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Last Updated: November 19, 2023
People are flocking to gold in record numbers because of their fears over the stock market and inflation. Inflation and deflation impact your investments, and those tied to paper assets can begin to lose money.
Many companies can help you invest in precious metals, but not all are trustworthy. Our mission is to expose those companies that seek to scam customers and spotlight those that genuinely help people with precious metals investing.
Where does Red Rock Secured fall in this list? Is the company worth your time?
We will tackle all the aspects of the company in this Red Rock Secured review. From the pros and cons to customer complaints, you can rest assured you will learn everything there is to know to make an educated decision. Read to the end to get all the details.
Red Rock Secured is a gold IRA company that opened its doors in 2009. The company is headquartered at 400 Continental Blvd #200 in El Segundo, California.
Sean Kelly is the owner and current CEO. The company's business hours are from 8 am to 5 pm, Monday through Friday.
Red Rock offers a range of investment options, including precious metals, real estate, debt vehicles, and private placements.
The Red Rock team promises to guide customers through every aspect of the investment process so they can purchase gold and diversify their investment portfolios.
The company started successfully helping customers when opening its doors at the height of the gold rush in 2009. The United States and much of the world were in a financial crisis.
Because of its safe haven status, gold is a welcome investment opportunity when fiat currencies begin to devalue. Gold retains its value or increases.
Unfortunately, the company raised suspicions with the United States Federal government in later years. Multiple complaints and a federal lawsuit claim that as many as 950 customers were defrauded of millions of dollars.
With Red Rock Secured complaints rising, we decided to investigate this company and showcase the problems. We will provide you with all the details.
We first visited the Better Business Bureau and found the company has two alerts at the top of the page describing lawsuits and actions the Federal Government took. We also noted the rating of Red Rock Secured, which is currently NR.
NR means no rating and can occur because of a lack of information on a company or one under investigation. The BBB reports 11 customer complaints closed in the last three years and 7 in the last year.
The customer star rating is 4.69 out of 5, with 91 customer reviews. Given the increased complaints and federal lawsuits, We were shocked that this star rating is so high. The following are some common complaint topics among customers:
We also checked the Business Consumer Alliance website for information on Red Rock Secured. We found the company has an AAA rating and five stars based on 143 reviews. Only one complaint has been filed and closed in the last three years.
We reviewed the details of the single complaint on the site and found the customer was upset because Red Rock Secured charged them $50 over the spot price.
The customer seeks their money back and wants to go to the district attorney. Red Rock Secured responded and said they feel confident the matter will be resolved, but we could not find a resolution.
Our next stop was Trustpilot, where Red Rock Secured has an excellent rating of 4.6 stars out of 5 based on 161 customer reviews. Most reviews favored the company, but the last reviewer stated she was swindled.
Finally, we checked the company on Google Reviews and found them with 4.7 stars out of 5 based on 136 reviews. Most of the reviews were positive, though we did find some complaints, including the same customer who reported being swindled on Trustpilot.
We understand no company can please all customers. It is impossible.
We believe the reviews state the same problems over and over and across many consumer rating sites. Now that the federal government is involved, we feel certain these customer complaints are legitimate and will finally be addressed legally.
What happened to Red Rock Secured over the years? As we read Red Rock Secured reviews, we are astonished at the number of people complaining.
The Securities and Exchange Commission filed the lawsuit against Red Rock on May 15, 2023. Since this is a developing case, we will update our readers as new details arise.
The pros and cons of a gold IRA company can tell you a lot about what to expect. You need to know the pros and cons because they can impact your investment in physical gold.
If the cons outweigh the pros, consider looking at other gold IRA companies for your investment needs.
Red Rock Secured is a legitimate company, but they are facing increasing scrutiny from the federal government over their business practices. Each new complaint and lawsuit makes Red Rock Secured look worse and worse.
When investing in precious metals for your retirement savings account, you need a trustworthy company worth your time and effort. Retirement investors should never settle for lackluster service regarding gold IRAs.
Red Rock Secured offers a range of precious metals for gold investors. The company offers coins, bars, and premiums, including the following:
It is difficult to determine which coins are eligible for gold and silver IRAs based on the information provided by the website.
Many offerings carry risk because the company does not list the price or annual storage costs.
We urge you to reach out to the contact person with the company, who should be maintaining absolute discretion regarding your retirement account.
Unfortunately, as many have found, the company reps do not provide adequate customer service for retirement account inquiries.
Before purchasing precious metals, you must talk to a precious metals IRA service representative. Take the following steps to get started on your purchase of gold and other precious metal IRAs.
Red Rock Secured does offer gold IRA services. The company partners with leading custodians in the industry, including Choice. They also partner with depositories like Delaware Depository or Brinks Global Services.
After reading customer complaints, we discovered some custodians and depositories are no longer doing business with Red Rock Secured in light of their legal battles and growing customer complaints. When investing in a gold IRA, you must place your precious metals in a secure storage facility.
Unfortunately, the website does not offer information on Red Rock Secured fees. Thankfully, we could dig deep into the company's operations and gather this information for our readers.
The precious metals investment minimum for Red Rock Secured is $1,500 if you pay cash and $25,000 for a gold IRA. The cost of your custodial and depository services will vary but typically range from $125 to $300 or more per year. Ask about the price protection plan when talking to a company representative.
You must request a free gold and silver guide to get started with Red Rock Secured. Enter your first and last name, email address, and phone number. The company will schedule your one-on-one consultation so you can get started.
The company claims you can take delivery of your precious metals by opening a limited liability corporation. We know the IRS does not allow investors to store their metals at home, so we are unsure why Red Rock Secured would tell customers they can bypass the system by opening an LLC.
You can cancel your order within seven days and receive a refund. All orders are final once confirmed.
You should contact the company immediately if you are missing a shipment or part of your order. Many customers have complained about delays in having their precious metals sent to their chosen depository on behalf of their precious metals investment account.
Many Red Rock Secured alternatives offer a better customer-centric and trustworthy experience.
We highly recommend the following:
These companies help you with every aspect of the investment process, including securing metals for your traditional IRA.
Our readers challenge us with their questions about gold companies and investments in general. We research these questions to learn factual information and report it to our readers.
The following are some common questions readers have about Red Rock Secured.
Red Rock Secured offers a range of precious metal products to help people invest in their futures, whether through a private collection or within the confines of a gold IRA.
Sean Kelly is the CEO of Red Rock Secured and was recently named as one of the leading defendants in a lawsuit claim brought about by the SEC.
He received his Bachelor's in Business Administration from Sonoma State College and started Red Rock after the market crash of 2008.
Red Rock Secure has a buyback program that allows customers to cash in their investments to receive cash.
Unfortunately, many have complained about the buyback program because they did not receive the amount promised by Red Rock Secured.
Many gold IRA companies and dealers are out there, but some are not as trustworthy as others. Unfortunately, Red Rock Secured is amongst the untrustworthy in the industry.
It appears they have used underhanded means and outright lies to persuade their customers to invest in gold. They have also been dishonest about their buyback program rates.
You cannot trust this company to help you invest in gold. We cannot recommend this gold IRA company due to its many customer and federal complaints.
We urge you to pursue dealers like American Hartford Gold and Goldco because these reputable companies will offer you the level of customer service and dedication you deserve. As always, research carefully before investing with any gold company.
You should also familiarize yourself with the IRS rules regarding securing precious metals and other aspects of gold IRA investment. Invest in your retirement wisely.