Red Rock Secured is a financial services firm in the United States that specializes in precious metals investment and retirement accounts. The company was founded in 2009 and has since become a leader in the precious metals industry.
They are located in El Segundo, California. The company offers a range of investment options. These include gold, silver, platinum, and palladium bullion, as well as coins and bars from various mints around the world.
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One of the unique aspects of this company is its focus on helping individuals protect their retirement savings through the use of self-directed individual retirement accounts (IRAs). These accounts allow individuals to invest in a wide range of assets. These include precious metals, and providing tax advantages for retirement savings.
Address: 400 Continental Blvd. Suite 200, El Segundo, CA 90245
People Behind Red Rock Secured:
Red Rock Secured was founded by Sean Kelly, who currently serves as the company’s CEO. Kelly has over 20 years of experience in the financial industry, with a focus on precious metals investment and retirement planning. He is a recognized expert in the field and has been featured in various media outlets. This includes Fox Business, CNBC, and Forbes.
In addition to Kelly, Red Rock Secured has a team of experienced professionals who work in various departments.
This includes sales, customer service, and operations. The company also partners with various industry experts and third-party service providers to ensure that its clients receive the best possible investment and retirement planning services.
The company is led by a team of experienced and knowledgeable professionals who are dedicated to providing exceptional service and helping their clients achieve their financial goals through the use of precious metals investment and retirement accounts.
Red Rock Secured Lawsuit (Richard William Myers v. Red Rock Secured, LLC):
On July 26, 2022, Richard William Myers filed a lawsuit against Red Rock Secured, LLC in the US District Court for the Central District of California. The nature of the suit is a violation of the Telephone Consumer Protection Act (TCPA).
The Securities and Exchange Commission, represented by Stephen Kam, filed a civil enforcement lawsuit against Red Rock Secured, LLC, Sean Kelly, Anthony Spencer, and Jeffrey Ward on May 15, 2023, seeking injunctive relief and civil penalties for alleged misrepresentation of material facts that misled investors.
This case was filed in the Central District of California of the United States District Court.
According to the complaint, “while acting as unregistered investment advisers, persuaded hundreds of retirement account investors to sell their existing securities, transfer the proceeds into self-directed individual retirement accounts (‘SDIRAs’) that Red Rock helped clients establish, and invest the proceeds in gold or silver coins.”
SEC alleged, “They did so by making false and misleading statements, including regarding the markups that Red Rock charged on coin prices, the purported value of ‘premium’ coins, and the performance of the stock market.”
SEC further alleged that “Defendants told investors that they could protect their assets from losses posed by stock-market risk through diversification by converting their securities into gold and silver—and, in particular, coins sold by Red Rock—which Defendants misleadingly promoted as tangible assets that would always have value and typically increase in value.”
According to the SEC, “Red Rock employees, including frequently its top sales executives, Spencer and Ward, regularly advised prospective clients to sell securities and use the proceeds to purchase metal by stating that Red Rock charged one to five per cent above its cost for ‘common bullion’ assets.”
Investing in a Red Rock Secured IRA is a simple and straightforward process. Here are the basic steps to get started:
Open an Account: The first step is to open an account with Red Rock Secured. You can do this by filling out an online application or contacting the company directly. During the account opening process, you will need to provide personal information and select the type of IRA you want to open.
Fund Your Account: Once your account is open, you will need to fund it. Red Rock Secured accepts various types of funding, including cash, rollovers from other retirement accounts, and transfers from existing IRAs.
Choose Your Investments: After funding your account, you can start investing in precious metals. Which includes gold, silver, platinum, and palladium. The company offers a range of investment options. Which includes bullion, coins, and bars from various mints around the world. You can work with the company’s investment specialist to select the right investments for your portfolio.
Manage Your Investments: Once your investments are made, you can manage your account online or by contacting the company directly. You can monitor your investments, review account statements, and make changes to your portfolio as needed.
Overall, the company provides personalized support and resources to help you make informed investment decisions.
Red Rock Secured Products:
Red Rock Secured specializes in providing its clients with precious metals for investment and retirement purposes. The company offers a limited selection of IRA-eligible precious metals, which includes gold, silver, platinum, and palladium.
Some of their products include:
American Gold Eagle: The American Gold Eagle is a popular gold bullion coin produced by the United States Mint. It is widely recognized and accepted in the precious metals industry.
American Silver Eagle: The American Silver Eagle is a silver bullion coin produced by the United States Mint. It is also widely recognized and accepted in the industry.
American Platinum Eagle: The American Platinum Eagle is a platinum bullion coin produced by the United States Mint. It features a unique design each year and is a popular choice among platinum investors.
American Palladium Eagle: The American Palladium Eagle is a palladium bullion coin produced by the United States Mint. It was introduced in 2017 and is the newest addition to the American Eagle bullion coin program.
American Gold Buffalo: The American Gold Buffalo is a 24-karat gold bullion coin produced by the United States Mint. It is the first and only gold coin produced by the mint that is composed of .9999 fine gold.
Junk Silver: Junk silver refers to US coins that contain 90% silver and have no numismatic value. These coins can be an affordable way to invest in silver bullion.
Red Rock Secured also offers a range of investment options for each of these products, including bars and coins of various sizes and denominations. Additionally, the company provides personalized support and resources to help clients make informed investment decisions.
Red Rock Secured Fees and Charges:
Red Rock Secured does not display pricing information on its website. Surely, it’s alarming.
