Gold IRA Scams: What a Coin Dealer Sees That the Internet Won't Tell You
By James Whitfield
Last Updated: February 2026
Quick Answer
Most "gold IRA scam" articles are written by affiliates who earn commissions from IRA companies. This guide names the companies that got caught — Safeguard Metals ($68M), Red Rock Secured ($50M), Regal Assets ($21M), Oxford Gold Group, and Lear Capital — with court documents and dollar amounts. We don't sell gold IRAs. We're a coin dealer who sees the aftermath.
Most of the articles you'll find about gold IRA scams are written by people who make money when you open a gold IRA. That's the first thing you should know.
The review sites, the "top 5 gold IRA companies" lists, the "expert guides" — they're almost all affiliate pages. They earn a commission when you click through and fund an account. Their version of "protecting you from scams" is steering you toward whichever company pays them the highest referral fee.
We don't sell gold IRAs. We don't earn commissions from gold IRA companies. We're a coin dealer with physical locations in Dallas, Austin, Tampa, Fort Worth, and Kansas City. What we do see, regularly, are people who walk in with coins they bought through a gold IRA and discover those coins are worth a fraction of what they paid.
This post covers the specific scams happening right now, the companies that have been caught, and the red flags you should watch for before putting your retirement savings into precious metals.
The Business Model Behind Most Gold IRA Scams
Gold IRA scams don't usually look like scams. That's what makes them work.
The typical playbook goes like this: a company runs TV ads, radio spots, or online campaigns warning you that the stock market is about to crash, the dollar is about to collapse, or inflation is about to wipe out your savings. They tell you to "protect" your retirement by rolling your 401(k) or IRA into physical gold and silver.
That part isn't a scam. Self-directed precious metals IRAs are legal. Some people have good reasons to hold physical metals in a retirement account.
The scam is in the pricing.
These companies tell customers they'll pay a "small fee" or a "1 to 5 percent markup." Then they sell coins at 50 to 130 percent above market value. They push "premium" or "rare" coins that carry huge spreads instead of standard bullion with transparent pricing. The customer doesn't realize they've been ripped off until they try to sell, sometimes years later.
We see the aftermath at our locations. Someone walks in with a tube of coins they paid $15,000 for and we tell them the melt value is $6,000. That moment is brutal. It happens more than it should.
Gold IRA Companies That Got Caught
The Internet is full of vague warnings about gold IRA fraud. We're going to name names and cite court documents. Every company listed below faced federal enforcement action.
Safeguard Metals
$68 Million Fraud Targeting Seniors
Safeguard Metals, based in Woodland Hills, California, ran a nationwide scheme from 2017 through 2021. The CFTC and 30 state regulators filed a joint enforcement action in February 2022. The numbers tell the story:
The firm solicited $68 million from roughly 450 customers. The majority of that money came from retirement savings. Safeguard steered over 97 percent of sales into overpriced silver coins with markups averaging 51 to 71 percent. Those markups were far higher than the 23 to 42 percent "operating margins" listed in their customer agreements. The owner, Jeffrey Ikahn (also known as Jeffrey Santulan and Jeffrey Hill), changed his name multiple times. In October 2025, the court ordered Safeguard and Ikahn to pay $25.6 million in restitution and an equal $25.6 million civil penalty.
What made it work
Safeguard told customers their traditional retirement accounts were 'at risk' and pressured them into moving savings into silver coins. When customers questioned the value later, salespeople claimed the coins were 'rare' and carried premiums above melt value. Nearly every customer lost money on day one.
Red Rock Secured
$50 Million in Stolen Retirement Savings
Red Rock Secured, based in Segundo, California, told customers they'd pay a 1 to 5 percent markup on gold and silver coins. The SEC charged them in May 2023 with defrauding at least 700 investors out of more than $50 million.
The real markups were as high as 130 percent. One customer paid Red Rock $100,000 to purchase "premium coins." The company used just $44,000 to buy the coins, pocketing a $66,000 markup on a single transaction.
In April 2024, the court entered a final consent judgment ordering Red Rock and its executives to pay more than $76.4 million in disgorgement, interest, and penalties. The company now operates under the name American Coin Co. CEO Sean Kelly was barred from serving as an officer or director of a public company.
What made it work
Red Rock targeted federal employees with Thrift Savings Plan accounts, 401(k) holders, and IRA owners. They quoted low markups in sales conversations and buried the real costs. Customers had no idea they were paying 50 to 130 percent over market until it was too late.
