- Report: #303398
Complaint Review: Capital Gold Group - Sherman Oaks California
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Capital Gold Group
15303 Ventura Blvd Sherman Oaks, California, United States of America
Phone:
800-510-9594
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Capital Gold Group Capital Gold Group, Jonathan Rose, gold scams, gold fraud, precious metals scams Sherman Oaks California
HILLSBORO, Ore. - After the death of her husband, Nola Cronk depends on her trusty dog Zero for companionship. And she depended on a man she never met for financial advise.
Cronk went to Capital Gold Group for advise about investing her retirement money, and she said a Capital Gold salesman demanded her financial records.
"He called me back and he said, 'Well, you are bleeding, and we can stop the bleeding,' " she said.
The salesman told Cronk she needed to invest a huge part of her retirement funds in gold.
"And he started listing, we should take this and this and this, and it amounted to $344,000," she said. "I said, 'No.' "
That was a sales pitch that Capital Gold CEO Jonathan Rose, pictured below, uses at conventions, where he shows himself rubbing shoulders with President Bush and billionaire Steve Forbes.
Soon after Cronk called Capital Gold, a Federal Express driver showed up at her door with a letter she was supposed to sign on the spot.
After the FedEx driver left, Cronk realized she had just signed a contract to buy $344,000 in gold.
"I called them back and I said, 'I don't want to spend $344,000 in gold. Just don't want to do that', and they said, 'Well, you've already signed the contract. You'll either buy it or we'll take you to court and we'll get everything you have,' " Cronk said.
Cronk eventually agreed to buy $82,000 in gold. But it took months of waiting and fighting to get any of it. Eventually, she started seeing small shipments.
But she noticed something strange about the monthly deliveries - most of the coins were silver.
When she had her coins appraised by a local dealer, he determined that her $82,000 investment was worth only about $48,000.
"They were all very common," said appraiser Robert White of Bradley's Coins. "They really aren't considered investment quality coins."
And the silver?
"Those coins were selling for absolutely no more than $25 or $30 dollars per coin," White said.
Invoices from Capital Gold show the company charged Cronk $90 per coin. That meant she paid more than $20,000 for silver coins she never agreed to buy.
"They ripped me off royally because they could get away with it," she said.
But Cronk did not give up. She took her case to an arbitrator who finally awarded Cronk more than $67,000 in September. However, Capital Gold has not responded, and Cronk's money never arrived.
Cronk is not the only investor upset with Capital Gold.
According to a reliability report from the Better Business Bureau, there have been 13 complaints filed against the company.
"They have had consumers complaining against them not only for the deceptive advertising but for unfair business practices," said the BBBs Marcella Kallman.
Cronk has this word of advise for anyone who gets a call from Capital Gold.
"Hang up," she said. "Don't even listen to them."
KATU News tried to reach Capital Gold's CEO Jonathan Rose at his home and office in California and at Capital Gold's headquarters in Las Vegas but he did not return dozens of calls and e-mails.
KATU News also learned the Las Vegas headquarters is really just an empty storefront. Rose advertises on radio stations across the country including a local Christian station in Portland.
Financial advisers say investing in gold or other precious metals can be profitable, but they say it should be done in moderation.
They recommend doing background checks on companies before investing in gold coins or foreign currencies.
Make sure the company is licensed with the state. Check on the business's reliability with the Better Business Bureau, the attorney general's office and the Federal Trade Commission. Get information in writing, including contact information and business addresses.
Coin dealers also recommend taking possession of the coins instead of allowing the seller to hold your coins.
Chuckytaylor new york, New York
U.S.A.
4 Updates & Rebuttals
The Dog
United StatesThe FACTS!
#2Consumer Comment
Mon, June 10, 2019
Many of these gold promoters are sleaze balls with MANY complaints before the regulators. The BBB is NOT what you think it is. The BBB, (which stands for bull, bull, bull), is NOT part of ANY government body. The BBB is NOT part of ANY law enforcement body. ANY business, good or bad, can BUY whatever PHONY RATING they want.
The ONLY criterion for a PHONY ACCREDITATION is the willingness to BUY it! These FACTS are WELL KNOWN among the business community. Many sleaze bags will BUY the PHONY BBB garbage so they can hide behind it as a smoke screen while they continue their sleazy business practices. Many of these sleaze bag gold brokers present themselves as "financial planners" or "advisors" when all they are is a sleazy salesman.
Bruce
KLAMATH FALLS,Oregon,
United States of America
Surprised Brother
#3General Comment
Tue, January 26, 2010
In hearing an advertisement on the radio about buying gold, I thought of my sister.
I then went to the internet to look up Capital Gold, who my sister had told me some time ago with much shigrin she was in conflict with. To my surprise, her case was the headlined article! As I read the article, it recounted substancially what she told me about the case.
