Important News! CoinLink has merged..... Visit our NEW Site www.CoinWeek.com

BREAKING NEWS:....... Vist Our NEW Site at CoinWeek.com

California Gold Dealer, Superior Gold Group LLC is seized, assets frozen

On Monday, a California judge froze the assets of Superior Gold Group LLC of 100 Wilshire Boulevard, as well another office in Woodland Hills,  after it was accused of fraudulent business practices in a civil lawsuit filed against the company and owner Bruce Sands by the Los Angeles County district attorney and the Santa Monica city attorney.
Editors Note: This company has NO relationship to Superior Galleries, a well known and respected numismatic firm.

Superior Gold Group, which sold gold coins and bullion and other precious metals, is alledged to have taken  payments from customers but never delivered the gold ordered, charged prices much higher than fair market value and misled customers into buying expensive specialty coins according to the lawsuit, filed Friday.

In their lawsuit, the agencies said Superior Gold took advantage of investors who flocked to gold as the price of the precious metal rose and the value of many other investments fell in recent years.

“By fostering fear and confusion among its customers, Superior has induced them to pay far above market prices for various gold products,” the complaint said.

In a report by The LA Times, they recounted one victims story…”

Steven Siry, 61, of Los Angeles is one customer who believes he was ripped off. Siry said he invested $20,000 in a “gold IRA” through Superior Gold. But company representatives sold him collector’s coins at an inflated rate rather than offering him bullion, and it took more than a year and numerous phone calls before the coins were delivered to the trust company that was to hold them, he said.

Siry estimates the actual value of the gold, when it finally arrived, as a little more than half of what he paid for it.

“It was a big mess, it was uncomfortable, and I felt kind of stupid, quite frankly, because I didn’t do enough shopping before I used them,” he said.

In another complaint the victim stated: “Nearly two years ago (Mar. ’09), I purchased approx. $47, 000 worth of gold and silver coins (my entire life savings). I have yet to recieve (sic) a single coin! I have been calling for years and they refuse to give me my money back or to buy my coins,”

“Receiver Dean Pucci of the law firm Jones & Mayer took control of Superior Gold’s two locations in Woodland Hills and Santa Monica, Monday afternoon,” Santa Monica officials said. “Pucci was ordered by the court to secure the assets of the business and take over its operation.”

The court set a hearing for December 17, 2010 to decide whether the receivership and asset freeze will remain in place until the case goes to trial.

Former customers of Superior Gold Group who wish to file a complaint should go to this website:gold.smconsumer.org

About the Author

RSS Feed for This Post4 Comment(s)

  1. Sean | Dec 12, 2010 | Reply

    My wife and I invested our entire IRA with Superior Gold 2 years ago and they never delivered the Gold to the Custodian. $90,000.

  2. Dr. D. L. Pierce | Dec 15, 2010 | Reply

    Superior Gold Group and their partner-in-crime Sterling Trust Company stole my 401(k) fund. I hope Bruce Sands lands in jail, pennyless.
    I WANT MY MONEY BACK!

  3. Francine | Jan 2, 2011 | Reply

    Bruce Sands aided and abetted by Adam Blaser, Alfred Windsor II, Esq. PC, Sterling Trust Company and Fidelitrade have stolen our retirement. According to Mr. Sands new book “The Financial Mango Tree” he writes that he has taken up religion; I will assume that means that he intends to pay back to each of his victims, their investment amount including interest and the calculated loss of their investment via the nefarious actions of Bruce Sands/Superior Gold Group.

    I do hope that Mr. Sands realizes that a Copyright is considered an asset; now that his asset’s have been frozen and turned over to receivership in order to repay his numerous victims; I do hope that Mr. Sands new book becomes a best seller for our sake. Assuming, that Mr. Sands has not tried to reassign his book copyright to someone else; however, I believe this book to have been published in August 2010; that means that he should be under a time-frame that would have prohibited him from transferring assets or property in order to evade prosecution; as stated above, I do hope this book becomes a future best seller!

  4. mike j | Jan 11, 2011 | Reply

    How do you know an honest coin dealer? I was taken by SGG as were a lot of people. Their ads and website looked good. Looked as good as Rosilyn or any others I looked at.I do not trust any of them now, and caution everyeone to be very carefull when dealing with these gold companies.

RSS Feed for This PostPost a Comment

You must be logged in to post a comment.