The Austin-based gold dealer US Money Reserve, Inc., has agreed to pay out $5 million to customers who consider themselves victims of wrong-doing by the gold dealers’ sales practices. However, the dealers claim that they, in fact, have done nothing wrong, but are working in compliance with the Texas Deceptive Trade Practices Act. Just protocol in their minds…and just a quick bit of research on this dealer could have told you to be cautious and have your gold buying guard up.
The owner of the company, Milton Verret, is an esteemed philanthropist according to his personal website, however if you ask the Better Business Bureau of Texas about his money-making business, they’ll show you a big “F”. Even other states flashed warnings about his company’s sales practices.
His story shouldn’t sound too foreign if you’ve had a chance to read through the Gold Scam report (see top right corner of the page to download). US Money Reserve offered deals on gold bullion coins via television commercials, then once on the phone with the potential buyer, they would urge the customer to switch over to a much more expensive commemorative coin under the guise that it would gain more than the originally offered bullion. Customers were noticing that their earnings were not increasing at the rate they had expected, thus legal action ensued.
The Travis County District court came to a compliance agreement with US Money Reserve, stating that their marketing tactics were deceptive because:
“The value of commemorative and proof coins is based on subjective factors, such as age, rarity and condition.” — and they were gouging the prices astronomically!
So that’s right, $5 million in restitution is being returned to customers who act now. If you were bait and switched into deals from this dealer, call: 1-800-867-6101 to claim some of the funds that are being sent back to unhappy buyers.