A gold IRA complaint has to reach the right regulator to change anything. The federal agency that took down a 185 million dollar precious metals scheme in 2020 does not handle every dealer dispute, and the state banking department that oversees your custodian does not police what a salesperson said on a call. Route the wrong file and it sits. This guide maps each complaint to the counterparty who caused it, names the portals that accept it, and lists the paper trail that keeps your case usable months later.
Quick Answer
Dealer problems (misrepresentation, high markups, bait and switch, fake reviews) route to the Federal Trade Commission at reportfraud.ftc.gov, the Commodity Futures Trading Commission at cftc.gov/complaint, your state attorney general, and the Better Business Bureau. Custodian problems (missing statements, fees, prohibited transactions) route to the chartering state’s banking or financial-institutions department, or the OCC for national trust charters. Depository issues route through the custodian, who is the party contractually responsible for delivery. Keep every contract, statement, invoice, wire receipt, email and call log before you file: cases without a paper trail rarely move.
First step: identify the counterparty
A self-directed gold IRA has three separate businesses behind it, and complaints route by which one caused the harm. The dealer sold the metals. The custodian holds the IRA (under Internal Revenue Code Section 408 and IRS Publication 590-A, self-directed IRA assets must sit with a qualified trustee or custodian). The depository stores the physical metals under contract with the custodian.
You almost always signed three sets of documents, one per counterparty. Pull them out. The dealer invoice or purchase agreement names the dealer. The IRA application and custody agreement name the custodian, and the fee schedule attached to it names the storage facility. Match the problem to the paperwork before you pick a portal.
Sales pressure and pricing sit with the dealer.
Statements, fees, distributions and custody paperwork sit with the custodian. Missing metals or delivery disputes sit contractually with the custodian even when the metals live at a depository, because your customer relationship is with the custodian, not the vault.
The escalation map
| Problem | Counterparty | Primary channel | Also file with |
|---|---|---|---|
| Misrepresentation, deceptive ads, sales-call promises | Dealer | FTC ReportFraud | State AG, BBB |
| Fraudulent scheme, undisclosed markups, coordinated harm | Dealer | CFTC complaint | State securities regulator, FTC |
| Fabricated reviews, fake trust badges | Dealer | FTC ReportFraud | BBB, review platform where they appear |
| Unresponsive dealer after purchase | Dealer | BBB complaint | State AG |
| Missing or wrong account statements | Custodian | Chartering state banking regulator | OCC (if national trust), IRS Form 3949-A if tax rules broken |
| Fees not on original schedule, unauthorized withdrawals | Custodian | Chartering state banking regulator | State AG (elder financial abuse angle) |
| Distribution delays, RMD errors | Custodian | Chartering state banking regulator | IRS if a taxable event was created |
| Metals missing or mis-delivered at depository | Custodian (contractually) | Custodian dispute channel first | Custodian’s regulator if unresolved, state AG |
Dealer complaints: four channels, four purposes
Channel 1
Federal Trade Commission (FTC) ReportFraud
Where: reportfraud.ftc.gov. This portal replaced the older FTC Complaint Assistant and now feeds directly into the Consumer Sentinel Network.
What it can do: the FTC brings enforcement actions under Section 5 of the FTC Act for unfair or deceptive practices. The 2024 Rule on the Use of Consumer Reviews and Testimonials specifically prohibits the buying, selling, or fabricating of consumer reviews and false trust markers, which is a common dealer pattern. The Consumer Sentinel database is shared with roughly 2,800 federal, state, and local law enforcement partners.
What it cannot do: the FTC does not negotiate individual refunds. Your report contributes to a pattern that supports enforcement; it is not a small-claims channel.
- File under the “Coins, Bullion, or Precious Metals” pathway
- Attach: purchase invoice, spot price at time of quote, advertised premium, actual price paid, screenshots of the ad
- Anonymous reports accepted
Channel 2
Commodity Futures Trading Commission (CFTC)
Where: cftc.gov/complaint. Whistleblower tips with monetary award potential go to whistleblower.gov.
What it can do: the CFTC has jurisdiction over fraud in off-exchange retail commodity transactions, including many precious metals sales structured as investment products. The agency and 30 state regulators jointly filed CFTC v. TMTE Inc. (Metals.com) on September 22, 2020, alleging a fraudulent scheme of roughly 185 million dollars across approximately 1,600 customers, of which about 140 million came from retirement funds (CFTC Press Release 8254-20).
