Affiliate Disclosure: We may earn a small commission if you click links and make a purchase. This article is for informational purposes only and does not constitute financial advice.
Disclosure: This article may contain affiliate links, and we may earn a commission if you request a kit or open an account through our links, at no additional cost to you. We are not financial advisors, and nothing here is financial advice — just the perspective of a longtime precious metals investor sharing hard-won knowledge. The companies named below are referenced solely on the basis of publicly documented regulatory actions and court judgments. Always do your own research and consult a qualified professional before investing.
If you searched for a “gold scammer list,” you were probably hoping to find a single, tidy blacklist of every crooked precious metals dealer in America. I have bad news and good news.
The bad news: no such official master list exists. There is no government registry where you can type in a company name and get a red or green light. The precious metals industry is only loosely regulated, and that regulatory gap is exactly what predatory operators exploit.
The good news: there is a public paper trail. Federal and state regulators — the Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), the Federal Trade Commission (FTC), and dozens of state attorneys general — have pursued, charged, and in many cases obtained judgments against specific gold and silver dealers who defrauded investors. Those enforcement actions are matters of public record, and together they form the closest thing to a legitimate “gold scammer list” that exists.
Even more valuable than the names, though, are the patterns. Once you understand how these schemes work, you can spot a scam operation you’ve never heard of before it costs you a dime. That’s what this article is really about: the documented cases, the repeatable red flags, and a concrete process for verifying any dealer before you hand over a single dollar of retirement savings.
Why Gold Attracts Scammers in the First Place
Before we name names, it helps to understand why this niche is such fertile ground for fraud. The CFTC has been blunt about it: precious metals frauds are on the rise, and scammers deliberately prey on fears about the durability of the U.S. financial system. They promise “safe” investments, then sell metals at wildly inflated prices while charging steep commissions.
The target demographic is no accident. Fraudulent dealers overwhelmingly go after seniors and pre-retirement investors, for one simple reason: that’s where the money is. Most Americans hold the bulk of their wealth in retirement accounts, and older savers both have larger balances and can more easily access those funds. Scammers convince these investors to roll their 401(k)s, TSPs, or existing IRAs into self-directed IRAs, then load them up with overpriced metal.
Self-directed IRAs are a particular weak point. Regulators including the SEC, FINRA, and NASAA have jointly warned that fraudsters are more likely to exploit self-directed IRAs because the custodians of these accounts typically don’t investigate the underlying assets or vet the promoter’s background. And because early withdrawals carry tax penalties, victims tend to leave the account alone for years — which lets a fraud run undetected far longer than it otherwise would.
There’s also a psychological layer. These operations frequently use affinity fraud: they infiltrate specific political and religious communities, run microtargeted social media ads, and fabricate endorsements from trusted pundits, celebrities, or religious figures. The pitch weaponizes fear — hyperinflation, a dollar collapse, government confiscation — and then positions overpriced gold as the only safe harbor. It’s a con as old as commerce, just with better Facebook targeting.
One more thing worth stating plainly, because honest dealers will tell you the same: metals themselves are a legitimate diversification tool, but they are not magic. Precious metals don’t pay dividends, generate earnings, or compound. Prices are volatile. Gold’s lack of correlation with stocks does not make it “low-risk” or “safe.” Anyone who tells you otherwise is selling, not educating.
The Documented Cases: The Real “Gold Scammer List”
Here are several of the most significant precious metals fraud cases brought by regulators in recent years. Each is grounded in public filings and court records. I’ve tried to characterize every one precisely — who brought the action, what was alleged, and where it landed — because the difference between “charged” and “convicted” matters, and because fairness demands it.
Metals.com / TMTE, Inc. (and affiliated entities).
In September 2020, the CFTC and 30 state regulators charged TMTE, Inc. — doing business as Metals.com — along with Chase Metals, Barrick Capital, and principals Lucas Asher and Simon Batashvili, in what was described as an ongoing nationwide fraud that took in more than $185 million from investors for fraudulently overpriced gold and silver bullion. Reporting at the time indicated the scheme drew in at least 1,600 investors, most of them elderly, with roughly $140 million coming from retirement funds. According to the allegations, customers were told bullion carried spreads of 1–5% and numismatic coins 17–33%, but actual markups reached 91–128% — even on standard bullion misrepresented as “collectible.” A federal court froze the defendants’ assets and appointed a receiver. The litigation has been unusually protracted: in 2025 a Texas judge raised questions about the CFTC’s jurisdiction over physical bullion sales, and one principal was separately indicted on criminal fraud charges. The case is a cautionary tale about both the scale these schemes can reach and how long accountability can take.
