satisfaction.

Read more about why consumers should feel confident when doing business with a member of Rip-off Report's Corporate Advocacy Business Remediation & Customer Satisfaction Program. Yes, its a long name for a program that does a lot for both consumers and businesses alike.

Read about Rip-off Report Corporate Advocacy Business Remediation & Customer Satisfaction Program,.. A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. this program works.

SPECIAL NOTE ABOUT MOST OF THE REPORTS FILED ABOUT LEAR CAPITAL:

As a matter of policy, when a business becomes a member of the Corporate Advocacy Business Remediation and Customer Satisfaction Program they agree to allow Ripoff Report to contact every person who filed a complaint so they can make things right with them. In order to confirm that each and every complaint was resolved, Ripoff Report emailed the author of all the reports about Lear Financial.. Fortunately, the posting of false reports is not the norm, .. ..Sadly in this case, most of the reports posted about Lear were filed by the same person., and the Reports that were not posted by the same person all looked suspicious.. Ripoff Report has the evidence. Ripoff Report waited more than 2 weeks to post this UPDATE. As of today, Ripoff Report has not heard back from one person regarding any Report about Lear Financial.

It is the opinion of Ripoff Report, because the Precious Metals industry is so competitive, that it is more than likely unscrupulous cut-throat competitors posted the reports about Lear. Executives at Lear admit to Ripoff Report they are not perfect, as no company or individual ever is, but, the people at Lear have made a commitment to do their best to always do right and what is fair by their customers. If any of our readers feels a member of the Corporate Advocacy Program did not do right by them, to please contact us here at Ripoff Report. editor@ripoffreport.com

=====================
NOW TO THE ORIGINAL REPORT THAT WAS FILED
=====================

R.B. Badar - Lear Financial, Misleading statements by seller and  excessive sales markup Santa Monica California

I heard on a respected conservative talk show host, I believe it was Mr. Rush Limbaugh, advertize the potential growth and little risk in buying gold. I called the 1-800 number and in return, was contacted by R. B. Brdar, senior portfolio manager representing Lear Financial, Inc.

He stated that if I bought gold coin, in this case, there would be no risk since gold was still climbing on a daily basis. he stated there was a marginal markup of about 5-8 percent, which included a guarenteed buy back with out further cost. He also stated that if I bought at least 10,000 worth, I would get a substantial discount when buying. I then bought 10,000 worth at a cost 0f 1225.00 per coin. It took several weeks to recieve the coins after payment. He called several times after that stating that gold had gone up several points and I was already making a profit of 25 to 50 / coin.

A few weeks later, he called and gave me another big offer, I bought another 5,000.00 worth of coins. Again, almost a month wait to recieve the coins.

I happened to go to a coin sales and found the same coins for sale at 950/coin. same year and same grade by the same grading company.

Being upset, I called Lear Financial and found out that R. B. Brdar had retired and that Mr. Bradford M. Kaye, the department head, would handle my call. I told I wanted to sell the coins. I got the run around with him saying there had been a drop in gold prices. I told him bull all the charts on line showed a profit, not much but a profit. Over all it was all going up. After a big run around, I asked for an email stating how to send the coins back for at least my money invested.

Well he made an offer in the email to buy back the original coins for $5442.60 total/ approx 940/coin.

Therefore, not only did they inflat the worth of the coins on initial sails, but the the offer was even less than the going market value of other companies selling then same year, mint mark and rating.

I called him and told Bradford that is company was a crooked as they come and would not deal with him at all.

John
Kennewick, Washington
U.S.A.

This report was posted on Ripoff Report on 04/29/2007 09:53 PM and is a permanent record located here: https://www.ripoffreport.com/reports/rb-badar-lear-financial/santa-monica-california-90401/lear-financial-customer-satisfaction-commitment-lear-financial-is-committed-to-customer-s-246159. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
0Author
1Consumer
4Employee/Owner

#5 UPDATE EX-employee responds

Lear Financial self proclaimed, industry leader yet, rated last by the Los Angeles Better Business Bureau vs. comparable firms.

AUTHOR: John Q. - (U.S.A.)

POSTED: Wednesday, May 30, 2007
PART 2 in a SERIES:

Lear Financial the self proclaimed, industry leader and according to Kevin DeMeritt, president of Lear Financial, a leading precious metals company to investors and institutional clients.

