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Business Profile

Precious Metal Dealers

LCF Precious Metals
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BBB Accredited BusinessA+Rated by BBB

Complaints

Customer Complaints Summary

  • 1 complaint in the last 3 years.
  • 0 complaints closed in the last 12 months.

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The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

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Complaint type

  • Initial Complaint

    Date:08/18/2023

    Type:Customer Service Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I bought my Precious metals IRA through them. I placed $103,917 in my Equity Trust account. They took out 103,200 to purchase gold and silver for me. They purchased 40 ounces of silver and 45 gold coins with this money. They claimed that their fee was $1,900. It seems to me that there is a $12,000 discrepancy. I requested a statement from them indicating exactly how much they paid for the gold and silver and any fees that they may have charged me. They refused to give me a breakdown. I have been requesting a refund for the last week. They have refused to give me a refund. I have been dealing with Luke C. F***** directly.

    Business Response

    Date: 09/06/2023

    Attached is an invoice showing the itemized detail of ***** ****'s IRA.  I've also attached a copy of the text I received 08/14/23 from ***** **** requesting to cancel his IRA due to personal reasons of wanting to use a larger company to handle his IRA.  I explained that the price of gold has dropped since he opened his precious metal IRA on 06/23/23.  It was obvious Mr. Wald wanted a new start with his IRA, so he could take advantage of the lower price of gold at that time.  I explained that his IRA had already been established and funded.  The precious metals have been paid for and delivered to his depository.  


    Please let us know if you need any further information.


    Thank you,


    Niki M********
    Executive Assistant
    LCF Precious Metals, LLC
    3255 Landmark Drive, Suite 209

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