SPECIAL UPDATE: April 19 2011: Goldline International remains committed to increased customer satisfaction and has improved their business practices over the years to better serve their customers. Goldline International is truly dedicated to making sure their customers are satisfied and that any complaints which do arise are addressed promptly and fairly.
To date, Goldline International has made good faith efforts to resolve all complaints reported on Rip-off Report. Based on our experience, the member business has proven to be among the top members of the Rip-off Report Corporate Advocacy Business Remediation and Customer Satisfaction Program as a Verified Safe Business.
Over time and since becoming a member, Goldline International has remained actively engaged and improving the way they address customer service complaints. As an active and current member of the Rip-off Report Corporate Advocacy Business Remediation and Customer Satisfaction Program we are happy to report that now more than ever Goldline International remains committed to improving customer satisfaction.
Remember, no company or individual can ever satisfy 100% of the people 100% of the time. There are no products or services that will always be perfect for everyone and even the best companies will receive complaints from time to time. However, by participating in the Corporate Advocacy Program, the member business has made a commitment to working with its customers to resolve complaints quickly and fairly whenever possible.
Please keep in mind that as a consumer you have some responsibilities as well. Success has many definitions that based on your past experiences, current situation and your perceived expectations. Success with any product or service is always based on the proper application and understanding. The fastest car will not run if you never turn the engine on. Look at how you used the product or service that was provided in relation with the instructions that you received. The Corporate Advocacy Business Remediation and Customer Satisfaction Program will help you get your voice heard but please be prepared with documentation and fair representation of your concern, also have an idea of how the company can fix your concern. Can they offer additional services, extend warranties, offer a fair refund or just get you talking with someone that can help. ..let them know and let us know!
*Any consumer not receiving satisfaction from a member of the Corporate Advocacy Program should email us at editor@ripoffreport.com
Rip-off Report Investigation:
Editors UPDATE: Positive Rating and Recognition has been given to
Goldline International for its Commitment to Excellence in customer service.
Rip-off Reports investigation of Goldline International uncovers an ongoing commitment to client satisfaction. This means clients can expect that Goldline will always work towards finding a mutually satisfactory resolution to complaints or concerns. Goldline listens carefully to client concerns and sees them as an opportunity to learn and become more efficient as a company in the products it offers.
One top Goldline executive stated to Rip-off Report that Goldlines clients are a precious resource and it is committed to responding to any client concerns. Another company executive confirmed to Rip-off Report that Goldline strives to provide exemplary customer service to its clients.
Some of the other things Rip Off Report learned in the course of its investigation: Goldlines business began in 1960 when it offered precious metals and storage services to clients seeking to acquire gold and silver as part of a diversified portfolio. The company has grown to more than 250 employees and handles over 50,000 individual client transactions each year. Goldline believes it exemplifies best practices for the industry.
Rip-off Report has confirmed that Goldline takes client concerns very seriously. Goldline has a dedicated team of customer service professionals to assist with any issues that may develop. Rip-off Report was pleased to learn that Goldlines approach to business is focused on its pledge to client satisfaction.
Goldline International recognizes that complaints posted on Rip-off Report (true or not) are issues that need to be addressed and if handled correctly can be valuable learning opportunities. With the feedback generated by Rip-off Reports Investigation Goldline continues its commitment to positive client experience.
In summary, after our investigation, which included discussions with Goldlines executives, Rip-off Report is convinced that Goldline International has been and is committed to providing precious metals and rare coins to satisfied clients.
Read more about Goldline Internationals Commitment to Excellence and Total Consumer Satisfaction and why consumers should feel safe, confident and secure when doing business with a member of Rip-off Report's Corporate Advocacy Business Remediation & Customer Satisfaction Program. ..yes, a long name for a program that does a lot for both consumers and businesses alike. Read about Rip-off Report Corporate Advocacy Business Remediation & Customer Satisfaction Program,..A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. this program works.=====================
NOW TO THE ORIGINAL REPORT THAT WAS FILED=====================
Goldline International, Inc. Goldline Rips off Senior's Retirement Account With Fear Ad's of Imminent Stock Market Crash and Secure Income Potential of Neumasmatic Metals Santa Monica California
Having just retired in 1999, I was investigating possible investment options to supplement retirement income. As a result of frequent radio advertising by Goldline International by means of Joe Battaglia's Radio Show and mailed flyers, I became convinced that the inflated Stock Market was about to crash and the dollar would soon be devaluated as the United States was heading for a Depression. I was also convinced by Goldline that the only safe and secure investment that a person could have in the current free-falling economy was to get out of the market ASAP and invest in precious metals.