Regal Assets
CEO Vanished With $21 Million
Regal Assets was once one of the most recognized gold IRA companies in the country. Tyler Gallagher, the founder and CEO, grew the company to over $1 billion in reported managed assets. He contributed to Forbes. He was quoted in the Huffington Post. The reviews were glowing.
Then customers started asking where their gold was.
The CFTC and California's DFPI filed a complaint in September 2023 charging Regal Assets, Gallagher, and company president Leah Donoso with misappropriating more than $21 million from over 120 customers. Funds that were supposed to buy precious metals went to Gallagher's Beverly Hills mortgage, a Cadillac Escalade, a Tesla, payments to his girlfriend, a personal driver, and over $1 million in funding for his esports team.
By late 2022, Gallagher had left the country. Reports indicate he fled to Dubai. The company's bank accounts were found with a combined negative balance of approximately $413. The court issued a $49 million default judgment in 2024. Gallagher, as far as public records show, has not been located.
What made it work
Regal Assets had years of positive reviews, media exposure, and apparent legitimacy. The lesson here is that reputation alone doesn't protect you. Gallagher was spending customer retirement money on luxury goods while sending doctored transfer receipts to cover the gap.
Oxford Gold Group
Vanished in 2024
Oxford Gold Group, based in Beverly Hills, followed the same pattern. The company advertised heavily on talk radio and online, had strong early reviews, and held an A+ BBB rating. Celebrity radio hosts endorsed them on-air.
In mid-2024, customers across multiple states began reporting that metals they paid for never arrived at the depository. Equity Trust, the IRA custodian, sent letters to investors saying it was no longer working with Oxford Gold and that metals had not been credited to accounts. The depositories had no record of many transactions.
The BBB revoked Oxford Gold's accreditation in June 2024. By August 2024, the company had taken down its website, vacated its Wilshire Boulevard office, and stopped responding to customers. A class-action lawsuit was filed with plaintiffs from at least 27 states.
Investors reported losses ranging from $75,000 to over $500,000 in retirement funds. One customer told ABC7 Eyewitness News: he may never be able to retire because of what Oxford Gold did to him.
What made it work
Oxford Gold had polished marketing, positive online reviews, and paid radio endorsements. The company reportedly charged markups approaching double the spot price on some coins. When the CFTC was asked about recovery prospects for victims, they noted it would be 'highly problematic' because 'usually, these people move quickly.'
Lear Capital
Hidden Fees and Bankruptcy
Lear Capital, another Los Angeles-based firm, took a different approach. They didn't steal funds outright. They buried fees.
Lear ran aggressive TV and online campaigns urging people to move retirement savings into precious metals. State regulators across 42 states investigated the company for deceptive practices and misleading marketing. Lear pushed customers to liquidate traditional retirement accounts and buy metals without properly disclosing fees.
The company filed for Chapter 11 bankruptcy in March 2022. The bankruptcy plan included $5.5 million in restitution for investors. Lear also agreed to stop misrepresenting fees, stop offering portfolio assessments, and stop holding itself out as an investment adviser.
But Lear is still operating. Recent BBB complaints from late 2024 show customers reporting spreads of 30 to 35 percent buried under the term "spread" rather than "commission." One customer invested $100,000 and discovered his metals were worth roughly $65,000 at the time of purchase.
What made it work
Lear used the word 'spread' instead of 'fee' or 'commission.' Most customers didn't understand what that meant until they checked the value of their holdings and found a 30+ percent gap.
The Pattern: What Every Gold IRA Scam Has in Common
Every company listed above shares the same playbook. Here is what to look for:
Fear-based selling.
They warn that the stock market is crashing, inflation is out of control, or the dollar is dying. The urgency is designed to short-circuit your due diligence. Legitimate dealers don't need doomsday pitches to sell gold.
Pushing "premium" or "rare" coins over standard bullion.
Standard gold and silver bullion (American Eagles, Canadian Maple Leafs, bars from recognized mints) carry small, transparent premiums. "Premium" coins carry massive markups that are hard for customers to verify. This is where the real money gets made. If a salesperson steers you away from bullion and toward "collector" or "numismatic" coins for an IRA, that's a red flag.
Vague or hidden fee structures.