However, of the 7 Los Angeles County Companies researched, Lear Financial ranks last in each of the following categories:

1. The Los Angeles Better Business Bureau Rating
2. Years in Business
3. Published Coin Fees

The summary of the language used by the Better Business Bureau ratings state, in part:
The rating the Better Business Bureau assigns a business is determined by our composite score of such factors as its type of business, length of time in business, compliance with competency licensing requirements, complaint volume, complaint history, seriousness of complaints, how the company responds to complaints and our experience with the company's industry in general.

The scoring system takes into account the importance we feel each factor is to the company's reliability. The highest rating assigned to a company is AAA; the lowest is F. Between those two ratings are nine others in order from higher to lower.

The ratings are defined as follows:

AAA - An exemplary rating.
AA - An extremely high rating.
A - An excellent rating.
BBB - A very high rating.
BB - A high rating.
B - A good rating that still implies reputability.
CCC - A good rating.
CC - Average rating.
C - Acceptable rating.
D - Enough concerns about this company that we recommend caution in doing business with it.
F -We strongly question the company's reliability for several reasons.

The Better Business Bureau Rating (AAA down to F) of 7 gold companies:

1. AA - A Mark Precious Metals; Santa Monica, CA
2. AA - California Numismatics; Torrance, CA
3. AA - Gold Investment Group; Marina del Ray, CA
4. A - Merit Financial; Santa Monica, CA
5. A - Wilshire Coin; Santa Monica, CA
6. BB - Goldline International; Santa Monica, CA
7. B - Lear Financial Inc.; Santa Monica, CA

The Los Angeles Better Business Bureau rated 6 similar gold companies higher than Lear Financial although Kevin DeMeritt states For the last ten years, Lear Financial has been a leader in the precious metals industry, consistently getting the highest reviews for quality, integrity and customer service yet; all 6 companies have been in business longer.

Ranked by the Years in Business

1. 1960 - Goldline International
2. 1965 - A Mark Precious Metals
3. 1974 - Wilshire Coin
4. 1980 - California Numismatics
5. 1986 - Merit Financial
6. 1995 - Gold Investment Group
7. 1997 - Lear Financial Inc.

Kevin DeMeritt further states, to address the specific point of fees, each contract discloses the average fees or spread associated with any rare coin purchase. That spread can be 17% to 33% of the purchase price. These fees are standard in this very competitive industry and clearly made known to each buyer. These fees are charged once upon purchase and, contrary to what some other gold companies do, we charge no fees at the time a customer wishes to sell.

Ranked by published coin fees (over a dozen coins compared)

1. Wilshire Coin
2. Merit Financial
3. California Numismatics
4. Gold Investment Group
5. A Mark Precious Metals
6. Goldline International
7. Lear Financial Inc.

Kevin DeMeritt has several other business enterprises doing business at the same location as Lear's, but using other names, and transacting via the internet and telephone. Lear receives funds via US mail, bank wire, personal checks, money orders, credit cards and financial rollovers.

Additionally there are allegations and lawsuits vs. Lear Financial claiming widespread and systematic fraud against it customers and illegal tape recording of customers' phone calls perpetrated against Lear's customers, among other wrongful acts.

The claims contend that Lear systematically misled its customers about the amount of commissions they were paying and overcharged them. As well instructs its employees as to how to mislead its customers. Documents have been obtained to support this specific allegation as well several of Lear's customers have come forward with supporting evidence.

The claims also state that Lear systematically violated the California Penal Code by unlawfully recording and eavesdropping on conversations between Lear salesmen and Lear customers without the customer's knowing consent and instructed their employees to record and eavesdrop on conversations without all parties knowing consent. Many copies of tape recordings have been obtained to support this allegation.

We are investigating whether you had a similar experience at Lear and would greatly appreciate it if you could call us to so that we could determine if you also were subject to the alleged wrongful conduct. We look forward to hearing from you in this regard. Dion-Kindem & Crockett, Woodland Hills California.

Lastly, for those who are waiting to here from an attorney please be patient, response time is hindered by our responsibility to acknowledge; research and secure accurate information.
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#4 REBUTTAL Owner of company

Total Nonsense

AUTHOR: Kevin - (U.S.A.)

POSTED: Monday, May 07, 2007
The management team at Lear has never had any reservations about making clear disclosures, to each client, of the pricing and strategy behind any investment into gold or rare coins.

It is and has been a matter of standard procedure for each sale to include a clear and comprehensive 2-page contract signed by each customer. The purpose of the contract is to make full disclosure of the fees and costs associated with the purchase of each coin.

To address the specific point of fees, each contract discloses the average fees or spread associated with any rare coin purchase. That spread can be 17% to 33% of the purchase price. These fees are standard in this very competitive industry and clearly made known to each buyer.

