Every year, thousands of Americans roll their retirement savings into a gold IRA. Most transactions are routine. Some are not. FTC enforcement actions, SEC fraud charges, and state attorney general settlements document a consistent pattern: hidden fees, inflated coin markups, misrepresented storage arrangements, and, in the worst cases, outright theft. This page tracks the companies with verified regulatory findings, documents the warning signs that precede problems, and gives you a 12-step checklist to run before signing anything.
Goldiew tracks gold IRA companies with documented FTC enforcement actions, SEC fraud charges, and state attorney general settlements, drawing only on public records, not Goldiew opinions. The page documents the warning patterns these cases share, including hidden fees, inflated coin markups, misrepresented storage arrangements, and unverifiable buyback policies. A 12-step pre-purchase checklist follows. Watchlist findings are independent of Goldiew’s affiliate relationships.
Quick Answer: What to Watch Out For in 2026
Verified Red Flags
The highest-risk patterns, based on FTC/SEC enforcement records
- Hidden IRA setup, maintenance, or liquidation fees not disclosed upfront
- Coin spreads of 30%+ above spot price without clear explanation
- Claims of “IRS-approved” home storage gold IRAs (these do not exist)
- Segregated storage promises with no independent verification mechanism
- Unsolicited calls or TV campaigns that compare gold to stock-market protection
- No clear buyback policy or a buyback price far below current spot value
- Salesperson with a commission on your trade (not a salaried educator model)
Companies With Documented Enforcement Actions
The cases below are drawn from FTC press releases, DOJ criminal filings, and state attorney general settlements. They are not Goldiew opinions. They are public records.
FTC Enforcement Action
Lear Capital, Inc.
Lear Capital filed for Chapter 11 bankruptcy in 2020 after years of customer complaints about undisclosed fees. The FTC charged that Lear failed to adequately disclose the fees attached to precious metals purchases, including ongoing IRA custodian fees and liquidation charges. in 2022, the FTC returned over $700,000 to consumers who had paid these hidden fees.
The core problem was structural: Lear’s marketing positioned gold as a smart, stable retirement move while burying the cost side in fine print. Customers who wanted to liquidate found themselves paying percentages of the sale back to Lear, a term that was not clearly explained at purchase. The company also faced complaints about the markup spread between the price they charged and the spot price of the metals.
Lear Capital has since restructured. This case is documented here because the pattern, hidden fees plus misrepresented costs, appears repeatedly across the gold IRA industry and remains an active risk today.
Source: Federal Trade Commission press release, 2022. Case filed in U.S. District Court, Central District of California.
DOJ Criminal Charges / SEC Civil Action
Regal Assets, LLC
Regal Assets was once one of the most visible gold IRA marketing companies online, with thousands of five-star reviews across Trustpilot and Google. In late 2022, customers began reporting that they could not reach the company, access their accounts, or retrieve their metals. By 2023, co-founders Tyler Gallagher and Ryan Gorman faced criminal fraud charges and SEC civil enforcement.
According to court filings, customers were told their IRA gold was held in segregated storage at IRS-approved depositories. It was not. Funds were misappropriated rather than used to purchase physical metals on the customer’s behalf. The alleged customer harm reached into the tens of millions of dollars.
The Regal Assets case is instructive because it shows that high review counts, polished branding, and industry awards do not protect customers from fraud. The due diligence framework later in this guide addresses this directly: independent third-party verification of storage matters more than a company’s self-reported ratings.
Source: U.S. Department of Justice press release; SEC enforcement filing, U.S. District Court, Central District of California, 2023.
California AG Settlement / Los Angeles City Attorney
Goldline International
In 2011, the California Attorney General and the City of Santa Monica reached a $4.5 million settlement with Goldline International over deceptive sales practices. The core finding: Goldline was selling numismatic (collectible) coins at prices 50%-85% above their melt value while framing them as investment-grade precious metals.
Sales staff reportedly steered customers away from standard bullion (which carries a modest premium over spot) toward high-margin collector coins. The settlement required Goldline to provide a 24-hour rescission period, prominently disclose actual gold content and premiums, and overhaul its sales training program.
The premium-coin upsell tactic documented in the Goldline case remains active across the industry today. Any company that pushes numismatic, proof, or semi-numismatic coins over standard IRS-approved bullion deserves a specific explanation of why the premium is justified.