If you can't get a straight answer on exactly how much the company charges above spot price, walk away. Legitimate dealers will tell you the per-ounce premium before you commit.
Celebrity endorsements and paid radio spots.
Oxford Gold Group, Lear Capital, and others paid talk radio hosts to promote their services. The hosts aren't precious metals experts. They're reading ad copy. When Jesse Kelly promoted Oxford Gold on his radio show, listeners trusted the endorsement. Many of them lost six-figure sums.
Based in Southern California.
This isn't a coincidence. Safeguard Metals (Woodland Hills), Red Rock Secured (Segundo), Regal Assets (Los Angeles), Oxford Gold Group (Beverly Hills), and Lear Capital (Los Angeles) all operated out of the greater LA area. Southern California has become the epicenter of gold IRA fraud. That doesn't mean every SoCal metals dealer is dishonest, but it's a geographic pattern regulators have noticed.
Affiliate-driven review sites.
Search "best gold IRA companies" and most of the results are affiliate pages that earn 3 to 6 percent commissions when you fund an account. These sites gave Regal Assets and Oxford Gold Group top ratings right up until those companies collapsed. The review infrastructure is part of the problem.
How to Protect Yourself Before Opening a Gold IRA
If you're considering a gold IRA, take these steps before you send a dollar:
Ask for the exact per-ounce premium above spot price, in writing, before you commit. If the salesperson can't or won't give you a specific number, end the conversation. A legitimate dealer will tell you exactly what you're paying relative to spot.
Verify the company's registration with the CFTC. Check the NFA BASIC database. Neither Regal Assets nor its owner was registered. That alone should have been a disqualifier.
Check your state's securities regulator. Every state has a securities division that tracks complaints and enforcement actions. A quick search could save you six figures.
Stick with recognized bullion products. American Gold Eagles, American Silver Eagles, Canadian Maple Leafs, gold and silver bars from LBMA-approved mints. These have transparent pricing you can verify in seconds. If someone tries to sell you "premium numismatic coins" for an IRA, they're almost certainly overcharging you.
Confirm metals arrive at the depository independently. Don't take the dealer's word for it. Contact the depository and the custodian directly to verify your metals were received and credited to your account. Oxford Gold's customers found out the hard way that the company's promises meant nothing.
Ignore affiliate review sites. If a website ranks gold IRA companies and links to them with tracking URLs, they're earning a commission. Their recommendations are advertising, not journalism.
Think You Overpaid? Here's What to Do
If you already bought coins through a gold IRA and you're not sure whether you got a fair deal, here's how to find out:
Get an independent appraisal. Bring your coins or a detailed list of what you hold to a dealer who has no relationship with the company that sold them to you. We do this at US Gold and Coin every week. There's no charge for the evaluation, and we'll tell you exactly what your metals are worth at current market pricing.
Compare what you paid to the spot price at the time of purchase. Pull up the historical spot price on the date you bought your metals. If you paid 40, 50, or 100+ percent above that number, you were overcharged.
File a complaint. If you believe you were defrauded, contact the CFTC at 866-366-2382 or file online. Also file with your state's securities regulator and the BBB. These complaints create a paper trail that helps regulators build enforcement cases.
Think You Overpaid for Gold IRA Coins?
Bring your coins to any US Gold and Coin location for a free appraisal. We'll tell you exactly what they're worth at current market pricing. Same-day payment if you decide to sell.
Find a Location Near YouOr call 888-284-6120
Why We Wrote This
US Gold and Coin doesn't sell gold IRAs. We don't have an affiliate program. We don't earn commissions by sending you to another company.
We're a precious metals dealer. We buy and sell coins, bullion, and jewelry at our physical locations. When someone walks into one of our shops with a bag of overpriced coins they bought through a gold IRA mill, we're the ones who have to deliver the bad news.
That gives us a perspective the affiliate sites and the IRA companies themselves will never share. We see what these scams cost real people. We wrote this so you can see it too, before it's too late.
If you have gold, silver, or coins and want to know what they're actually worth, visit any US Gold and Coin location for a free appraisal. Same-day payment. No pressure. No pitch to roll your money into something else.
Written by
James Whitfield
James Whitfield writes about rare coins, precious metals, and collectible currency for US Gold and Coin. His articles cover industry trends, coin values, and best practices for selling coins securely and getting fair prices. US Gold and Coin serves collectors, families, and investors throughout the United States.