Consumer reviews and reports on scam companies, bad products and services
Newbridge Metals Gregg Scott Took 47000.00 in silver and gold to invest in more silver to help me double my money, then 8 months later said they had t
25th of Jan, 2013 by User836122
I took my precouis metals IRA, which was 47000.00 in silver and gold and sold it to newbridge metals because they said that was the only way I could leverage my metal for them to re-purchase more silver for the leverage in which they said I should be able to double my silver amount by the end of the year. I was told for 6 months that I was making money and everything was going great, then I saw that the commodities futures and trading commission was sueing Newbridge alliance corp. for making false contracts. I confronted gregg scott about this (my broker) and he said that they were just a company using their name and said that there was nothing to worry about. about 2 weeks later he told me that they had a lawyer check in to it and said they had decided to send their clients their silver back and he was going to send me my silver because they were scared that because of the lawsuit that they might have their assets frozen and that all their clients would lose everything. I assumed that he was sending me my 47000.00 worth of silver back to me, so I agreed. I tried to call gregg scott for about 2 weeks and could never get in contact with him. Gregg tells me for the last seven months that the silver that we had been purchasing was being stored in a depository. I finally get in touch with a guy name jonathan, that telss me that they are sending me a check instead of silver because they could not purchase it because the price is too high. I then get another story about having to purchase it after I have been told it was in a depository. I knew then that I was being ripped off, but what do you do? I recieved the check in the mail and put it in the bank, because I figured if I didn't, I would be lost that too. I would like to talk to other investors that have gotten tied up in this, and pursue a class action lawsuit if possible, because I don't know what else to do in order to get my silver and gold back.

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