A Beverly Hills company that converts retirement accounts into precious metals vanished, and customers fear their savings have gone with it.
Vanishing Company Sparks Customer Concerns
An ABC7 investigation found the once highly-rated company, Oxford Gold Group, has a slew of complaints against it and the Better Business Bureau has revoked its accreditation.
Gary Olsen, a viewer who tipped off Eyewitness News to the story, fears he’ll never see his money again.
“It’s so much money, it’s mind-boggling,” said Olsen, adding that the situation has led to sleepless nights.
Customer’s Experience Highlights Concerns
“Oh, it was all of my retirement, all of it. I took $200,000 out of my principal 401K and put it into this supposedly gold IRA,” says Olsen.
He says he invested the money after hearing commercials about Oxford Gold Group. He says he did an online search and found it had good reviews.
Discovery of Company’s Mismanagement
But a few months ago, he received notices from a depository company that told him the physical gold never arrived. He says he was able to speak to the company CEO and was told not to worry.
“And he would always call me right back. I would leave him a text message, and he would call within 5 minutes, and so… him just calling me back kind of put me at ease,” he said.
But soon he felt something wasn’t right. He received a notice the depository company wasn’t doing business with Oxford Gold anymore.
Online Reviews and BBB Complaints Confirm Troubling Pattern
On Oxford Gold’s website, we found a number of bad reviews, most of them within the last three months. Many of the posts contain phrases like “stole my money,” “Stolen Funds,” and “Oxford gold is a scam.”
On the Better Business Bureau website, it says the company’s accreditation is revoked. It claims there are 95 complaints filed against the business.
Company Closure Raises Retirement Concerns
Olsen worries the company and his money are gone. Now, he’s worried he won’t be able to retire at all.
“I work full time, and I hope to work full time till I’m 70 or till I’m 75 or drop dead,” Olsen said.
Eyewitness News called and emailed the company several times, including the CEO and others, asking for a comment or statement about the allegations. So far, they have not been returned.
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Additional Insight:
It is essential for individuals to thoroughly research and vet any company they are considering entrusting their retirement savings to, especially when it involves converting funds into non-traditional investments like precious metals. Ensuring the company has a solid reputation, accredited by reputable organizations, and has positive customer reviews can help mitigate the risk of potential scams or mismanagement. It is also recommended to diversify investments to spread risk and avoid putting all retirement savings into a single venture.