Source: California Attorney General press release and Los Angeles City Attorney announcement, 2011. Settlement terms on record with the California AG office.
10 Warning Signs Before You Sign
These patterns appear across FTC complaints, BBB Scam Tracker filings, state AG investigations, and FINRA investor alerts. No single sign is definitive on its own, but two or more in the same sales conversation should give you pause.
No written fee schedule before purchase
Legitimate gold IRA companies provide a clear, written breakdown of all fees: account setup, annual custodian, storage, insurance, and liquidation. If a salesperson can describe fees verbally but cannot send a document, stop the conversation.
Pushing numismatic coins over bullion
IRS-approved gold IRAs hold bullion (standard bars and coins meeting fineness requirements per IRC Section 408(m)). Numismatic and collector coins carry large premiums, are harder to liquidate, and the premium adds no IRA value. Persistent upselling toward collector coins is a margin-capture tactic, not an investment benefit.
“Home storage gold IRA” marketing
No such IRS-approved structure exists. The IRS has repeatedly confirmed that IRA assets, including physical metals, must be held by an IRS-approved trustee or custodian, not in your home, safe-deposit box, or self-directed LLC. Companies marketing “checkbook control” or “home storage” IRAs expose customers to distribution-level taxes plus potential penalties.
No independent storage verification
You should be able to request a statement from your custodian, not the gold IRA dealer, that confirms your specific holdings by type, weight, and serial number. If the company cannot provide a custodian contact or explains that your holdings are “co-mingled” without a segregation option, investigate further before proceeding.
Salesperson on commission for your trade
A commissioned salesperson’s income depends on the size and type of your purchase. That creates a conflict of interest on product selection and account size. Ask directly: “Are you paid a commission on this transaction?” If the answer is yes, your interests and theirs are not aligned.
Vague or no buyback policy
When you eventually want to liquidate your IRA metals, the buyback terms determine what you receive. Ask for the buyback price in writing, specifically: at what percentage of spot, what the process involves, and how long it takes. “We’ll handle it” is not a policy.
Urgency framing (“prices are about to spike”)
No one can predict gold prices. This is prohibited conduct under SEC investor protection rules when combined with a sales transaction. Any salesperson who tells you to act quickly because a market event is imminent is using a tactic specifically flagged by FINRA as a fraud precursor.
Celebrity or political endorsement as primary trust signal
Endorsements are paid advertising. The Goldline case involved a celebrity endorser. Neither the endorser’s fame nor their political positions verify compliance, fee structures, or storage arrangements. Check the company’s BBB history and FINRA BrokerCheck record instead.
Cannot identify the custodian before purchase
Every IRS-compliant gold IRA requires a third-party custodian (a bank, trust company, or IRS-approved entity) that holds legal title to the IRA assets. If the company cannot name the custodian, explain their regulatory status, and confirm you will receive separate custodian statements, do not proceed.
Unusually high BBB complaint volume relative to company size
A company with 50 resolved BBB complaints is different from a company with 200 unresolved ones. Check the BBB profile directly at bbb.org. Look at unresolved complaints, patterns in the complaint text, and whether the company’s responses acknowledge any systemic issues or simply reject every claim.
How the Home Storage Gold IRA Scam Works
The “home storage gold IRA” or “checkbook IRA LLC” scheme deserves its own section because it remains actively marketed and because the IRS consequences are severe.
The sales pitch runs roughly like this: you form an LLC inside your IRA, the LLC opens a bank account you control, and you use that account to buy physical gold and store it at home. The appeal is control. The problem is that this structure does not comply with IRC Section 408, which requires that IRA assets be held by a qualified trustee.
Multiple state attorney general offices, including those in Florida and Minnesota, have brought enforcement actions against companies that sold home storage IRA setups. The FTC has also issued warnings. The marketing often includes language like “IRS loophole” or “legal checkbook control,” which creates the false impression of IRS approval.
If a company is marketing any structure that involves you holding IRA metals at your home, in a private vault, or in an LLC bank account you personally control, consult a tax attorney or CPA before proceeding. The cost of that consultation is small compared to the tax liability if the arrangement is later disallowed.
We are not tax advisors. Consult a licensed tax professional for guidance specific to your situation.
