A Beverly Hills company that converts retirement accounts into precious metals has disappeared, leaving customers worried their savings have disappeared with it.
An ABC7 investigation has found that numerous complaints have been filed against the once highly rated Oxford Gold Group, leading the Better Business Bureau to revoke the company’s accreditation.
Viewer Gary Olsen, who tipped off Eye Witness News about the incident, fears he will never get his money back.
“It’s so huge, I can’t believe it,” Olsen said, adding that the situation is giving her sleepless nights.
“Oh, that was all of my retirement savings. I took $200,000 out of my 401K and put it into this so-called gold IRA,” Olsen says.
He said he invested in the company after hearing a commercial for Oxford Gold Group, then searched online and found it had good reviews.
But a few months ago, he received notice from the vault that his physical gold hadn’t arrived. He says he was able to speak to the company’s CEO, who told him there was nothing to worry about.
“And he always called me back right away. I’d leave a text message and he’d call me back within five minutes. So just knowing that he’d call me back made me feel at ease,” he said.
But he soon realized something was wrong: He received notice that the storage company was no longer doing business with Oxford Gold.
He said he was so worried he went to the company’s offices on Wilshire Boulevard.
He posted a photo of what he found on his Facebook page, showing a closed, seemingly empty office and a monitor boasting about positive reviews.
“It looked like it was abandoned. There was just a UPS package on the desk and everything was very clean,” Olsen said.
We found numerous negative reviews on the Oxford Gold website, most of which were posted within the past three months. Many of the posts contain phrases such as “my money was stolen,” “my funds were stolen,” and “Oxford Gold is a scam.”
The Better Business Bureau states on its website that the company’s accreditation has been revoked, claiming that 95 complaints have been filed against the company.
Olsen worries that her business and her money are gone, and now she worries she may never be able to retire.
“I work full time and I want to work full time until I’m 70 or 75 or maybe I die,” Olsen said.
Eyewitness News made several calls and emails to the company, including to its CEO and other officials, seeking comment or a statement about the allegations but has not yet received a response.
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