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The Lear Capital controversy centers on accusations that the precious metals dealer misled customers about fees and product value while marketing gold and silver IRAs.
New York Attorney General Letitia James sued the company in 2021, claiming its ads pushed roughly 1,000 residents to move retirement funds into overpriced metals, resulting in a $6 million settlement in 2022.
Los Angeles's City Attorney separately alleged Lear promised full transparency and no hidden fees while actually charging undisclosed markups. After the company later filed for bankruptcy, multiple state securities regulators found deceptive sales practices, leading to a $5.5 million settlement fund for affected investors nationwide.