Safeguard Metals LLC
In late 2025, a federal court ordered Safeguard Metals and its owner to pay tens of millions of dollars — figures reported at over $50 million in restitution and civil penalties — following a scheme that regulators said defrauded more than 450 customers, many of them elderly. The company allegedly marketed silver and gold coins as low-risk retirement holdings while charging heavily inflated, undisclosed markups reported in the range of 51–71%. Victims who believed they were buying “safe” assets lost a substantial share of their money the moment the purchase closed. The order included permanent trading and registration bans.
Red Rock Secured LLC (now associated with American Coin Co.)
The SEC, CFTC, and California and Hawaii regulators pursued Red Rock Secured, its CEO, and account executives over a scheme to convince retirement savers to move money from TSP accounts, 401(k)s, and IRAs into self-directed IRAs to buy gold and silver coins. The SEC alleged that Red Rock told investors it charged markups of just 1–5%, when in reality markups ran as high as 130% on the coins it sold between 2017 and 2022. The judgment resolved charges tied to defrauding retirement account holders of more than $50 million. Notably, the principals were later associated with a successor business, American Coin Co. — a rebrand-after-scrutiny pattern that recurs throughout this industry and is worth watching for.
Regal Assets LLC
The CFTC and the California Department of Financial Protection and Innovation brought a roughly $21 million action against Regal Assets, alleging the firm misappropriated funds from more than 120 customers between late 2019 and 2022 — diverting money meant for metals purchases to cover business and personal expenses while feeding customers misleading information. Regal Assets had, for years, marketed itself aggressively through affiliate review sites, which is a reminder that a heavy online marketing presence and glowing “review” pages are not evidence of legitimacy.
A few honest caveats about this list. Enforcement is ongoing and fact patterns evolve; some of these cases have faced legal complications on appeal or jurisdiction. A charge is an allegation, and a judgment against one corporate entity doesn’t automatically implicate every person who ever worked there. But the through-line across all of them is unmistakable, and it’s the same set of tactics every time. Learn those, and you don’t need to memorize company names.
Zooming out: over roughly the past decade, the CFTC has pursued cases against fraudulent dealers who collectively sold more than $500 million in overpriced metals to victims, and consumer-protection groups estimate industry fraud losses well into the billions since 2018. This is not a fringe problem.
The Anatomy of a Gold Scam: Tactics That Show Up Again and Again
Strip away the company names and nearly every precious metals scam runs the same playbook. If you can recognize these moves, you’re better protected than most.
The numismatic bait-and-switch
You call about affordable bullion. The salesperson agrees at first, then pivots hard: those bullion coins are “out of stock,” or — better yet — you really want these “rare,” “exclusive,” “proof,” or “limited edition” collectible coins, which supposedly carry more upside. In reality, numismatic and semi-numismatic coins are where the enormous markups hide. Standard bullion typically carries a premium of roughly 3–8% over spot; scam-tier collectible coins can carry markups of 40%, 80%, or more over their actual melt value. Worse, many collectible coins don’t even meet IRS purity requirements for an IRA (gold must be 0.995 fine, silver 0.999), so you may be buying something that doesn’t belong in the account at all.
Massive, undisclosed spreads
Every dealer earns a spread between what they pay for metal and what they charge you — that’s normal. What’s not normal is a 30%, 50%, or 100%+ markup buried in fine print. In the documented cases above, the fraud very often came down to lying about the spread. This is why the single most powerful question you can ask is: “What is your exact markup over the current spot price on this specific coin?” A legitimate dealer answers immediately. A scammer dodges.