What it cannot do: the CFTC does not intervene in every private dispute over price. Its enforcement threshold is fraud, market manipulation, or misappropriation of customer funds.
- Use the online complaint form or the whistleblower portal
- Whistleblowers whose original information leads to a successful action collecting sanctions above 1 million dollars may qualify for 10 to 30 percent of monetary sanctions (Dodd-Frank Section 748)
- Anonymous submissions accepted through an attorney
Channel 3
State Attorney General (consumer protection division)
Where: your state’s AG office. Locate yours through the National Association of Attorneys General at naag.org/find-my-ag.
What it can do: state AGs enforce state consumer protection statutes (Unfair and Deceptive Acts and Practices, “UDAP” laws) and elder financial abuse laws where applicable. Many states have specific senior investor protection provisions with enhanced penalties. State AGs coordinate with federal regulators: the 30-state coordination in the Metals.com filing is the recent template.
What it cannot do: most state AG offices do not litigate individual claims. Restitution typically flows from a settlement or judgment, not from a specific consumer request.
- File in the state where you signed the transaction (often your home state)
- Also file in the state where the dealer is headquartered, if different
- Explicitly flag “senior investor” or “retirement funds” if either applies
Channel 4
Better Business Bureau (BBB)
Where: bbb.org/file-a-complaint.
What it can do: the BBB is a private nonprofit. Its file-a-complaint process forwards your complaint to the business and asks for a written response, typically within 14 to 30 days. Documented complaint outcomes become part of the public BBB profile, which is the same profile future customers check before buying.
What it cannot do: the BBB has no subpoena power, no fining authority, and no ability to force a refund. It relies on the business responding voluntarily.
- Attach the same documents you would send the FTC
- A dealer that ignores a BBB complaint often has that pattern reflected on its public profile
- The BBB profile update can matter for other future customers even if the individual case does not resolve in your favor
Custodian complaints: the chartering state (or the OCC)
A self-directed IRA custodian is almost always a trust company. Under federal law, IRA assets have to sit with a bank or a state or federal trust department (Internal Revenue Code Section 408(a)(2)). That charter determines which regulator handles complaints.
Path A
State-chartered trust company
Most self-directed IRA custodians are state-chartered non-depository trust companies. The banking or financial-institutions department of the chartering state is the primary complaint channel. The chartering state appears on the custodian’s IRA application and on the custody agreement.
- Search the state banking department website for a consumer complaint form or a trust-company complaint pathway
- Include: account number, dates, disputed transactions, custody agreement pages that address the disputed conduct, and all correspondence with the custodian’s dispute team
- State banking regulators generally provide a written acknowledgment within about 30 days
Path B
National trust company (OCC-regulated)
A smaller number of custodians hold a national trust charter from the Office of the Comptroller of the Currency. For these, the OCC operates a consumer assistance portal at helpwithmybank.gov.
- Search the OCC’s national bank registry to confirm the charter type
- File through helpwithmybank.gov: the OCC opens a case with the institution and requires a written response
- Typical response window is around 60 days per the OCC’s stated service standards
Path C
IRS (only when the harm is a tax event)
When custodian conduct causes an IRA to be treated as distributed (for example, prohibited transactions under Internal Revenue Code Section 4975, or home-storage arrangements the IRS treats as distributions under Publication 590-B), the tax exposure sits with you regardless of custodian fault. Report suspected tax fraud on IRS Form 3949-A. The IRS Whistleblower Office (Form 211) considers awards where recovered proceeds exceed thresholds set by statute.
- Filing does not resolve your individual tax problem; that requires an amended return or a request for private letter relief through your tax professional
- Consult a licensed tax professional before submitting anything the IRS can use against your own return
Consumer Financial Protection Bureau does not cover most gold IRA complaints.
The CFPB handles consumer financial products such as credit cards, mortgages, and consumer bank accounts. Commodities (including physical precious metals) and non-deposit trust services fall outside its jurisdiction. Route through the FTC, CFTC, state banking regulator, or OCC channels above.
Depository issues: route through the custodian
The depository is a vault operator. It has a contract with the custodian, not with you. When physical metal is missing, mislabeled, or delivered late on a distribution request, the customer-side dispute always starts with the custodian because the custodian is contractually responsible for holding the assets on your behalf.