These fees are charged once upon purchase and, contrary to what some other gold companies do, we charge no fees at the time a customer wishes to sell. The contract also makes it clear that our recommended hold period is 3 5 years.

To insure each client understands the conditions of the sale to include the price, quality and quantity of the coins involved in a transaction, these aspects of each sale are also verbally reiterated to each customer and agreed to in a recorded order confirmation. Each client is notified that the confirmation will be recorded and given the opportunity to agree to it or not.

The recorded confirmation serves to prevent any misunderstandings by either the sales person or the client. This is how we do business. Up front and with confidence.

Thank you for listening.

Lear Financial Management Team
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#3 REBUTTAL Owner of company

Total Nonsense

AUTHOR: Kevin - (U.S.A.)

POSTED: Monday, May 07, 2007
The management team at Lear has never had any reservations about making clear disclosures, to each client, of the pricing and strategy behind any investment into gold or rare coins.

It is and has been a matter of standard procedure for each sale to include a clear and comprehensive 2-page contract signed by each customer. The purpose of the contract is to make full disclosure of the fees and costs associated with the purchase of each coin.

To address the specific point of fees, each contract discloses the average fees or spread associated with any rare coin purchase. That spread can be 17% to 33% of the purchase price. These fees are standard in this very competitive industry and clearly made known to each buyer.

These fees are charged once upon purchase and, contrary to what some other gold companies do, we charge no fees at the time a customer wishes to sell. The contract also makes it clear that our recommended hold period is 3 5 years.

To insure each client understands the conditions of the sale to include the price, quality and quantity of the coins involved in a transaction, these aspects of each sale are also verbally reiterated to each customer and agreed to in a recorded order confirmation. Each client is notified that the confirmation will be recorded and given the opportunity to agree to it or not.

The recorded confirmation serves to prevent any misunderstandings by either the sales person or the client. This is how we do business. Up front and with confidence.

Thank you for listening.

Lear Financial Management Team
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#2 REBUTTAL Owner of company

Total Nonsense

AUTHOR: Kevin - (U.S.A.)

POSTED: Monday, May 07, 2007
The management team at Lear has never had any reservations about making clear disclosures, to each client, of the pricing and strategy behind any investment into gold or rare coins.

It is and has been a matter of standard procedure for each sale to include a clear and comprehensive 2-page contract signed by each customer. The purpose of the contract is to make full disclosure of the fees and costs associated with the purchase of each coin.

To address the specific point of fees, each contract discloses the average fees or spread associated with any rare coin purchase. That spread can be 17% to 33% of the purchase price. These fees are standard in this very competitive industry and clearly made known to each buyer.

These fees are charged once upon purchase and, contrary to what some other gold companies do, we charge no fees at the time a customer wishes to sell. The contract also makes it clear that our recommended hold period is 3 5 years.

To insure each client understands the conditions of the sale to include the price, quality and quantity of the coins involved in a transaction, these aspects of each sale are also verbally reiterated to each customer and agreed to in a recorded order confirmation. Each client is notified that the confirmation will be recorded and given the opportunity to agree to it or not.

The recorded confirmation serves to prevent any misunderstandings by either the sales person or the client. This is how we do business. Up front and with confidence.

Thank you for listening.

Lear Financial Management Team
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#1 REBUTTAL Owner of company

Total Nonsense

AUTHOR: Kevin - (U.S.A.)

POSTED: Monday, May 07, 2007
The management team at Lear has never had any reservations about making clear disclosures, to each client, of the pricing and strategy behind any investment into gold or rare coins.

It is and has been a matter of standard procedure for each sale to include a clear and comprehensive 2-page contract signed by each customer. The purpose of the contract is to make full disclosure of the fees and costs associated with the purchase of each coin.

To address the specific point of fees, each contract discloses the average fees or spread associated with any rare coin purchase. That spread can be 17% to 33% of the purchase price. These fees are standard in this very competitive industry and clearly made known to each buyer.

These fees are charged once upon purchase and, contrary to what some other gold companies do, we charge no fees at the time a customer wishes to sell. The contract also makes it clear that our recommended hold period is 3 5 years.

To insure each client understands the conditions of the sale to include the price, quality and quantity of the coins involved in a transaction, these aspects of each sale are also verbally reiterated to each customer and agreed to in a recorded order confirmation. Each client is notified that the confirmation will be recorded and given the opportunity to agree to it or not.

The recorded confirmation serves to prevent any misunderstandings by either the sales person or the client. This is how we do business. Up front and with confidence.

Thank you for listening.

Lear Financial Management Team
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