Fear-based, high-pressure closing
“The dollar is about to collapse.” “This price is only good until the market closes today.” “You need to act now.” Retirement decisions deserve weeks of consideration, and honest companies know it. Any operation that calls you repeatedly, invents urgency, or leans on doomsday scripts to force a same-day decision is prioritizing its commission over your future.
Affinity and impersonation tactics
Fake endorsements from well-known media figures, ads impersonating trusted news outlets, and pitches tailored to a specific political or religious identity are hallmarks of these schemes. In 2025 and beyond, regulators have also flagged a sharp rise in AI-generated fraud — deepfake celebrity endorsement videos and AI-built websites that are nearly indistinguishable from legitimate dealers. Treat any unsolicited endorsement with deep skepticism.
The “home storage” myth
Some operators tell you that you can store your IRA metals at home in a safe. You generally cannot. Taking personal possession of IRA metal is treated as a distribution and can trigger taxes and penalties. By law, IRA precious metals must be held by an IRS-approved depository. Anyone encouraging home storage of IRA gold is either misinformed or setting you up.
Leveraged “financing” deals
A dealer calls with a hot tip: put down 20–25% and they’ll “finance” the rest of a once-in-a-lifetime metals purchase. Unless the company is a registered exchange or delivers the physical metal within 28 days, this kind of leveraged transaction can violate the Commodity Exchange Act. Past investigations found cases where no metal was ever actually purchased, yet customers were charged interest, storage, and insurance on phantom holdings.
Fake credentials and manufactured social proof
Predatory companies photoshop BBB seals, fabricate industry awards from organizations that don’t exist (or that they secretly sponsor), and buy fake five-star reviews. A logo on a website proves nothing. An “award” from an affiliate marketing site is not the same as recognition from a recognized financial publication.
“IRA expert” role-play
Metals salespeople are usually not licensed to give investment advice and, unlike a fiduciary, have no legal obligation to act in your interest. Many nonetheless pose as “IRA specialists” or de facto advisors. Their recommendations are driven by commission. Keep that framing front of mind for every conversation.
Your Red-Flag Checklist
Print this. If a company trips more than one or two of these, walk away:
- Contacted you first — an unsolicited cold call, email, text, social ad, or mailer
- Pushes collectible, numismatic, “proof,” or “exclusive” coins for your IRA
- Won’t state the exact markup over spot in plain numbers
- Won’t provide a complete fee schedule in writing before you commit
- Uses urgency or fear to force a fast decision, or calls you repeatedly
- Guarantees returns or calls gold “100% safe” (no legitimate dealer ever does)
- Suggests you can store IRA metals at home
- Offers leveraged “financing” without delivering physical metal
- Only lists a P.O. box, has no verifiable physical address, or has a very short operating history
- Displays credentials or awards you can’t independently verify
How to Verify Any Dealer Before You Invest
Here’s the process I’d use — and have used — before trusting any precious metals company with real money. None of it takes special expertise. It just takes patience, which is precisely what a scammer is trying to rush you out of.
1. Know the spot price first. Look up the current spot price of gold or silver before you talk to anyone. When a dealer quotes you a price, you’ll immediately see the premium. If you can’t reconcile their number with spot, ask them to explain it in writing.
2. Check the BBB and BCA — directly. Go to BBB.org and the Business Consumer Alliance yourself; don’t trust a badge on the company’s site. Look at the rating, the number and nature of complaints, and how they were resolved. One caution: a good BBB rating alone isn’t proof of integrity — some bad actors keep their ratings clean by quietly refunding the loudest complainers while continuing the same practices. Read the actual complaint narratives.
3. Verify the business itself. Search your state’s Secretary of State database (and the company’s home state) to confirm when the business was actually formed. Fraud operations frequently use “shelf companies” — dormant corporations bought to appear older than they are — and serial rebrands to shed a bad reputation. If the incorporation date contradicts the company’s marketing claims, that’s a serious flag.
4. Cross-check regulators. Search the company and its principals’ names alongside “CFTC,” “SEC,” “FTC,” “complaint,” “lawsuit,” and “fraud.” Check the National Futures Association’s BASIC database and FINRA’s BrokerCheck for anyone claiming to give investment advice. A history of enforcement actions is exactly what you’re trying to surface.