The relevant escalation path:
- Open a written dispute with the custodian’s IRA services team, citing the exact serial numbers, weights, and product specifications on your latest statement.
- Request the custodian’s inventory reconciliation letter from the depository, which the custodian is generally able to produce from segregated-storage clients.
- If the custodian cannot reconcile, escalate to the custodian’s regulator (Path A or B above) with the reconciliation gap documented.
- Depositories that are chartered or licensed at state level (for example a state-authorized bullion depository) may accept parallel complaints, but the customer-of-record dispute still runs through the custodian.
Segregated versus commingled storage matters here. Segregated storage means specific pieces are marked as belonging to your account; commingled means you own a share of a pool. Missing-metals complaints on commingled accounts are harder to resolve because the reconciliation is against the total pool, not against your named pieces. This structural difference is the reason many educational resources on the format recommend documenting your storage type at account opening, so you know which reconciliation applies to a future dispute.
Realistic timelines by channel
Enforcement outcomes are measured in months to years. Individual acknowledgment is often measured in weeks. The two are different processes and you should file expecting both.
| Channel | Acknowledgment | Individual response | Enforcement horizon |
|---|---|---|---|
| FTC ReportFraud | Automated confirmation | Rarely to individual | Enforcement builds on complaint patterns; years is typical |
| CFTC complaint / whistleblower | Automated confirmation | Only if information is pursued | Enforcement filings often take 1 to 3 years post-tip |
| State AG | Written, typically 15 to 45 days | Case-by-case | Multi-state coordination can move faster (30-state Metals.com precedent) |
| BBB | Automated; business notified within a few days | Business has 14 to 30 days to respond | No enforcement; profile update is the outcome |
| State banking regulator | Usually within 30 days | Written response required from the institution | License actions possible for pattern misconduct |
| OCC HelpWithMyBank | Within a few business days | Institution response typically within 60 days | Enforcement actions are rare but possible |
| IRS Form 3949-A | None | None to filer | Investigation timelines are not disclosed |
Paper trail to preserve before you file
Cases without documentation get closed. Before you file anything, save the following, and save copies off the dealer’s or custodian’s own portal (they can revoke your access mid-dispute).
Preserve these before you file
- Every advertisement or landing page you saw before the first sales call (screenshot with visible date)
- The dealer’s written quote showing spot price, premium percentage, product specification, total price, and buyback price
- Signed purchase agreement, invoice, and any addenda
- Wire transfer receipts and bank confirmations for every payment
- All email correspondence with the dealer, saved as PDF or exported
- Call logs with dates, times, and the names of representatives you spoke with
- Custody agreement, fee schedule, and every account statement you have received
- Depository storage receipt or inventory letter, if the custodian provides one
- Any BBB complaint you have already filed, with the case number
- Rollover paperwork from your previous IRA or 401(k) provider showing amounts and dates
The single most useful document is the written quote.
FINRA’s alert on precious metals fraud identifies refusal to put spot price, premium, product spec, and buyback price in writing as a leading fraud indicator (FINRA Precious Metals Fraud). If you have the written quote, most misrepresentation complaints have concrete evidence. If you do not, request one now, in email, before filing anything.
Related guides
Prevention beats escalation. Two companion guides cover the front end of this problem: the pattern-recognition side and the operator-vetting side.
- Gold IRA scams and red flags catalogs the sales and pricing patterns that appear in most complaints, with the verification steps that shut each pattern down before money moves.
- 5 common gold IRA scams: documented cases summarizes public enforcement filings including Red Rock Secured, Metals.com, and Regal Assets, so you can cross-check any operator against the historical fact set.
- Gold IRA companies watchlist is the running record of dealers under active regulatory attention or with unresolved complaint volume, useful before you commit funds.
Frequently asked questions
Do I need a lawyer to file a complaint?
No. Every channel above accepts complaints directly from consumers. A lawyer is typically necessary only if you plan to file a civil suit for recovery, or if you want to submit a CFTC whistleblower tip anonymously (Dodd-Frank permits attorney-represented anonymous submissions with award eligibility preserved). For six-figure retirement losses, a consultation with a securities or consumer-protection attorney is worth the fee even if you handle the regulator complaint yourself.
Can I file with multiple agencies at once?
