Consumer reviews and reports on scam companies, bad products and services
Kevin DeMerritt
Kevin DeMerritt and Marin Aleksov former employees of Merit Financial Services Lear Financial, Corrupt thieves , Unethical business practices; scammer
20th of Mar, 2011 by User405430
MARIN ALEKSOV and KEVIN DeMERRITT former employees of Merit Financial Services, Santa Monica California Since I am approaching retirement, I decided to research my coin investment in preparation of planning for my future. To my shock and horror; I discovered that I had been ripped off twice by employees of Merit Financial Services, 1300 4th St. #303, Santa Monica, CA 90401. The first scam that I was a victim of was by Kevin DeMerritt, now owner of Lear Financial; who I have just found out, here at RippoffReports.com that he has many complaints against him and that he is a very nasty person. He was sued by a Class Action suit a few years ago, for ripping people off and paid the settlement. Not a nice guy. Please do not ever buy gold coins or do any other business with him or with Marin Aleksov who is now with Rosland Capital. Both these people lack any kind of integrity ! As I have since learned they both practice the art of "Churning" which is "highly unethical and any salesman that "recommends" turning coins over to better reposition them for a "supposed" higher earning power is only a way for them to make money off of you, and is certainly not in your best interest." I feel so violated and totally devastated by the thought that they have destroyed my life by misleading me through intentionally persuading me to trade in coins for others "at a much better return." In other words I was CHEATED! This is their scam. The worse part is that I really believed them as I am a trusting person. I thought they were brokers and were telling me the truth. I did not know they are just salesmen, not certified; nor, are they suppose to give investment advice let alone persuade you into exchanging your coins at grave losses. I asked Marin Aleksov what my 12 St. Gaudens were worth; when he got back to me he told me they were $880. each. Although I had paid $1700. each at a total cost of $19,250. seven years previously, from former employee Kevin DeMerritt. I wondered why the value had dropped so much. Unknown to me, when I paid $1700. they were valued around $700.00. A loss of $12,000. The cost of the Morgans I bought were $4110. He went on to explain to me that RARE coins are more valuable and would be far more profitable in the long run. He persuaded me to trade my Saints and Morgans for these “beautiful high value, 5 RARE coins", one costing $3,172 another $2,256. for a total of $10,383. A loss of $ 12,977.. During my research just last month, a Gold Dealer told me in an email, that these RARE coins would have been valued at $8,000. at that time. This resulted in a $2,400. loss. The Gold Dealer also told me that when I traded my Saints for $880. they were valued at $1800. Another $12,000. loss....Pretty high markups don't you think ? You devoured my total investment in one buy/back trade. This is criminal.
How do you people sleep at night; Are you proud of what you do to innocent people? You have destroyed my future and that of my family. This was an inheritance when my father died. How do you feel about that? Believe me this will follow you. Today in real time, my Saint Gaudens and Morgans would be valued at $64,950.
My "beautiful" RARE coins today,Gold @ $1400.+ Marin, are only worth $13,660. Because of Marin Aleksov and Kevin DeMerritt's deceptive and unethical business practices, I have lost $51,290. + on a 13 year Gold investment when gold was $419. oz. My 53 Gold Eagles would be worth $74,200 if Kevin DeMerritt hadn't ripped me off on those! Churn, churn, lie, lie. He made $4,257. plus another $10,000. on my Saints. As far as Merit Financial Services is concerned, do not do business with these people either. They are still actively involved in unethical business practices such as this and they do not stand behind fair practices. It is my opinion fellas, that you have no right being in this business as you would rather swindle people than be honest and upstanding as you claim to be. I believe you have intentionally taken advantage by cheating me and therefore lack any integrity. Marin also never gave me a buy back report; I called him for 6 months before he sent it to me. The prices he quoted were different, he forgot 5 of my coins and although told me he would auction my 1898 Barber Quarter; I never heard from him again. I BET YOU DON'T REMEMBER ME, MARIN, DO YOU??? How about you KEVIN,
Remember me? I was your BFF, you called me once a week to see how I was doing?
I HOPE YOUR PAST COMES BACK TO HAUNT YOU. ****My notes show I contacted Jeannie Himenez Santa Monica DA Office with no regard from her.
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4397 days ago by Reportcriminals
ccontact Adam Radinsky Santa Monica DA's office, Special investigator.

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