pm dealer out of business

[mrrosado]

I recieved an email telling me Merit Gold and Silver is going out of business. They used to have ads on TV. I hope people didn't have to store their IRA mps with them. If they did I wonder what happens to them know?

[theo]

I don't know if they have IRAs or not. I'm pretty sure they have to be a licensed broker to do that. If that is the case and they went out business, the right to hold your IRA (and collect fees) would be transferred to another broker who would then hold your IRA under the same or similar terms as Merit.

That is, I believe, how things are supposed to work. Now if the assets weren't properly segregated or if several different parties have a claim on the same asset (re-hypotheticated?) then it would turn into a hot mess where you might get some of your money back once the legal process runs its course.

[Recyclersteve]

www.meritgold.com does seem to indicate they are shutting down. It does say they are NOT taking any new orders. Remember, Hannes Tulving out of Southern California went under fairly recently. Now Merit. I wonder who is next?

[beauanderos]

http://www.meritgold.com does seem to indicate they are shutting down. It does say they are NOT taking any new orders. Remember, Hannes Tulving out of Southern California went under fairly recently. Now Merit. I wonder who is next?

Anyone who does not know how to hedge against these purposeful takedowns.

[Copper Catcher]

This might have something to do with why....

Merit Gold & Silver Lawsuit: Third Bullion Firm Targeted Under California Consumer Protection Law
http://www.coinweek.com/bullion-report/ ... n-lawsuit/

Court Freezes Assets of Merit Gold Executives
http://blog.europacmetals.com/2014/08/c ... xecutives/

National Gold Dealer Merit Financial Targeted In Fraud Prosecution
http://www.smgov.net/Main/News_Tab/Nati ... ution.aspx


Target of City’s lawsuit sells assets - http://smdp.com/target-citys-lawsuit-se ... ets/141706
CITYWIDE — A precious metals company that was sued by the City last year appears to have closed for business and sold its assets. Merit Gold and Silver, the retail division of Seacoast Coin Inc., has sold its assets to the Credit Management Association (CMA), a non-profit association that helps credit, collection, and financial decision-makers get information and assists insolvent companies with workouts or liquidation. The deal, known as an Assignment for the benefit of Creditors, is similar to a bankruptcy but operates with less judicial oversight. According to Adam Radinsky, Head of the Consumer Protection Unit for the Santa Monica City Attorney’s Office, CMA will facilitate the sale of Merit’s assets and take a percentage of the profits in payment. Radinsky said the City filed a temporary restraining order that has frozen the assets of the company and its founders but that CMA is authorized to begin selling some assets to fulfill the existing orders of customers. The City of Santa Monica sued Merit in 2013 for operating a “bait and switch scam” that encouraged customers to buy expensive collector coins instead of bullion. The company was alleged to have lied to consumers regarding the quality of the investment, privacy of the sale, tax status of the investment and security of the sale. In the suit, the City specifically names Peter M. Epstein and Michael J Getlin as co-owners of the business. The two are alleged to have made millions from the illegal sales but denied any wrong doing when interviewed by The Daily Press in 2013. Radinsky said the legal maneuver effectively puts Merit out of business but does not end the City’s efforts to recoup payment for consumers. He said his office believes the business operated illegally. The City will continue with the court case but it may take months, if not years, to fully resolve the situation. “While the business appears to be in the process of winding up, it still has assets and the co-owners have assets,” said Radinsky. - See more at: http://smdp.com/target-citys-lawsuit-se ... 3Qlhg.dpuf

[wolvesdad]

If you want a retirement plan and silver, do an ETF. If u want security, do hands on ownership of the physical metals. Don't mix an IRA and the physical metals. There's just no reason to.

[barrytrot]

If you want a retirement plan and silver, do an ETF. If u want security, do hands on ownership of the physical metals. Don't mix an IRA and the physical metals. There's just no reason to.

Agreed. When I heard of these "physical metal IRAs" years ago I was pretty excited so I checked into them.

The fees are literally outlandish! I don't recall exactly but it was at least 3% per year! They may be better now but even 1% is not a good idea in my opinion when you can open any of various brokerages and pay around $7 or less for a trade and buy all the fake gold or silver you want.