State Attorney General Activity: Patterns Across FL, CA, MN, and NY
Federal enforcement (FTC, CFTC, SEC) gets more attention, but state attorneys general have been consistently active in precious metals fraud. The patterns they document are instructive.
California: The Goldline settlement established precedent for the premium-coin markup tactic. California law requires dealers to disclose actual gold content and the relationship between purchase price and melt value. The CA AG has continued pursuing cases against dealers who bury this math in unreadable disclosures.
Florida: Florida’s senior-investor protection laws make it one of the more aggressive states for pursuing telemarketing-based precious metals fraud. A common pattern: cold calls targeting retirees, a script that references recent economic news without predicting market direction (keeping it just inside legal limits), and a referral bonus structure that creates multi-level pressure.
Minnesota: Minnesota’s Department of Commerce has pursued cases involving self-directed IRA fraud, including one where a company collected rollover funds from retirement accounts and invested them in unauthorized assets without customer knowledge. The structural risk: once funds leave a traditional IRA custodian, oversight gaps create windows for misappropriation.
New York: The New York AG has been active on broader investment fraud with precious metals as a subset. The common thread: misrepresentation of company credentials, false claims about IRS approval, and fee structures hidden inside multi-page agreements presented at signing.
CFTC Enforcement: Leveraged Precious Metals Schemes
The Commodity Futures Trading Commission (CFTC) has jurisdiction over leveraged precious metals transactions, a category distinct from standard gold IRA purchases. These schemes are worth understanding because they sometimes appear to customers as “gold IRA” products.
The typical structure: a customer is offered the ability to buy $50,000 worth of gold with a $5,000 deposit, with the remainder “financed” by the dealer. This sounds like leverage, and it is. The CFTC has brought multiple enforcement actions against companies that operated these programs without the required regulatory registration, charged excessive financing costs, and, in several cases, never actually purchased the metals.
A clean line exists between this and a standard IRA rollover: in a legitimate gold IRA, you own your metals outright (no leverage), they sit in a third-party depository, and your custodian holds legal title on the IRA’s behalf. If a company is asking you to put down a fraction of the purchase price for a larger metals position, that is a leveraged futures-style product, not an IRA, and carries very different risks.
Your 12-Step Due Diligence Checklist
Run this before signing any paperwork or transferring IRA funds. Each step takes minutes and can identify serious problems that sales materials won’t surface.
- 1 Look up the BBB profile directly at bbb.org. Check the letter rating, accreditation status, complaint count (total and unresolved), and the pattern of complaint text. Red flag: multiple unresolved complaints mentioning fees, liquidation difficulty, or unreachable customer service.
- 2 Identify the custodian before transfer. Ask the company: “What is the name of my IRA custodian?” Then look up that custodian independently. It should be a bank, trust company, or IRS-approved entity with its own regulatory record.
- 3 Identify the depository. Ask where your metals will be stored, whether storage is segregated or co-mingled, and how you will receive storage statements. Legitimate operations use third-party depositories (Delaware Depository, Brink’s Global, Texas Precious Metals Depository, etc.) and provide regular inventory statements.
- 4 Request the full written fee schedule. Account setup fee, annual custodian fee, storage fee, insurance fee, liquidation/selling fee, and wire transfer fees should all be in a single document. Calculate the total annual cost on your intended investment amount before signing.
- 5 Verify the metals offered are IRS-approved. IRC Section 408(m) specifies fineness requirements: gold must be 99.5% pure or be a U.S. government-minted coin (American Eagle coins are a specific statutory exception). Numismatic coins, proof sets, and collector coins do not qualify as IRA investments.
- 6 Check the buyback policy in writing. Ask for the buyback price formula (spot minus X%, or spot plus a small premium?), the process timeline, and whether they will buy any IRA-eligible metals or only those they originally sold to you.
- 7 Search PACER (pacer.gov) for the company name. This is the federal court records system. Bankruptcy filings, civil fraud cases, and SEC enforcement actions appear here. A five-minute PACER search preceded the Regal Assets collapse by at least a year of warning signs.
- 8 Search SEC EDGAR (efts.sec.gov) for the company name. Look for SEC enforcement orders, administrative proceedings, or litigation releases. This is free and takes two minutes.
- 9 Search the FTC complaint database and CFTC enforcement page. Both agencies maintain searchable press release archives. Searching a company name takes under a minute and reveals any federal action.
