I was told that a $38,000 investment in precious metals put me at a premium level that gave the benefit of the company leveraging my funds to a 100K value. I was misled into thinking the management fee was 15% of my investment amount ($5,700). This was to be a 5 year commitment which I discussed with Robert Bacher III about the concerns I had with paying such a high ($5,700) fee. It turned out I was not only charged 15% of my investment amount but also 15% of the leveraged funds totaling a huge $15,000 out of pocket fee. Also, I was not informed that the so called benefit of them leveraging my account was actually a credit loan with a 7.75% interest charge, equating to approximately $400 per month. I opened the account with $38,000 for which they immediately took $15,000 plus account set up fees. To add insult to injury the remainder of my funds (supposedly $23,000) was never seen by me as a balance in my account. After 4 days of wondering when my account login information was going to be emailed to me, I sent a request for account access. When I accessed my account, the $38,000 that I invested 4 days prior was only worth approximately $12,000. I have never been able to verify what happened since my requests for the first four days of account activity were never given to me. Bottom line is I was misled into paying an enormous management fee amount of $15,000+ for American Precious Metals, LLC to either invest and lose or steal another $11,000 of my money within a few days of opening my account.
In addition my account was never at 100K. They leveraged me to 94K and Tony Columbo (owner or manager?) gave some confusing explanation for not be able to purchase the metals evenly. I ultimately paid a 15% fee for $6,000 that was never in my account.
American Precious Metals LLC in Deerfield Beach, Florida is a huge scam organization.
Monetary Loss: $26.