Investors across the US fear their retirement savings are gone – after this California gold firm ‘dumped’ them

A Beverly Hills company that promised to turn retirement accounts into precious metals appears to have shut down without precedent — and its clients fear their nest eggs have been destroyed as well.

Scott Dahl fears his retirement is in jeopardy after investing a large portion of his 401(k) with Oxford Gold Group.

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The SoCal firm — which won Dahl over with its shiny product, good marketing and positive reviews — said it was investing his retirement money in gold coins that would be sent to a warehouse in Utah, through a third party. called Equity Trust.

However, Dahl received a letter saying that Equity Trust and Oxford Gold were no longer working together – and when he contacted the depository to check his order, they did not have his gold and claimed that they know nothing about the transaction.

“I don’t care what happens to your companies,” Dahl said as he shared his story with ABC7 Eyewitness News. But you have my money. All I want you to do is send the metals to the warehouse. … If you can’t do that, give me the money back.”

Dahl’s main fear is that he will not get his money back, and as a result, he may not have enough money to retire “forever.” He told Eyewitness News: “I may die before I have the strength to retire because of this group that basically lied to me.”

Investors lose retirement savings to scam

Dahl is one of several investors from several states – including Florida, North Carolina, Tennessee and Washington – to come forward to accuse Oxford Gold of misappropriating consumer funds, among other things.

In recent months, the company’s website has been flooded with negative comments from investors who say Oxford Gold “stole my money” and was “a scam.” The company now appears to have closed and moved from its office on Wilshire Boulevard.

Eyewitness News has done an in-depth investigation into the allegations and its reporting has inspired more victims like Dahl to share their stories. Its first tip came from Grant Olsen, who transferred his $200,000 nest egg from his principal’s 401(k) to what Oxford Gold believed to be a gold IRA .

The story continues

Also, the gold did not stay in the vault – and Olsen, like Dahl, feels “abandoned” and fears that he will never see the money again.

When Eyewitness News reached out to the California Department of Financial Protection and Innovation — the agency that regulates financial service providers — officials declined to comment directly on Oxford Gold. Instead, they issued a warning to Americans (especially the older generations) to be careful when trading precious metals.

“They’re targeting seniors … because they have the most money in their retirement savings,” explained Danielle Stoumbos, a senior adviser at the agency. “That’s what these precious metal traders are focusing on. They are trying to encourage people to sell securities in their old retirement accounts. ”

Stoumbos added that California has a “strong anti-fraud statute,” adding that “if there is misuse of consumer funds, if there are misrepresentations or that are not in relation to the sale or if there is an intention to cheat, we can take action against the company and the people working in the company.

The investigation is ongoing and it remains to be seen how this Oxford Gold saga will play out.

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Have you fallen victim to a scam? Here’s what you should do

If you believe you’ve been scammed or a trade or investment you made was fraudulent, there are six important steps you should take, according to the federal Commodity Futures Trading Commission (CFTC).

The first step focuses on stopping further losses by stopping further payments or money transfers. Next, while your memory of the fraud is still there, you should create a timeline and gather documents and information that will help you when it comes time to report or investigate the fraud.

The third important step is to protect your identity (especially if you have shared personal information like your Social Security number or bank account or street numbers) and take steps even which is necessary to restrict access to your financial statements. At this point, you may wish to place a fraud alert on your credit file or request a free security freeze.

In addition, it is important to report suspected fraud to the relevant authorities – in the case of California, by contacting the State Department of Financial Protection and Innovation – and to check the appropriate insurance coverage and legal support that can help you to recover your lost money. . Some homeowner’s insurance policies include coverage for fraud losses or reimbursements for damages related to identity theft.

Finally, it is important to think about how the fraud happened and how you can change your behavior and build resistance against future incidents. In the case of Oxford Gold, many alleged victims spoke of the company’s highly persuasive salespeople, customer education and market-leading communications.

Oxford Gold won the trust of investors, asking many to contribute five or six figures from their retirement accounts. If this is proven to be a scam, the CFTC noted that it would be “a lot more difficult” to recover the money because “usually, these people move quickly.”

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This article provides information only and should not be considered advice. Offered without warranty of any kind.