Texas Attorney General cracks down on gold and silver dealer AGT American Silver and Gold
Consumers looking to diversify their portfolios with silver and gold coins and bullion ended up disappointed after paying AGT American Silver and Gold tens of thousands of dollars and receiving only portions of their orders.
The Texas Attorney General issued a restraining order against AGT American Silver and Gold and froze the company’s assets. The order alleges the gold and silver coin and bullion dealer violated the Texas Deceptive Trade Practices – Consumer Protection Act.
The restraining order forbids the defendants from engaging in deceptive practices, including offering a “100 percent guarantee” and “full money back,” but failing to honor said claims, misrepresenting the amount of inventory the company had available, and failing to deliver gold and silver coins purchased by consumers.
In addition, the order prohibits the defendants from “accepting any orders for precious metal coins until further order of the court.”
One consumer complained to BBB after he paid approximately $100,000 to the company and only got approximately $30,000 worth of silver and gold coins. Another customer paid more than $50,000 to buy gold and silver coins, but only got a small portion of his order.