Goldline – the California-based company that proclaims itself a “leader in gold investing” – is under investigation for allegedly ripping off customers.
The company markets its gold products – bullion and coins – as “long-term assets,” and comes highly endorsed by a number of conservative news and media celebrities, including talk-show host Glenn Beck and former presidential candidates Mike Huckabee and Fred Thompson. ABC News has reported that the LA County District Attorney’s Office and the Santa Monica County District Attorney’s office are jointly investigating consumer complaints relating to Goldline’s sales tactics. Some consumers are complaining that they were misled by company representatives in being pushed toward purchasing coins – rather than bullion – which later turned out to be worth only a fraction of what they paid. Other complaints allege that the company simply delivered a product other than what they ordered. The City of Santa Monica has set up its own website to allow consumers to easily submit complaints about Goldline and Superior Gold – another company under similar investigation.
The investigation follows on the heels of a May 2010 report put together by Rep. Anthony Weiner (D-NY), which outlines the company’s allegedly fraudulent practices. Congress has also announced that it will hold hearings to address the allegations, but no dates have been set yet. Rep. Weiner contends that “Goldline grossly overcharges for their coins” and “falsely claims to offer ‘good’ investments.”
If you believe you were a victim of improper sales tactics by Goldline or a similar gold investment company and you would like to know whether you have a legal claim, please contact us at our website: www.pbmattorneys.com.