Complaint Review: Gold Gate Capital

On May 19th, 2021, a hearing was conducted by the CA Department of Labor Standards Enforcement and it was determined that Gold Gate Capital owes $28,553.36 in back wages, commission, interest and overtime to me.

I worked for Chris Seebert and Kyle Winn for close to six months at their Gold Gate Capital Office by LAX and was never paid my lawfully owed full wages. Every time there was a discrepancy in pay, I would bring it up to Kyle and it was never resolved. As a result, I filed a wage claim with the labor commissioner and successfully prevailed.

Chris Seebert, as the CEO of Gold Gate Capital, I expect you to pay the wages I am owed. I have waited three long years to resolve this issue. You did not respond to my emails and so I want to tell everyone on the internet my thoughts on Gold Gate Capital.

Most of the account managers are very nice people just trying to make a living. I would describe the pay as base with commission. The base and commission you are paid is what you successfully negotiate. I later learned that the meat and potatoes of Gold Gate Capital is doing IRA Rollovers. In the terms of service, they say

"Spreads may be subject to negotiation, and any Spread charged to Customer in a specific transaction may be more or less than the Spread charged to others in similar transactions or charged to Customer in prior or future transactions. At the time this Agreement was transmitted for Customer’s signature, (i) GGC’s Spread on bullion (as classified by GGC) was generally between two and ten percent (2% to 10%), and (ii) GGC’s Spread on semi-Premium, semi-Numismatic and Numismatic coins and bars (as classified by GGC) was generally between seventeen percent and twenty-five percent (17% to 25%). These numbers, however, are only general ranges and approximations, which are subject to change. Further, GGC’s classification is based on GGC’s own classification standards and decision-making; other sellers may classify the same item differently for pricing purposes. The actual Spread on any particular transaction could be any amount within the referenced ranges (or even possibly outside those ranges"

As such, they have contractually given themselves the right to charge as much as 25% numismatic or rare coins but that these numbers are only general ranges and are subject to change! Everybody, be very careful here as the contract language gives them the latitude to potentially charge more than 25% on numismatic coins during IRA Rollovers with this firm.

If I was short changed out of my lawfully owed wages, I can only wonder what else must be going on at this office. Gold Gate Capital, I will await your response.