SEC charges brokerage with luring right-leaning seniors into gold-coin scam
A finance company boasting hundreds of apparently glowing online “customer reviews” and an A+ rating from the Better Business Bureau was this week civilly charged with cheating over 700 investors — many of them senior citizens — out of more than $30 million over 5 years.
Between 2017 and last year, Red Rock pocketed more than $30 million of the $50 million investors paid for the coins, said the SEC, which also sued two former Red Rock executives. According to the SEC, Red Rock used an aggressive marketing campaign to target investors, especially those who were “conservative” or “right wing” politically and “over 59½ [years old].”
Red Rock Secured salespeople were told to pitch the idea of a “worry free retirement” to potential clients, while warning them that in the stock market “you could wake up and half your retirement could be gone,” the SEC said. The Better Business Bureau, contacted by MarketWatch, said it had added an alert to its site about the SEC probe into Red Rock. But, it added, “BBB ratings are not a guarantee of a business’s reliability or performance. BBB recommends that consumers consider a business’s BBB rating in addition to all other available information about the business.”
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