- Report: #856973
Complaint Review: Leland National Gold Exchange - Los Angeles California
Reported By:
UGotReported -
Denver, Colorado, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Leland National Gold Exchange
11812 San Vicente Blvd. Suite 125 Los Angeles, 90049 California, United States of America
Phone:
1-800-400-1849
Web:
www.lelandgold.com
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Leland National Gold Exchange LNGE scam, fraud, liars, unethical, not qualified, joke, criminals, deceit, lies, phony, hacks, chop shop Los Angeles , California
When I bought my silver from these crooks, it was at $34 per ounce, as of today it is $31 per ounce. When I bought gold from them, it was at $1,642 an ounce, today it's at $1,646 an ounce. As of today, my account balance is a whopping $0!!!
So how is this possible, especially since there was a rise in precious metals during part of the last year? Well, they charged me $200 to open up an account. Then, they took a 12% holding fee at the end of every month. Most important about that last part was that they took it out of the LEVERAGED amount! My initial investment was $2,500. They matched that and put in an additional $2,500, making the total investment $7,500. I thought, great, I will be making interest on this amount, but what they didn't tell me is that they would take 12% of the account amount every month.
Fortunately, The three months after my investment, metals were up, so all I saw was that my account balance was increasing. Then they called and asked if I wanted to re-leverage, meaning they would add an additional $5,000, so I could make money off of that. I regrettably said yes, making the total investment $12,500. Right after that the metals market started coming down and they started selling my metal to pay for their "holding fee". 12% on $12,500 is $1,500 for the first month. Then it was 12% off the next month and so on, eventually leaving me with NOTHING.
I did a Google search on these guys and found interesting stuff. Apparently Paul Lewakowski went down to New Orleans after the hurricanes to re-build houses. That seemed like a great business opportunity, however, he turned it into a nice little scam. You can find all of this in your search. It's amazing how much bad stuff there is about him out there, it didn't just appear out of nowhere.
DO NOT give these guys your hard earned money. I only lost $2,500, but you could lose a lot more. They will probably put the exact same response to this report as they have all others. I left my location and dollar amount for them to see, that way they can report it to their "legal department" and take action against me. However, I'm in a graduate law class now and my professor is going to help me see if we all have a case against these thieves!
If you want to invest and don't know much about the market, go with one of the popular investment firms. They will take a very little money management fee (usually 2%) and take 20% of the profit generated every quarter. Good Luck!
So how is this possible, especially since there was a rise in precious metals during part of the last year? Well, they charged me $200 to open up an account. Then, they took a 12% holding fee at the end of every month. Most important about that last part was that they took it out of the LEVERAGED amount! My initial investment was $2,500. They matched that and put in an additional $2,500, making the total investment $7,500. I thought, great, I will be making interest on this amount, but what they didn't tell me is that they would take 12% of the account amount every month.
Fortunately, The three months after my investment, metals were up, so all I saw was that my account balance was increasing. Then they called and asked if I wanted to re-leverage, meaning they would add an additional $5,000, so I could make money off of that. I regrettably said yes, making the total investment $12,500. Right after that the metals market started coming down and they started selling my metal to pay for their "holding fee". 12% on $12,500 is $1,500 for the first month. Then it was 12% off the next month and so on, eventually leaving me with NOTHING.
I did a Google search on these guys and found interesting stuff. Apparently Paul Lewakowski went down to New Orleans after the hurricanes to re-build houses. That seemed like a great business opportunity, however, he turned it into a nice little scam. You can find all of this in your search. It's amazing how much bad stuff there is about him out there, it didn't just appear out of nowhere.
DO NOT give these guys your hard earned money. I only lost $2,500, but you could lose a lot more. They will probably put the exact same response to this report as they have all others. I left my location and dollar amount for them to see, that way they can report it to their "legal department" and take action against me. However, I'm in a graduate law class now and my professor is going to help me see if we all have a case against these thieves!
If you want to invest and don't know much about the market, go with one of the popular investment firms. They will take a very little money management fee (usually 2%) and take 20% of the profit generated every quarter. Good Luck!
