According to June 6 online edition of Bloomberg (link) the L.A.-based Lear Capital Group has been accused of predatory pricing practices on the elderly. City attorney, Mike Feuer, stated on the record, “The myriad of unfair and deceptive practices our lawsuit alleges, preying upon elderly and inexperienced investors, misleading consumers about often astronomical transaction fees [must stop]. Customers need restitution and Lear Capital must be held accountable for its alleged wrongdoing.”
The article continues with a quote from Lear attorney, Seth Pierce, who maintains that “Lear is a top-rated company that has been selling precious metals for more than 20 years. Lear provides detailed disclosures to its customers and takes great care to ensure that its sales practices comply fully with the law. We look forward to responding to the City Attorney’s unfounded allegations in court.”
CDN will keep an eye on this story and update as we get details.