5. Confirm the custodian and depository independently. A legitimate gold IRA runs through an IRS-approved self-directed custodian and stores metal at an IRS-approved depository (Delaware Depository and Brink’s are common examples). Call the custodian directly to confirm the dealer actually works with them, and insist on getting depository statements directly from the storage facility — not filtered through the dealer.
6. Demand every fee in writing. Setup fee, annual custodian fee, storage fee (and whether it’s segregated or commingled), and the markup over spot on the specific products you’re buying. On a $50,000 account, scam-level fees and markups can quietly consume a huge chunk of your principal before gold prices move at all. If a company quotes fees verbally but won’t put them on paper, you have your answer.
7. Get multiple quotes and take your time. Compare at least three or four companies. Talk to a fee-only fiduciary financial advisor who has no stake in the sale. And give yourself at least a week. The single most protective habit you can build is refusing to be rushed.
What a Legitimate Company Looks Like
It’s easy to catalog the bad. It’s more useful to know what “good” actually looks like, because the contrast is stark once you’ve seen both.
A trustworthy dealer leads with education rather than fear, discloses every fee in writing before any transaction, quotes a reasonable markup over spot and will state it out loud, steers you toward standard IRS-approved bullion rather than high-margin collectibles, encourages you to take your time and consult an advisor, and carries a long, clean, verifiable track record across independent platforms.
Augusta Precious Metals is the company I most often point readers to as a benchmark for this, and the reasons map almost one-for-one against the scam red flags above. It holds a BBB A+ rating with an established history, has been recognized by mainstream financial publications rather than self-issued “awards,” publishes its fee structure transparently, and is built around an education-first model — including a one-on-one web conference led by an on-staff, Harvard-trained economic analyst — rather than a high-pressure boiler room. Even Augusta’s own disclosures state plainly that past performance doesn’t guarantee future results and that metals investing carries real risk. Counterintuitively, that kind of blunt honesty is one of the strongest signals a company is legitimate. A scammer promises certainty; an honest dealer discloses risk.
None of this makes any single company right for you — that depends on your goals, your timeline, and your own due diligence. But if you use a company like that as your baseline, the outfits that fail the comparison tend to reveal themselves quickly.
How to Report a Gold Scam
If you encounter a suspicious dealer — or believe you’ve been defrauded — reporting it protects you and helps regulators build the enforcement cases that shut these operations down. Use as many of these channels as apply:
- CFTC — Has jurisdiction over much precious metals fraud. File at cftc.gov/complaint or call 866-366-2382.
- SEC — For fraudulent investment schemes and rollovers. Report at sec.gov/tcr.
- FTC — Tracks consumer fraud patterns and can take enforcement action. File at ReportFraud.ftc.gov.
- Your state attorney general — Can investigate, prosecute, and sometimes help recover funds within their jurisdiction.
- NASAA / your state securities regulator — For state-level securities and fraud violations.
- Better Business Bureau — Creates a public record and may prompt the company to respond.
Document everything: names, dates, recordings, invoices, account statements, and every written communication. If real money is at stake, consult an attorney who specializes in securities or consumer-fraud law.
The Bottom Line
There is no official “gold scammer list,” but there’s something more useful: a clear public record of the companies regulators have taken down, and an unmistakable pattern in how they operated. Metals.com, Safeguard Metals, Red Rock Secured, Regal Assets — different names, the same con. Unsolicited fear-based pitches, bait-and-switch collectible coins, undisclosed markups, manufactured urgency, and fake credentials.
You don’t need a blacklist to stay safe. You need the spot price, a written fee schedule, a few minutes on BBB.org and your Secretary of State’s website, an independent call to the custodian and depository, and the discipline to walk away from anyone who tries to rush you. Do that, and the scammers lose their only real advantage — your fear and your haste.
Gold can be a genuinely sensible part of a diversified retirement plan. Just make sure the person selling it to you has earned your trust the honest way: through transparency, patience, and a track record you can verify yourself.
This article is for informational purposes only and does not constitute financial, tax, or legal advice. Company references are based on publicly available regulatory filings and court records as of publication and may be subject to appeal or further proceedings. Precious metals investing involves risk, including possible loss of principal. Consult a qualified professional before making any investment decision.
