Considering the multiple complaints and fraud allegations, is Regal Assets a scam risk in 2023?
We’ll say this right off the bat:
Be careful doing business with them.
When it comes to gold or crypto IRAs, you have many reputable and reliable options. However, Regal Assets isn’t one of them.
Once a decent alternative investment company, Regal Assets has recently received a lot of complaints for failure to deliver customer orders and missing retirement funds.
It gets worse…
They have stopped responding to customer complaints, the website is no longer available, and it now appears that RA is facing numerous investigations and legal actions for fraud.
If you’re lucky not to be one of Regal Assets victims, but still considering Gold IRAs, then grab this FREE Buyer Beware guide.
It’s an informative page with 2 reports warning consumers about potential lies and gimmicks they may hear when working with other companies.
Empower yourself with knowledge! Get your guide here.
The Rise and Fall (History)
Regal Assets was founded in 2009 as an alternative investment firm specializing in proprietary self-directed IRAs.
They were headquartered in Beverly Hills, California, and focused on precious metals and cryptocurrency in IRA accounts.
Regal Assets quickly grew and opened offices in Toronto, London, and Dubai.
In 2013, Regal Assets ranked #20 on Inc’s Top 500 for financial services. It was also featured in Forbes, Bloomberg, Marketwatch, and others.
Until 2020, the firm had received hundreds of positive reviews from satisfied customers and was rated well by the Better Business Bureau, Trustpilot, and the Business Consumer Alliance.
However, beginning in 2021, RA started receiving numerous complaints from customers who had yet to receive their precious metals after paying for their purchase.
The team responses were vague and only stated that they would look into the issue.
As of January 2023, their website has been taken down, and the firm’s CEO and founder, Tyler Gallagher, has gone missing.
It’s worth noting that the IRA custodian no longer does business with them. Also, Regal Assets is no longer accredited by the Better Business Bureau and currently has an F rating.
It appears that the company will be subject to numerous investigations and legal actions.
If you were allegedly defrauded of your savings, you can join the Victims of Regal Assets group on Facebook.
Here you will be able to communicate with other former customers and see what steps are being taken to recover your funds.
Who is Tyler Gallagher? (Missing)
Tyler Gallagher founded Regal Assets in January 2009 and served as the CEO until December 2022.
Gallagher grew the company to over $1 billion in managed assets. In addition, Tyler helped Regal Assets become one of the most-recognized gold IRA companies in the country.
He has often been quoted in the Huffington Post and Bitcoin.com and was a frequent contributor to Forbes magazine.
Gallagher also served as a member of the Forbes Financial Council – an invite-only group for leaders in the finance industry.
In November 2020, he founded Team 33, an e-sports gaming platform, and served as the CEO there too.
(Which, by the way, faced some criticisms even before the fraud allegations.)
Anyway, in early 2021, Team 33 burst onto the Fortnite scene and recruited some of the well-known online players.
As a result, it quickly became a sought-after e-sports gaming company.
It was also famous for paying large sums of money to online followers and big signing bonuses to recruit top talent.
For example, in a viral tweet by Jack Lucky, the company reportedly paid 8-year-old Joseph Deen a $33,000 signing bonus and gave him a $5000 PC gaming system.
However, since September 2022, Regal Assets and Team 33 have gone silent on social media, and completely shut down their website.
Tyler has since disappeared, leaving employees at both companies unpaid for their work.
However, it’s clear that when Gallagher does resurface, he will be facing a lot of legal challenges.
Regal Assets Reviews (2023)
This will be the Regal Assets IRA review section, submitted by former customers.
As of 2023, there are MANY recent Regal Assets complaints that you’ll find on the internet about these guys.
We went through several websites and are ready to share our findings.
So, here are the past and current Regal Assets ratings:
Better Business Bureau
Before taking down its website, RA claimed to have had an A+ rating from the Better Business Bureau.
However, further investigation revealed that their rating was only a B-.
Furthermore, due to numerous recent customer complaints and a lack of response by the company, RA is no longer accredited by the BBB and is rated as an F, the lowest rating given by the agency.
Once rated 4 out of 5 stars, Regal Assets Gold IRA company has a current rating of 1.8 stars, with over 79% rating the company at just one star.
For example, Rosa F, who is a verified Trustpilot customer, posted the following review on December 16, 2022:
“I also gave a very nice review when I invested in 2013. I retract all that. Do not deal with this company! I invested $35,000.00 in January 2013 based on BBB A plus rating. Paying approximately $250 custodial fee every year. I have lost over $13,000 and no contact with this company.”