- 10 Ask about the salesperson’s compensation structure. A salaried, non-commissioned model removes one major conflict of interest from your purchase. Ask directly and expect a direct answer. “We’re paid through the company” is not an answer to the commission question.
- 11 Check Trustpilot and Google reviews, but read critically. A company with 5,000 five-star reviews and a 4.9 rating can still defraud customers (Regal Assets is the clearest example). Look at the one-star reviews specifically: what are people describing? Difficulty accessing funds, unanswered calls, missing metals, and surprise fees are more informative than glowing five-star reviews from recent purchasers.
- 12 Request a 24-hour review period before signing. Any company that does not allow you to review paperwork overnight before committing is using pressure tactics. California’s Goldline settlement specifically required a rescission period. Extend this courtesy to yourself on every large retirement transaction.
Past performance is not a guarantee of future results. Consult your tax advisor and a licensed financial advisor before making retirement account changes.
What Trustworthy Gold IRA Companies Actually Look Like
The checklist above describes what to avoid. This section describes what verified credentials look like, drawn from the three companies Goldiew currently covers with active affiliate relationships: Augusta Precious Metals, Birch Gold Group, and Noble Gold Investments.
These are not the only legitimate companies in the space. They are the ones Goldiew has reviewed in detail and maintains ongoing relationships with. Their inclusion here reflects our affiliate status, disclosed above. Our criteria are based on public records, user reviews, and the verification standards above.
Augusta Precious Metals
Founded in 2012. Education-first process: salaried, non-commissioned consultants. Written fee structure. Clear custodian identification. Industry-reported minimum around $50,000.
Get Augusta’s free Gold IRA guide Free, no sales pressure · BBB A+ Zero ComplaintsBirch Gold Group
Founded in 2011, headquartered in Iowa. In-house IRA department. 40,000+ customers reported. AAA Business Consumer Alliance rating. Industry-reported minimum around $10,000.
Get Birch’s free Info Kit Trusted by 40,000+ Americans since 2011 · BBB A+Noble Gold Investments
Encino, CA. Simple application process. Texas-based depository option. $2.5 billion in wealth safeguarded across 16,000+ investors. Industry-reported minimum around $20,000.
Get Noble’s free Gold & Silver guide 16,000+ investors · $2.5B safeguarded · Texas DepositoryFrequently Asked Questions
What makes a gold IRA company a scam vs. just a bad deal?
A scam involves active deception: misrepresenting fees, falsifying storage records, or misappropriating customer funds, as documented in the Regal Assets and Lear Capital cases. A “bad deal” is a company that is legal but charges excessive spreads, pushes high-premium numismatic coins, or has a weak buyback policy. Both categories cost customers money, but they require different responses. Scams require regulatory reporting. Bad deals require walking away before signing.
Is a home storage gold IRA legal?
No. The IRS requires IRA assets to be held by a qualified trustee or custodian under IRC Section 408(a). Storing IRA gold at your home, in a safe-deposit box, or in an LLC bank account you personally control does not meet this standard. If the IRS disallows the structure, the IRA may be treated as a taxable distribution. Companies marketing “IRS-approved” home storage gold IRAs are misrepresenting the law. Consult a licensed tax professional before any self-directed IRA structure.
What precious metals are actually allowed in an IRA?
Under IRC Section 408(m), gold held in an IRA must meet a fineness standard of 99.5% (0.995) purity, with a statutory exception for U.S.-minted coins including the American Gold Eagle (which is 91.67% gold but is specifically permitted by statute). Approved coins also include the American Gold Buffalo (99.99%), Canadian Gold Maple Leaf (99.99%), and certain other government-minted coins meeting the fineness requirement. Numismatic coins, collectible proof sets, and coins with collector premiums do not qualify. Silver IRA requirements are 99.9% fineness; platinum and palladium require 99.95%.
What is a “spread” and why does it matter?
The spread is the difference between the price you pay and the current spot price of the metal. A standard bullion coin typically carries a 3%-8% premium over spot at reputable dealers. High-pressure gold IRA companies sometimes charge 30%-50% over spot on numismatic coins, meaning your investment starts in a significant loss position before it can grow. Ask for the exact spread percentage before any purchase. On a $100,000 rollover, a 40% spread instead of a 5% spread represents $35,000 in additional cost.
