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Fortress Gold Group


Country United States
State California
City Sherman Oaks
Address 15303 Ventura Blvd #1060
Phone 800-777-6177
Website https://www.fortressgoldgroup.com/

Fortress Gold Group Reviews

  • Apr 21, 2018

My IRA from Fidelity Retirement Account was transferred to Fortress Gold Group by bank wire of IRA rollover transfer in the amount of $401,999.78 to Fortress Gold on 8/2015. The silver purchase was $31,848.80 which is not in question. The gold transaction is in question only. In 8/2015, gold spot price was $1175. Gold proof sets (4 coin sets) are 1.85 ozs (105 sets purchased) equals to $228,243.75 melt value.

I was told on 4/14/18 from a coin expert who has a lifelong business of coins in Wayne, PA that when the “proof kits” are made from the mint, a very small premium of $20 to $30 is added to the kit from the mint which Fortress Gold Group should have paid and then passed it on to the customer. Any other premiums are added by the business that is purchasing from the mint and then in turn sold to customers. I was also told by my personal coin dealer that the average premium is $200 to $300 per kit charged by the business to the customer as customary. At a $300 premium each kit times ( x) quantity of 105 that I purchased comes to the amount of $259,743.75 for the 105 kits. So where is the other $110,205.89 that is left from my purchase to bring the total amount of $369,949.64 for the gold proof kits that I paid on the purchase that is in question. Again, the silver purchase does not apply and was correctly charged towards my IRA from Fortress Gold Group. The invoice from Fortress Gold Group did not show the commissions or charges that the company pocketed. We asked for this information and have not received it to date.

On 4/10/18, by telephone call, Chris Kline at Fortress Gold Group blamed our losses because President Trump got elected and it affected the gold “proof kits” value and was no longer in demand and not fortress gold’s fault. I was urged to purchase the gold kits in 8/2015 by a salesman at Fortress Gold Group, Justin Hightower (no longer with the company) that there would be a large premium on the gold kits and to hang on to them yet, even though I was considering cashing several kits. He told me to wait. On subsequent phone calls that I had with Justin Hightower, he kept the lie going that the high premium on these kits were still there, even though I was told to report the value of the gold to the IRS using the melt value. He said that was part of the code, until we learned a couple of months ago that the melt value is the “actual value” of the kits when I received the account statement from the LLC (Kingdom Trust).

This shows that Fortress Gold Group charged a premium of over $1349 at least per 4-coin gold kit (total of 105 kits). From the original melt value from time of purchase and the price I paid for the kits, the division comes out to be that I actually paid $1349.58 instead of $300 Premium per kit.

My private coin dealer was appalled by the thievery of this company, fortress gold, and the outrageous charges that are not customary and usual by legitimate coin dealers.

Is this the right thing to do to seniors and their hard earned retirements? Our life long savings are in this IRA precious metals retirement that has been robbed $110,205.89 overcharge by Fortress Gold Group. The total premium that Fortress Gold Group charged me was $140,000 where it should have been $37,000 at $300 per kit. I am looking for a restitution refund from Fortress Gold Group of $110,205.89.

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