Lots of other similar comments which warned staying away from Regal Assets.
Business Consumer Alliance
RA firm once held a Triple-A rating with Business Consumer Alliance and a 5-star review based on 57 reviews.
Though the BCA website still shows the 5-star rating, if you investigate further, you’ll see that Regal Assets no longer has a Triple-A rating but an F (the lowest provided).
Also, the company has a complaint resolution percentage of 18%, meaning it has failed to resolve 82% of its complaints.
The majority of these complaints came in 2022 due to the firm failing to deliver as promised and then no longer responding to customer inquiries.
They still rate Regal Assets as a 4.5 out of 5-star rating based on 1087 reviews.
Unfortunately, TrustLink has 55 pages of reviews and doesn’t show them in chronological order, making it difficult to see how the company currently ranks.
However, you’ll see the same pattern of complaints occurring in the past year – customers not receiving orders and no response.
If you dig deeper on the internet, you’ll find a warning post on Reddit forum with this image of the gold bars:
As you can see, these bars don’t fit in the holders snuggly. Some are upside down. And overall, terrible quality.
As per the original poster, he bought these products in a Gold IRA with Regal Assets and didn’t find out about the (alleged) fraud until years later when he took an early distribution.
Here are his exact words:
“I was cheated because I paid [more] for gold bars in assay. They also charged me 20% of my IRA to buy my gold. This was four years ago before I knew more. I took premature delivery and that is when I found out. I opened the packaging and the gold bars fell onto the floor. They will not stay in assay.”
Several other forum users also shared their concerns of being potentially scammed by Regal Assets.
Regal Assets Lawsuit
Does Regal Assets have any pending lawsuits or complaints?
Yes, they do. There are still many unresolved customer complaints and allegations of being defrauded.
Moreover, many of these people have stated that they have started or will be starting legal proceedings against Regal Assets IRA company.
The company will likely face numerous investigations for failure to deliver precious metals as promised and the missing funds.
Here are a couple links to lawsuits if you’re interested in reading the legal cases:
- American Bullion, Inc. v. Regal Assets, LLC (old)
- Bryce Majdick, et al. vs Regal Assets, LLC (recent)
As you can see, there are many red flags with this firm.
Regal Assets: Scam?
So, is Regal Assets a legit company, or is Regal Assets a scam?
We know that it was often used to be promoted as a reputable gold IRA company, but we can’t possibly recommend it.
Nor can we call it legitimate.
Based on the large number of complaints from customers who haven’t received their purchases or can no longer access their Gold IRA assets with no response from this team, it’s clear that you should stay away too.
This firm is no longer accredited by the Better Business Bureau and has an F rating. The BCA also rates it an F for its numerous unresolved complaints.
In addition, their CEO and founder, Tyler Gallagher, has vanished, and their website is no longer available online.
If you were a victim of Regal Assets, we recommend that you contact the CFTC to see what options you have available to recover your assets.
(You’ll find the phone number and the link to file a complaint at the bottom of the page highlighted above.)
Safe Gold IRA Alternatives
Even though RA is facing a lawsuit with serious fraud allegations, it doesn’t mean that other Gold IRA firms are as bad.
In fact, some are incredible in every sense.
#1 Recommended Gold IRA Company in the US
(With the lowest fees and strongest reputation!)
However, you should do your due diligence when investing in anything, and always consult your financial advisor before making any major decisions.
Here at Gold and Silver Central, we also do a lot of research, so you don’t have to.
And if you’re still considering Precious Metals IRA investments, you can start with the following steps:
- Read our list of the top Gold IRA firms with the lowest fees
- Read why we recommend Augusta Precious Metals
- Request FREE guides from any company you liked above
And remember to regularly visit our website or subscribe to our YouTube channel for more info!
One last thing.
Recently we’ve talked to a colleague who was in Regal Assets’ Wealth Partners (affiliate program), and he said that there was a big difference between how these guys run things vs Augusta Precious Metals.
According to him, it was night and day.
RA would often ignore your emails and overall didn’t treat anyone well, meanwhile APM always shows white glove treatment to their customers and affiliates.
And this is yet another reason why Augusta is one of our top recommendations.
Now, we’d like to hear from YOU:
- What do you think of Regal Assets lawsuits and fraud allegations?
- Any other concerns you may have when it comes to gold and silver IRA investing?
Let us know your thoughts in the comments below!