Lear Capital – Sterling Trust Absolute theft upfront of atleast 40% of my investment – lies like I can’t believe! Los Angeles California | I few years ago I transferred the dollar amount of a 401 K to a Lear Capital precious metal IRA. When I received my 1st statement I noticed that they had the amount on deposit as being only about half of that amount. I called my “Agent” and asked about it. He stated that it was because the account was in rare collectible coins and the dollar amount showing only reflected the spot price of the deposit. He also said this was done because it was “safer” as collectible coin and could not be confiscated by the government as bullion could. He also said that the coins often hold many times the spot price and one investor was recently informed he had a very rare and valuable coin. | A few months ago I got a notice about a class action Arbitration Settlement regarding a lack of clear contract verbiage. At that time I was still confidently believing my Agent was looking out for my interests and as I read the document it indicated there where 3 groups who would not be eligible for compensation from the settlement. I did not fall into one of the 3 groups so I figured OK, I’ll just wait and see what happens. I don’t need to send in any paper work now, I’ll just wait. | I recently made a partial withdrawal from the account for the first time and in talking to the Agent he never quoted, mentioned or referenced the coins in terms of a collectible value only as the spot price value. That night, the light bulb when off. The Arbitration Settlement said something about 40% fees being accessed under the guise of Spread. Well I realized that from day one Lear had deliberately stolen 40% of the deposit up front! I went to the web site referencing the settlement www.RareCoinSettlement.com in order to check on the status and noticed that various options seemed to have expired. After reading the Notice over again I realize that it had mislead me and that they wanted me to file in order to be eligible. Instead of 3 groups being ineligible for settlement amounts there where really 4 groups. Namely, people like myself who did not file an eligibility claim. After studying the site above, it seems to also imply that I may not be eligible to ever get compensation under their arbitration because of not filling as part of this current action. There is also another settlement for non arbitration. Odd that the dates for both are the same. It appears to me that not only has Lear created this deceptive Notification document but has rushed this settlement process in an effort to try and limit their liability on future claims. So not only has Lear Capital screwed me by stealing my money (personal property) up front from day one, lying about what they have done, presented a misleading / fraudulent notification of arbitration document, but they have synced these processes to try and minimize responsibility and guarantee theft from probably a majority of investors for whom the light bulb has not yet gone on. | I realize now that the statement of the account never identified the collectible price of the coins and the collectable price paid for them. I don’t think the collectible price is every used by Lear Capital which is completely the opposite of what the Agent stated.