Precious Metal Dealers
Crown Bullion, Inc.Information and Alerts
Alert Details
This business has 2 alerts.
Pattern of Complaints
According to BBB files, this business has a pattern of complaint concerning a failure to delivery product(s) or funds in a timely manner. Consumers state that the business has accepted a substantial amount of money for precious metals investment, but are experiencing long delays in receiving product and/or funds owed to them. In addition, the business is slow to respond to consumer communications via phone or email.
BBB sent a written notice to Crown Bullion on June 14, 2023 identifying the potential pattern of complaint with a request for a business response. The business responded on June 20, 2023, indicating that many of the claims mentioned in recent complaints "were associated with a former employee who is no longer with our organization. This individual's actions have unfortunately created a significant mess, which we are diligently working to clean up and rectify."
The business provided an action plan to address the noted pattern, including: (a) a commitment to reviewing all transactions, tracking numbers, and documentation to address any discrepancies and provide necessary documentation; (b) improving communication channels to ensure prompt response to phone calls and emails, and (c) working with relevant third-party trust/custodians to address concerns and provide the necessary clarification.
As of August 21, 2023, BBB determined the business' action plan failed to resolve the underlying pattern of complaints, as several of the consumer complaints on file were closed out either as unresolved (i.e. the business failed to make a good faith effort to address the concerns), or unanswered.
Alert
In June 2023, BBB investigated Crown Bullion, Inc. due to an increase in consumer complaints alleging the business failed to distribute funds in a timely manner, failed to provide documentation to support stated actions (such as tracking numbers for shipments), as well as poor customer service.
During this process, BBB explored allegations that the individuals associated with Crown Bullion's senior management were also associated with a California-based business called Oakhurst Metals (see link under "Additional Business Information"). This business had similar complaints on file and a poor rating due to unanswered complaints. BBB requested for the business to provide clarification on the relationship between Crown Bullion Inc. and Oakhurst Metals. The explanation provided by the business did not align with publicly available documentation confirming the business ownership and principals.
BBB communicated with the business about the concerns mentioned in the complaints and the business provided a response (see full details in the Business Profile labeled "Pattern of Complaint"). Despite reassurances from the business that the consumer complaints would receive a final resolution, the business ceased corresponding with BBB and it appears the consumer's concerns were not properly addressed.
Based on the information detailed above, BBB cannot state with confidence that we have a clear understanding of the business' practices. Consumers with outstanding concerns are still encouraged to file a complaint for BBB records, but may also wish to contact legal counsel and/or the Federal Trade Commission (FTC).
Important Information
This business is not BBB accredited.
Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.
To be accredited by BBB, a business must apply for accreditation and BBB must determine that the business meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses must pay a fee for accreditation review/monitoring and for support of BBB services to the public.
Additional Info
Several members of Crown Bullion, Inc.' senior management were previously affiliated with the business Bright Future Financial LLC dba Oakhurst Metals. This business is based in California and several unanswered complaints on file. BBB has a separate Profile on Oakhurst Metals:
https://www.bbb.org/us/ca/los-angeles/profile/precious-metal-dealer/oakhurst-metals-1216-1270130
Pending Government Action
On September 26, 2023, the Commodity Futures Trading Commission filed a complaint against Dallas-based Damien Moran, and precious metals dealer companies Crown Bullion, Inc. and Bright Future Financial LLC (also d/b/a Oakhurst Metals) in the U.S. District Court for the Northern District of Texas. The complaint alleges the business was fraudulently soliciting customers to purchase precious metals in self-directed individual retirement accounts, and misappropriating customer funds and assets.
As the complaint alleges, the defendants received more than $7 million from over 100 people, mainly elderly and retirement-aged, since March 2018 in their ongoing scheme, and have misappropriated most of those funds, in violation of the Commodity Exchange Act (CEA) and CFTC regulations.
The matter is pending.
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