What the article did not reveal was that my widdowed sister while not rich, was substancially well off, and in a position to exercise her German ire at being ripped off. Capitol Gold's assertion that the case was settled to everyones satisfaction is patently untrue, as according to what she has told me, much of her legal costs to produce the settlement were not covered in the settlement. Capital Gold is lucky she did not press the issue to a real satisfactory conclusion. She put the hurt on them, but in the end, she just wanted to be extricated from the b**tards. (My words, not hers.)
Therefore, your net conclusion when buying Gold should be to avoid Capital Gold like a plague, unless you like coersion, delays, disputes, substitutions, and have an extra year or two and at least $50,000 for legal costs in order to actually receive what you thought you purchased. Brother Bruce.
Chuckytaylor
new york,New York,
U.S.A.
Please provide proof/evidence
#4Author of original report
Wed, February 13, 2008
Please provide proof/evidence regarding that the Nola Cronk investigative report has been resolved to her satisfaction. The report indicated that she filed a lawsuit and one but had yet to receive a payment. This occurred less than 1 year ago. Please provide proof of delivery of goods, judgment payment and if that violates privacy please provide proof that you have contacted KATU news and have resolved the findings as displayed in their investigative report. At the very least let us know something. This rip-off report, as well as other postings, should all be removed if and when the Capital Gold Group can provide evidence of a resolution of that poor widow. I was floored by the report and because it was local, I do not think it got the attention it deserved. Also regarding the Better Business Bureau findings. Currently 2/14/08 there are 13 complaints in the past 36 months. See here: http://www.vegasbbb.org/rptrel.asp?bbbid=65690 1 Has indeed been resolved. The others have not. The Bureau processed a total of 13 complaints about this company in the last 36 months, our standard reporting period. Of the total (13) in 36 months, (1) was/were closed in the last year. Complaints concerned: 2 - Selling Practices BBB Definition: Selling Practices - Claims of alleged unknown specifics. 1 - Sales presentation misrepresented the product 1 - General Sales Complaint Issues 3 - Advertising Issues BBB Definition: Advertising Issues - Claims alleging print or electronic media advertised claims or practices misrepresent the service or product offer. 1 - Advertised product not available 2 - General Advertising Complaint Issues 3 - Service Issues BBB Definition: Service Issues - Claims of alleged delay in completing service, failure to provide promised service, inferior quality of provided service, or damage merchandise as a result of delivery service. 2 - Improper or inferior service 1 - General Service Complaint Issues 2 - Billing or Collection Issues BBB Definition: Billing or Collection Issues - Claim alleging billing errors, unauthorized charges, or questionable collection practices. 2 - General Credit or Billing Complaint Issues 1 - Delivery Issues BBB Definition: Delivery Issues - Claims of alleged delayed or delivery ordered merchandise or materials. 1 - General Delivery Complaint Issues 1 - Product Issues BBB Definition: Product Issues - Claim alleging a product does not meet the expectations of the complainant, including defective merchandise. 1 - General Product Quality Complaint Issues 1 - Guarantee or Warranty Issues BBB Definition: Guarantee or Warranty Issues - Claims alleging failure to honor the terms regarding guarantees or warranties. 1 - Failure to honor money-back guarantees Of the above 13 complaints in the last 36 months, (1) was/were closed in the last year as: 1 - Resolved BBB Definition: Resolved - The company resolved the complaint issues. 1 - Company resolved the complaint issues. The consumer acknowledged acceptance to the BBB.
Capital Gold Group Corporate Spokesperson
Sherman Oaks,California,
U.S.A.
CAPITAL GOLD GROUP CUSTOMER 100% SATISFIED; BBB = SATISFACTORY RATING
#5UPDATE Employee
Wed, February 06, 2008
NOTICE that this report is not dated and was not posted by the consumer, but by "Chuckytaylor, new york, New York", a phony screen name being used by a competitor to gain a commercial advantage. "Chuckytaylor" has posted blogs on several other sites such as Yahoo Answers, Wordpress, Digg, and Stumbleupon, citing various cities of residence such as New York, NY, Charlotte, NC, and Santa Monica, CA, all using this old news report dated April 30, 2007. The situation which was the subject of this report was rectified last September, 2007, to the 100% satisfaction of Ms. Cronk and the Better Business Bureau. Capital Gold Group is an established company with thousands of satisfied customers. Any issues or concerns brought to the Better Business Bureau and forwarded to us are resolved to the satisfaction of the customer, resulting in our current "B009" satisfactory rating. We are open to all inquiries, and invite all readers of Ripoffreport.com to contact the Better Business Bureau to verify our satisfactory rating, or to call our Corporate Communications Director, with any questions at 800-510-9594.