How do I verify that my gold is actually in storage?
Contact your custodian directly, not the gold IRA dealer. Your custodian (the IRS-approved entity holding legal title to your IRA assets) should be able to provide an account statement listing your specific holdings by metal type, weight, purity, and, for segregated storage, serial numbers or lot numbers. If the dealer insists on being the intermediary for storage inquiries or cannot provide direct custodian contact information, that is a significant warning sign. Request a direct custodian statement at least annually.
What should I do if I think I’ve already been scammed?
File a complaint with three agencies simultaneously: the FTC at reportfraud.ftc.gov, the CFTC at cftc.gov/complaint (if leveraged metals are involved), and your state attorney general’s consumer protection division. If your IRA custodian appears to be involved, also contact the SEC’s OIEA (Office of Investor Education and Advocacy) at investor.gov. Contact a lawyer who specializes in investment fraud. The faster you act, the more likely any remaining assets can be frozen before they disappear.
Does a high BBB rating or Trustpilot score guarantee a company is safe?
No. Regal Assets maintained extremely high Trustpilot and Google ratings up until the company collapsed. High review counts are easier to accumulate when a company is growing rapidly and customers have not yet tried to liquidate. Reviews from people who bought recently reflect the purchase experience, not the long-term custody experience. Look at both the five-star and the one-star reviews. Check how long a company has been accredited with the BBB, not just the letter rating. And conduct the 12-step due diligence process regardless of how many stars a company has.
Can I roll over a 401(k) into a gold IRA without penalty?
A direct rollover from a 401(k) to a self-directed IRA holding physical metals can be done without triggering immediate taxes or penalties, provided it follows IRS rollover rules. The key condition: funds must transfer directly between custodians (trustee-to-trustee transfer) and never pass through your personal bank account. If a check is made out to you rather than directly to the new IRA custodian, you have 60 days to redeposit the full amount or the distribution becomes taxable. Consult your tax advisor for the mechanics specific to your plan type and situation.
What happens when I need to take required minimum distributions (RMDs) from a gold IRA?
At the required age (73 as of the SECURE 2.0 Act, for most taxpayers), you must begin taking RMDs from traditional IRAs, including those holding physical metals. You can take RMDs in-kind (by receiving the physical metal) or in cash (by selling a portion of your holdings to fund the distribution). The tax treatment follows standard IRA distribution rules. The coordination between your custodian and depository for RMD purposes is something to clarify before you open the account. Consult your tax advisor for specifics on your situation.
Are gold IRA fees tax-deductible?
IRA custodian and administrative fees may be deductible as investment expenses in some circumstances under the tax code, but the specifics depend on how they are paid (from inside the IRA versus from outside funds) and on broader changes to deduction rules. This is a question your CPA or tax advisor is best positioned to answer for your specific tax situation. The IRS does not provide a simple universal answer, and Goldiew is not qualified to provide tax advice.
Sources and Methodology
This watchlist is built from public regulatory records, including FTC press releases, SEC litigation filings, DOJ criminal case records, and state attorney general announcements. Company facts are drawn from our company verification database, last updated 2026. No claims in this guide are derived from affiliate materials or partner-provided marketing copy.
- FTC Press Releases Archive (ftc.gov)
- SEC Litigation Releases (sec.gov)
- DOJ Press Releases (justice.gov)
- CFTC Enforcement Press Releases (cftc.gov)
- IRS: Individual Retirement Arrangements (irs.gov)
- FINRA: Physical Precious Metals Investor Guide (finra.org)
- SEC Office of Investor Education (investor.gov)
- PACER: Federal Court Records (pacer.gov)
- SEC EDGAR Full-Text Search (efts.sec.gov)
- Better Business Bureau Profiles (bbb.org)
- FTC Report Fraud Portal (reportfraud.ftc.gov)
- NASAA: North American Securities Administrators Association (nasaa.org)
Goldiew editorial team reviewed and verified all enforcement case facts against primary source documents. Goldiew user reviews cited above reflect verified, manually moderated submissions in our review database (last updated 2026). Internal ratings are tagged internal review data and attributed to Goldiew. Affiliate relationships with Augusta Precious Metals, Birch Gold Group, and Noble Gold Investments are disclosed on every page where those companies appear.