Gold Line Dismissed of Criminal Charges
How’d they do it? By agreeing to pay up to $4.5 million to its former, disgruntled customers.
Gold Line was taken to California’s Superior Court after 19 consumer complaints were filed as a lawsuit in Santa Monica. Gold Line was accused of “bait and switching” customers, by luring them in with catchy bullion prices, then selling them on marked up numismatics. Sometimes the mark up was as much as 50%!
Gold Line didn’t get away with it scot free by just agreeing to a multimillion dollar settlement. They are now under surveillance from the state of California who will be recording phone calls, meeting with company executives, as well as “secret shopping” their business as they please to ensure lawful practices. Gold Line stated that these measures would “enhance its industry-leading disclosures to prospective precious metals buyers.”
As we’ve talked about here at Gold Scams before, numismatics can be risky when it comes to investing your wealth into precious metals. If bullion dealers are marking up the price over 7% on numismatics and selling you on their rarity and safety, find another dealer! Gold Line has been one of the greatest recent examples of everything you don’t want in a bullion dealer. I’m still baffled on how they plan to stay in business with a reputation like that. With all of the dealers across the country, continent, and world I’m sure investors can find a more ethical and trust-worthy place.