Yes. Regulators expect overlap. The 30-state coordination in the Metals.com case in 2020 depended on state-by-state complaint volume feeding federal action. Filing with the FTC, the CFTC, your state AG, and the BBB in parallel is the standard approach for a dealer dispute. For a custodian dispute, add the chartering state banking regulator or the OCC channel.
Will I get my money back if I file with the FTC?
Not directly. The FTC brings enforcement actions that may result in monetary judgments against the business, and some of those judgments have funded consumer redress programs. Redress is usually a pro-rata distribution to identified victims after the case resolves, which can take years. For faster individual recovery, a state AG restitution program or private litigation is more targeted, though outcomes vary.
What if the dealer is out of business?
Still file. Bankruptcy filings are public and complaint data helps trustees identify the pool of creditors. Regal Assets, LLC filed for bankruptcy in 2022 after complaint volume spiked in 2021; customer claims went through federal bankruptcy court and are tracked on PACER at pacer.gov. Filing with the state AG in the state of incorporation can also protect other consumers if principals attempt to open a new entity under a different name.
How do I find out which state chartered my custodian?
Check the custodian agreement you signed at account opening: the licensing statement usually appears on the first or last page. If you cannot locate the agreement, request a copy from the custodian in writing. National trust charters are searchable through the OCC’s institution search tool. State charters are searchable through the state banking or financial-institutions department in the state named on the agreement.
Does the SEC handle gold IRA complaints?
Rarely. The Securities and Exchange Commission oversees securities. Physical precious metals sold for delivery are commodities under CFTC jurisdiction. The SEC has published an investor alert on precious metals fraud at sec.gov/investor/alerts/ia_pm.htm, but complaint files typically route to the CFTC, the FTC, or state regulators. The exception is when a promoter offers precious metals as part of an unregistered investment contract, which is a securities matter.
What is the difference between filing with the BBB and filing with the FTC?
The BBB is a private nonprofit that mediates disputes and updates public business profiles. The FTC is a federal law enforcement agency with subpoena and civil penalty authority. A BBB complaint may produce a written response from the business. An FTC report contributes to the Consumer Sentinel database used by 2,800+ federal, state, and local partners for enforcement pattern recognition. File both, for different purposes.
Are there time limits on when I can file?
Regulator complaints generally have no statute of limitations on filing, but investigation viability depends on documentation and timing. State consumer protection statutes typically have statutes of limitations of two to six years for private civil claims, which is separate from filing a regulatory complaint. If you are considering private litigation in addition to a complaint, consult a consumer protection or securities attorney promptly.
Can I file anonymously?
The FTC, CFTC, IRS Form 3949-A, and most state AG offices accept anonymous submissions. The CFTC whistleblower program specifically preserves award eligibility for anonymous submissions filed through an attorney under Dodd-Frank Section 748. The BBB generally requires identification because the process is mediation between named parties. State banking regulators typically require identification when the account itself is the subject of the complaint.
What if my state regulator seems unresponsive?
Escalate horizontally, not up. File with the FTC and the CFTC in parallel; file with your state AG; if the custodian is national-trust-chartered, file with the OCC; if you are a senior, contact your state’s senior investor protection or adult protective services program. Multiple parallel filings are the normal pattern for a serious complaint. Cross-referencing complaint numbers between agencies helps investigators connect the same underlying facts.
Sources and methodology
This guide draws on federal regulator complaint portals, agency press releases, IRS publications, and investor alerts from FINRA and the SEC. Every URL and every enforcement citation was verified against the primary source at the time of writing. Where a case is referenced, the allegation or resolution is attributed to the specific filing.
- FTC ReportFraud portal
- CFTC file a complaint page
- CFTC Whistleblower Program
- CFTC Press Release 8254-20 (Metals.com)
- BBB file a complaint
- NAAG state attorney general directory
- OCC HelpWithMyBank consumer assistance
- CFPB complaint (limited jurisdiction over commodities)
- IRS Form 3949-A information referral
- IRS Whistleblower Office
- IRS Publication 590-A (contributions to IRAs)
- IRS Publication 590-B (distributions from IRAs)
- FINRA Investor Alert: Precious Metals Fraud
- SEC Investor Alert: Precious Metals Fraud
- PACER: federal court records
- Internal Revenue Code Section 408 (individual retirement accounts)