After repeatedly (3 times) stressing that my husband and I wanted to purchase $57,000 of silver in my IRA at the lowest premium over spot, and not pay any numismatic or artwork premium, the salesman M*** (M*****) S******** crammed Red Rock Secured’s highest premium and highest spread product, Silver Red Lions for which there is no active market outside Red Rock, into my account, with

1. Assertions that the values of the “premium product” appreciates at a higher rate than their “Common Bullion Products”.
2. M*** touted advantages at distribution because the tax valuation will be at “melt” value, not the higher retail value.
The FACT is that Red Rock’s phony retail was never the REAL value. There is no market for this junk.

I rejected that sales pitch each time.

3. M*** said Bullion products are tracked with a CUSIP number, and not private. I owned thousands of ounces of bullion, and not one bar was/is marked.

Nevertheless M*** crammed the fraudulently high-markup product into my account when my husband was not on the call, without disclosing the true premium for his “coins” despite numerous requests to disclose the premium/commission.

Instead of getting 2,323 oz of silver, I got 860 of their Silver Red Lion “coins” (which may not actually be Niue coins of a similar name, but Rounds of dubious value because the island nation Niue was never invoked), may not be 1oz, and may not be .9999pure.

Because life circumstances distracted my attention, and a quick glance at my statement showed a ‘total retail value’ of $58,600, I did not realize immediately that I had been tricked by substituting an extremely high markup “coin”. (probably not coins, but Rounds) My husband has acquired thousands of Rounds and bars over the last 20 years and we NEVER paid more than the Kitco rounds&bars premium for ANY silver, and sometimes paid less).

There is NO VALUATION THEORY that would support the deceptive high premium (per SEC case 2:23-cv-3682 charging fraud and deceit), nor the spread claimed by Red Rock.

Our investment went from $57k to $22k while the price of silver WENT UP. The difference is an exorbitant premium on the “coins” that was deceptively avoided in each discussion.

I would be willing to withdraw this complaint if Red Rock buys back, not at their fairy-tale bid price, but the retail for which they currently sell these rounds, and show as Market Value on my statement.

JUST LIQUIDATE AT THE MARKET VALUE SHOWN ON MY STATEMENT.

I will NOT agree to wait 3 years, and will NOT accept an unconscionable spread, for which they are under investigation by the SEC.