- Report: #851620
Complaint Review: Capital God Group Inc. - Woodland Hills California
Reported By:
sky11 -
Diamond Bar, California, United States of America
Submitted:
Updated:
-
Author Confirmed
Why?
Capital God Group Inc.
5850 Canoga Ave, Suite 400 Woodland Hills, 91367 California, United States of America
Phone:
800-510-9594
Web:
Categories:
Business Rating:
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Capital God Group, Inc. Rep lied about value of gold coins and sold them to me at 160% markup Woodland Hills, California
The company was advertising heavily in local Christian radio station, KKLA, and promised fair tradings for investing in gold coins. I inquired and decided to invest $10000 worth of gold coins in June of 2010. At the time, the spot price for gold was just a little over $1200. I was told that I will receive the pre-33 collectable gold coins worth $10000, so I was expecting to receive at least 8 coins. However, I only received 5 coins and when I questioned, the rep, Tim Perkins, assured me that the pre-33 collectable gold coins were worth at least 30% above current spot value. On top of the value I was also charged another 30% retail markup which I was not aware of at the time of signing the purchase contract. (the markup was mentioned but of course the percentage was not)
Tim assured me that if I ever needed to liquidate the coins I can do so easily or even sell it back to CGG. However, I called just a few months later to inquire about selling back the coins, and another rep, David, told me that they only buy back at current spot price and gold coins worth the same regardless of year or collectable. This means I had paid $10000 for something that only worth $6000. It will be 2 years since the purchase and with the increase in spot price over the last 20 months I am still short $1500 on my "investment". Now I need money to purchase my first home and I can not find anyone who will actually buy it at spot price! How is it easy liquidation when no one will buy it?
Tim assured me that if I ever needed to liquidate the coins I can do so easily or even sell it back to CGG. However, I called just a few months later to inquire about selling back the coins, and another rep, David, told me that they only buy back at current spot price and gold coins worth the same regardless of year or collectable. This means I had paid $10000 for something that only worth $6000. It will be 2 years since the purchase and with the increase in spot price over the last 20 months I am still short $1500 on my "investment". Now I need money to purchase my first home and I can not find anyone who will actually buy it at spot price! How is it easy liquidation when no one will buy it?