Because I was totally convinced by Goldline's advertising that an economic crisis was imminent, I met with an Account Executive in Santa Monica. The Account Executive was accompanied by a very convincing Goldline Executive. They proceeded to make a very convincing presentation showing why the economy was extremely fragile and that total economic failure was imminent. They recommended that I invest in neumasmatic metals in order to ensure that my retirement dollars would be secure and would appreciate in the coming economic crisis. I was completely convinced by Goldline's documents and presentation that the only way I could ensure the security of my retirement dollars was to invest in precious metals. As a result, I invested a very sizeable amount with Goldline International.
The Goldline Executives convinced me that I should store the metals with them and provided me with documents verifying my investment. It was not until I reviewed my Annual Statement that I started to realize that I had been taken advantage of. I had no choice but to continue paying the high storage fees while I waiting for my coins to appreciate as promoted by Goldline. on a regular basis.
It was not until 2003 that I finally realized that I had been severely ripped-off by Goldline International. I realized that with the combined expenses of extremely high purchase fees, continual high storage fees and, most signifciantly, the fact that I had paid an over-valued price for "antiquity" with no relation to the value of the actual gold or silver content, that it would be years before I could recoup my losses. It was especially disheartening when I also realized that I had lost the appreciation potential of my initial investment. I also realized that I was only guaranteed what was listed on paper and that it in no way reflected the actual dates and quality of the coin which has a significant effect on the potential value of a neumasmatic coin. It was disheartening to realize the extent of my losses with no way to recoup my initial investment. As a result, I decided to get out of Goldline ASAP and I had no choice but to sell my investment back to them at a very significant loss.
The most frustrating result of my financial disaster was that Goldline continued to send me their "doom and gloom" letters with convincing documentation. Goldline International is unscrupulous with their advetising and with their presentations.
Ruth
Oakland, California
U.S.A.
1 Updates & Rebuttals
James
San Diego,California,
U.S.A.
It's probably still possible to recover your losses.
#2Consumer Suggestion
Sat, March 01, 2008
Ruth,
Since you finalized your dealings with Goldline in 2003, you probably still have time to recover your losses from them, but you will need to have documentation and do some footwork.
In your posting you state "They proceeded to make a very convincing presentation showing why the economy was extremely fragile and that total economic failure was imminent. They recommended that I invest in neumasmatic metals in order to ensure that my retirement dollars would be secure and would appreciate...". This is where you should report that Goldline was offering investment advice, and they are not registered in the State of California to do this. This is usually seen as crossing into unlawful activity.
I posted on this site some details of how a family that I know recovered assets from Goldline; assets taken in a similar manner to yours. Search this site by company, using only Goldline, and you will find the posting "Goldline International, The doom and gloom, high commissions charged, and deceptive sales practices are not rogue brokers - they are standard company practices. Santa Monica California". Hopefully you will find some information there that can help you.
In a nutshell, since you live in California you should contact the Santa Monica Police Department and speak to the Elder Abuse unit (even if you are under 65, they will probably be able to direct you to where you should be). Then contact the California Department of Corporations to file a complaint (website: http://www.corp.ca.gov/about/complaint.asp ) for security/investment violations. Goldline may have acted as an investment broker without a license and DOC is who should handle this. You will probably also find it beneficial to contact the California Attorney Generals Office and TRY to file a complaint with their criminal division since you state that this transaction involves a large sum of money (however, the sales techniques will probably have to have been quite egregious to make a case beyond consumer complaint with the AG's office).
In the other posting I put on here, the case involved residents of Missouri , and the family filed complaints with all three of these organizations. The family was told that each of these agencies WANTED to go after Goldline, but they could not because the victims lived outside of California (state agencies represent state residents for the most part). You don't have that problem, but you need to act quickly because there may be an issue with statute of limitation soon.
Lastly, if you are talking about thousands of dollars in losses, talk to an attorney about the investment advice given to you by what is most likely an unlicensed broker. It will cost you a small amount of money to have an initial meeting with the attorney and will likely give you lots of info on where to turn. It is likely that you will not find a government agency that will represent you on a personal basis and you cannot expect them to go and recover your money for you (they have to try and remain unbiased but they can certainly help though, and in the process of pursuing criminal/civil penalties they can sometimes help "encourage" that restitution be made to you). You will need to either do this on your own or hire someone (an attorney) to do it for you.
Hope you get this posting and can get some resolution.
James