Lear Capital

Lear Capital Lear Financial deceived me by purposely lying about Lear's commission rate to string me along Los Angeles, California

14th of Mar, 2011 by User199365

I saw ads for buying gold and requested several brochures. Gold line was one Lear the other. The commissions for Goldline seemed very high. For some reason I called Lear trying to expand my knowledge and got ahold of one Benjamin Novak-a name which will forever live in infamy. He said don't buy from Goldline their spreads (commissions) are way too high. I asked what Lear's were. He said 6.5%, never more! I mentioned that my funds would be in an IRA, and that I read that this was more complicated and might cost more. No problem the rates are the same. Really?
I sent a cashier's check for $30000 along with the necessary paperwork to Lear. It took awhile for the funds to settle, I guess I was anxious to move forward. Mr. Novak eventually called me at my office and said he was ready to make the purchase, but needed me to have a tape recorded call to allow him to buy the gold. Suddenly he was saying that he was buying semi-numismatic coins in both gold and silver. ( These coins allow Lear to raise it's spread substantially) We had never discussed this before. We always talked about bullion, nor did I ever mention an interest in silver. He proceeds to ask me my name etc. for the record then says, "you understand that the spread on precious metals is running around 25% and that he was buying 69 silver eagle proofs and 11 American gold eagle proofs and mentioned a total cost. I don't know where my head was, but the recording they have since sent me proves I agreed. It all happened so fast. Had I asked for it on paper and had time to breathe I would not have authorized it. When I saw my account at Sterling Trust several days later I was shocked to see the value was barely $20000. I'd lost $10000 over night.
Lear denies they ever mentioned 6.5% at any time. In addition I'm not even sure what they put in my Sterling Account. For all I know it could be marbles. I have to travel to Wilmington DE to see what's there. Who knows I might be out the rest of my investment. It seems legally I'm stuck. I feel such a fool. But any commission over even 10% is userous, really criminal. Gold is a tricky market. Please if anyone goes to LA, stop in and punch Ben Novak in the mouth for me. He really deserves it. Stay away from Lear Capital!!!!!!!

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