Various factors such as the weight and purity of gold, market conditions, and the choice of dealer or broker can affect fees and charges. Some dealers charge fixed fees or commissions. Alternatively, others adjust their prices according to prevailing market rates. Therefore, it is essential to carefully review the fee schedule and terms and conditions of the dealer before making any investment decisions.
To get the best value for your investment, I suggest comparing prices and services across multiple dealers. This way, you can ensure that you are receiving the most competitive prices and services available in the market. To obtain a personalized quote, interested individuals must contact the company directly.
Still, it’s a huge red flag that Red Rock doesn’t share any fee-related info on its website.
Transparency is a major trust factor among investment companies. Also, a lack of transparency regarding fees can let the business charge you “hidden fees”.
So, it can be quite problematic for investors to do business with a company that doesn’t disclose its fees.
On the Better Business Bureau website, Red Rock Secured, LLC has an A+ rating and 4.75 stars out of 5-star ratings based on 93 customer reviews. There are both mixed positive and negative reviews. They are since 13 years in the industry. A total of 9 complaints are closed in the last 3 years. This business is also BBB accredited on Better Business Bureau website.
On the Trustpilot website, Red Rock Secured has 4.8 stars out of 5-star ratings according to customer reviews. There are 166 customer reviews on the website, and most of them are positive, with customers highly appreciating the company’s exceptional customer service, professionalism, and expertise.
On Consumer Affairs, the company has 4.9 stars out of 5-star ratings based on 137 customer reviews. Also, the majority of the reviews are favourable, with customers commending the company’s customer service, knowledge, and prompt delivery.
Business Consumer Alliance (BCA):
On BCA, Red Rock Secured has again 5 out of 5-star ratings according to 145 customer reviews. Moreover, most of the reviews are positive. All the customers praised the services provided by the company. Hence, they have an AAA rating on the BCA website.
On TrustLink, the company has only 1.2 stars ratings out of 5 stars based on 80 customer reviews and complaints. Most of the reviews are negative, with customers criticizing the company’s customer service. Also, some complain about their lack of expertise and slow shipping.
On Google, Red Rock Secured has 4.8 stars out of 5-star ratings based on customer reviews. There are a total of 133 customer reviews on Google, and most of them are positive, with customers praising the company’s excellent customer service, professionalism, and expertise.
Positive Reviews of customers from various websites:
#1. According to Amia, she had a great experience with Red Rock Secured. The company provided her with constant updates throughout the process, despite encountering banking issues. Moreover, the staff at Red Rock Secured remained committed to resolving the problems and exhibited a friendly and professional demeanour.
#2. Ron Bals reports that his initial purchase of silver as an investment was through Red Rock Secured. He praises Bret Butlje for his exceptional assistance in guiding him through the entire process and reassuring him that he had made the right choice. Bret took the time to explain all the necessary steps, which was followed up by Ashley, who has maintained communication with him since his purchase was confirmed. Overall, Ron had a positive and satisfactory experience with the company.
#3. Lowis A expresses satisfaction with Jeff from Red Rock Secured for helping to establish an IRA of gold and silver. One year ago, Lowis invested $55,000 and as of today, the retail value has increased to over $70,000.
#4. Gay is pleased with the exceptional assistance provided by Red Rock in transferring her funds from TSP to buy precious metals.
#5. Alan Teague expresses his satisfaction with the friendly and helpful customer service at Red Rock Secured. He appreciates that his questions were answered without any high-pressure sales tactics and that the transaction was handled as described with assistance at every step of the process.
Negative Reviews of Customers from various websites:
#1. Penny Bayer had a negative experience with Red Rock Secured. Despite sending a list of questions, the company did not respond and did not provide information about their fees. Also, they frequently did not answer her calls or return her messages.
So, she feels like she was not listened to and is now stuck with coins that she cannot sell. Penny considers her experience with the company to be the worst of her life and feels like she has lost her money without any concern from them.
#2. Michelle recently received a call from one of their representatives, but politely explained that she had decided to pursue other options and asked to be removed from their contact list. The representative responded with a sneer and a rude comment. Michelle advises potential investors to conduct thorough research on gold investing and the companies offering the service before making any decisions.
Additional Red Rock Secured Complaints You Must Read
#3. Vladimir has expressed frustration with receiving multiple unsolicited emails from the company and has requested them to stop sending him such emails. Vladimir suggests that if the company wishes to advertise, they should send the emails to their own email address instead of spamming his inbox.
#4. Laura expresses frustration that Red Rock Secured failed to transfer her as a client even though she became a beneficiary. Despite her attempts to reach them via phone and email, the company did not respond or return her calls for two months, leaving her unresolved. She advises against using their services.
#5. Dean expresses disappointment in the service he received from Jeff at Red Rock Secured. Despite seeing positive reviews, Dean states that Jeff has not provided any gold or silver options in over a month, and has not responded to emails or returned calls. Dean plans to file a complaint with the BBB.
Is Red Rock Secured Legit? Should You Invest with Them?
Red Rock Secured is a legitimate company that offers precious metals investment services and products. The company has been in business since 2009 and is based in El Segundo, California. It has an A+ rating from the Better Business Bureau (BBB) and has received positive reviews from many customers on various online business rating websites.
Gold buyback program
A+ BBB rating
Facing a lawsuit from the SEC
However, the company has received numerous complaints for taking advantage of its customers and the major red flag is the SEC lawsuit against Red Rock.
Furthermore, many customers have complained about how the company’s sales staff can be extremely insensitive. Poor customer support and predatory practices are huge red flags.
Hence, it’s difficult for me to recommend this company to investors.
Personally, I don’t recommend this company.
Also, there are many companies with much better services and reputation operations in the industry.