How Do I Report a Gold IRA Scam?

A detailed, well-documented complaint is significantly more useful to regulators than a vague report. Before filing, gather:

• Company information: Full legal name of the dealer, custodian, and any other entities involved. Their website URLs, physical address, phone numbers, and the names of any sales representatives or account managers you dealt with.
• Transaction records: Copies of all purchase confirmations, invoices, account statements, wire transfer records, and any custodian communications. Note the specific dates and amounts of each transaction.
• Communications: Records of all written communications (emails, letters, online chat transcripts). If you recorded any phone calls (permissible in one-party-consent states; check your state's law), note the dates and keep copies. If calls were unrecorded, write contemporaneous notes of what was said, including any specific representations made by the sales representative.
• Pricing evidence: The spot price of gold on the date of each purchase (available from historical price databases at kitco.com or Bloomberg). This allows regulators to calculate the markup percentage you were charged.
• The specific misrepresentation: Write a factual, chronological description of what you were told (the representation), what actually occurred (the reality), and how the two differ. Be specific: "On [date], [sales representative name] told me the coins I was purchasing were standard bullion American Gold Eagles at a 5% premium. I paid $3,000 per coin. The current spot price was $2,150, making the markup 39.5%. The coins were described on the invoice as 'Premium Gold Eagles,' which I later learned are a numismatic product."

CFTC (Commodity Futures Trading Commission): The CFTC has primary jurisdiction over physical precious metals fraud under the Commodity Exchange Act. File at cftc.gov/tips-complaints-referrals. The CFTC Whistleblower Program (cftc.gov/whistleblower) pays awards of 10–30% of sanctions in cases resulting in sanctions over $1 million where the whistleblower's tip substantially contributed to the case. This program has paid over $300 million in awards since its inception.

FTC (Federal Trade Commission): File at reportfraud.ftc.gov. The FTC handles deceptive advertising, fake endorsements, fabricated reviews, and consumer protection violations. FTC complaint data is shared with federal and state law enforcement and contributes to agency enforcement priorities even when individual complaints do not trigger immediate action.

State Attorney General: State AGs have broad consumer protection authority and can bring state-law fraud claims in addition to federal claims. Some states have specific precious metals fraud statutes. Find your state AG at naag.org. State AGs have historically been significant players in precious metals enforcement — the 2020 multi-state action was coordinated among multiple state AGs.

IRS: If your complaint involves an IRA custodian that failed to properly hold your metal, directed prohibited transactions, or failed to file required IRS forms, use IRS Form 13909 (complaint against a tax-exempt organization) for custodian violations. For tax fraud by dealers or custodians (failing to report income from your transactions), the IRS Whistleblower Office pays awards of 15–30% of collected proceeds in cases over $2 million.

SEC: If the Gold IRA company sold unregistered securities or made representations suggesting the investment was an interest in an investment fund rather than direct metal ownership, the SEC's online tips, complaints, and referrals system (sec.gov/tcr) may be appropriate.