Complaint Review: Professional Coin Galleries - New York City, Boca Raton New York, Florida

I am writing to file this complaint against Professional Coin Galleries (PCG), CEO James Garafalo, and VP Peter Fetherston regarding the extremely distressing and unsatisfactory experience I have had as their customer. It is crucial that this matter is addressed promptly to prevent others from falling victim to PCG's dubious practices.

I placed my initial order with PCG after multiple unsolicited phone calls, eventually entrusting them with over $400,000 in qualified funds to set up a gold IRA. However, PCG has failed to honor their lifetime guarantee, as only a fraction of my IRA order was received by the depository. Upon returning the incomplete order as instructed, I have not been adequately compensated for my significant investment. This breach of their commitment is deeply troubling and has left me empty-handed and at a financial loss.

To compound the issue, PCG sent me an unexpected shipment of coins that I never ordered, demanding an additional payment of $144,200. This attempt to extort more money from me is both unethical and unacceptable. I refuse to be coerced into paying for items I did not request nor intend to purchase.

Despite waiting for months and attempting to resolve this matter, PCG has shown no willingness to provide a satisfactory solution. Their lack of communication, accountability, and failure to address my concerns only reinforce the suspicion that PCG operates with ulterior motives.

Based on my experience, it is evident that PCG seems to engage in deceptive practices, misappropriation of funds, and disregard their own guarantees. Their actions raise concerns of potential involvement in a Ponzi scheme, which poses a serious threat to anyone seeking to invest in coins or precious metals.

By sharing my story, I hope to prevent others from encountering the frustrations and disappointment that have accompanied my dealings with PCG, specifically owner James Garafalo and VP Peter Fetherston.

Despite waiting for months and attempting to resolve this matter, PCG has shown no willingness to provide a satisfactory solution. Their lack of communication, accountability, and failure to address my concerns only reinforce the suspicion that PCG operates with ulterior motives.

When I contacted the Iplan group who is the fiduciary on the IRA account in September,  they told me that they no longer work with PCG because of all the issues they’ve had with them over the last two years. They said clients are “lawyering up!” 

By sharing my story, I hope to prevent others from encountering the frustrations and disappointment that have accompanied my dealings with PCG, specifically owner James Garafalo and VP Peter Fetherston.

Run away as fast as you can from this firm. 

Here are several articles I found online about James Garofalo and Peter Fetherston:

https://www.finra.org/sites/default/files/DisciplinaryAction/p007568.pdf

https://securitiesarbitrations.com/peter-fetherston/

https://www.gripeo.com/peter-fetherston/

https://www.masslive.com/news/2017/10/new_york_financial_consultant.html

https://files.brokercheck.finra.org/individual/individual_2108610.pdf