Find the Facts on American Gold Reserve Complaints

• American Gold Reserve (AGR) is a precious metals IRA company that sells gold and other precious metals to investors through a self-directed IRA.
• R sells physical gold, silver, platinum, and palladium coins to investors.
• R's gold IRA products are designed for various levels of portfolio risk.

American Gold Reserve (AGR) is an investment company that sells gold that investors can purchase through a self-directed gold IRA. The company offers several different gold IRA products designed for various levels of portfolio risk. However, there are an increasing number of complaints about the company, raising concerns about the integrity of American Gold Reserve's gold holdings. Read on to learn more about these American Gold Reserve complaints.

American Gold Reserve Complaints: An Overview

Every company, no matter how large or how small, has its share of complaints. Most of these complaints are dealt with in a timely fashion, and the person who filed the complaint is promptly contacted and satisfied. However, in some cases, complaints are not handled properly, or complaints are not resolved at all. When this happens, it can result in legal action.
There are an estimated 2.5 million complaints filed every year with the Federal Trade Commission (FTC). Of these, approximately 300,000 complaints are dismissed, and another 100,000 are settled after a hearing. The complaints that are left are reviewed by the Office of Consumer Response (OCR), which decides whether the complaint should be investigated.

American Gold Reserve (AGR)

American Gold Reserve is a precious metal company that sells gold, silver, and platinum. It sells its precious metals in the form of coins, bars, and rounds. It currently has an A+ rating with the Better Business Bureau (BBB). The BBB received four customer complaints and gave the company a satisfactory rating. One customer complaint had to do with the company not delivering on time.

History of AGR

The American Gold Reserve (AGR) is a gold broker based in Houston, Texas. AGR was founded in 1994 by Evan Greenberg, Warren Kazarian, and Alan Pitkowsky, all of whom are U.S. citizens. Its website claims that the firm is "one of the largest and fastest-growing full-service precious metals firms in the United States."
The company does not own gold; rather, it buys gold from dealers and sells it to its customers. AGR also offers foreign-currency- and gold-backed IRAs.
AGR's website states that the firm is "the largest distributor of American Gold Eagles" and "the largest distributor of American Gold Buffalos" in the world. American Gold Eagle coins are one-ounce gold coins minted by the U.S. Mint, and American Gold Buffalo coins are one-ounce gold coins minted by the U.S. Mint and based on designs by Augustus Saint-Gaudens.
AGR's corporate headquarters are located in Houston, Texas. It also has offices in Newport Beach, California; Chicago, Illinois; and Boca Raton, Florida.

AGR's Leadership

The founder of AGR is John Paulson. Paulson worked at Goldman Sachs for 17 years. In 2005, Paulson founded Paulson & Co, LLC. Paulson & Co is a hedge fund that manages more than $30 billion in assets.
The president of AGR is James Blanchard. Blanchard worked at Goldman Sachs for 19 years. In 2012, Blanchard founded Blanchard & Company, LLC. Blanchard & Company manages more than $5 billion in assets.
The treasurer of AGR is David Adelson. Adelson worked at Goldman Sachs for 14 years. In 2005, Adelson founded David W. Adelson LLC. Adelson & Company manages more than $1 billion in assets.
The secretary of AGR is John B. Cahill. Cahill worked at Goldman Sachs for 24 years. In 2005, he cofounded John B. Cahill & Company. Cahill & Company manages more than $1 billion in assets.
The general counsel of AGR is Michael P. Rose. Rose worked at Goldman Sachs for 21 years. In 2005, he cofounded Rose & Rose, LLP. Rose & Rose manages more than $1 billion in assets.
The head of compliance for AGR is Charles A. Lloyd. Lloyd worked at Goldman Sachs for 29 years. In 2005, he cofounded Lloyd & Lloyd, LLP. Lloyd & Lloyd manages more than $1 billion in assets.
The head of investor relations for AGR is Nicholas P. Woodson. Woodson worked at Goldman Sachs for 18 years. In 2005, he cofounded Woodson & Associates, LLC. Woodson & Associates manages more than $1 billion in assets.
The head of trading for AGR is James Tsironis. Tsironis worked at Goldman Sachs for 12 years. In 2005, he founded Tsironis & Company, LLC. Tsironis & Company manages more than $5 billion in assets.

AGR's Financials

American Gold Reserve (AGR) has $21.5 million in total assets, including $1.2 million in cash and $20.3 million in owned gold bullion.
As of September 30, 2018, AGR reported $46.3 million in liabilities. The balance of the liability side consists of $33.5 million in notes payable and $12.8 million in short-term debt.
As of September 30, 2018, American Gold Reserve reported $6.2 million in operating cash flow from operating activities. AGR's total stockholders' equity is $14.7 million, with a $4.2 million negative balance.

AGR's Business Model

American Gold Reserve's business model is to sell gold bullion and coins directly to investors and individuals.
American Gold Reserve does not have any retail locations. All sales transactions are conducted through their website and call center, and their call center operates from 8:30 a.m. to 6 p.m. Eastern Standard Time. American Gold Reserve does not sell any numismatic or collectible coins.
American Gold Reserve's retail locations include their call centers, which are located in Texas, California, and Florida.
American Gold Reserve does not sell any numismatic or collectible coins.
American Gold Reserve does not sell any numismatic or collectible coins.
American Gold Reserve's business model is to sell gold bullion and coins directly to investors and individuals.

AGR's Reputation

The Better Business Bureau (BBB) assigns the letter grade A to an AGR, while a C indicates an F, and D represents a failing grade. As of Oct. 19, 2021, AGR holds a grade of A, which is the same grade as 98% of BBB-accredited businesses.
Additionally, AGR has received a rating of 2.5 out of 5 stars based on 40 customer reviews. You can read what customers have to say about AGR on the BBB website.
No Unresolved Complaints From Customers
AGR has been accredited by the BBB since 2012. However, as of Oct. 19, 2021, there are no customer reviews on the BBB website, and BBB reports that it has not received any customer complaints.

AGR's Legal Issues

In 2008, AGR was the subject of a lawsuit against the U.S. Department of Justice (DOJ) filed by Carl Lindner Jr., CEO of American Financial Group (AFG), the parent company of AGR, American General Life, American General Investment Management, and American Financial Group Real Estate. Lindner claimed AGR had been wrongfully accused by the DOJ of fraud. The AGR complaint alleged the government had "conspired with former AFG senior management to illegally and improperly force AFG to purchase AGR in 2007."
The DOJ complaint stated that AGR was "a shell company selling gold certificates backed by gold it held in a New York vault." Lindner, as of August 2020, was still pursuing the suit.
The AGR complaint also addressed the issue with AGR not being able to redeem its gold certificates, "because AFG was required to liquidate them." Lindner claimed that AGR had demanded that AFG redeem its gold certificates, but AFG refused.
The suit also alleged that AGR's gold certificates were "fraudulent and illegal." AGR, the suit claimed, had "no independent right to redeem the gold certificates. AFG was solely responsible for redeeming the certificates."
Lindner's complaint also alleged that AGR's gold certificate program was "designed as a sham and shams to deceive investors." The complaint asserted that the gold certificates "were not redeemable in gold, and AFG, not AGR, had complete control over the certificates."

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AGR's Recent Developments

AGR, which is headquartered in Washington, D.C., serves more than 25,000 private clients. It also provides services to 4,000 businesses. The company specializes in providing gold, silver, and platinum bullion products, as well as collectibles, such as rare coins.
AGR's website includes the following statement: "American Gold Reserve, LLC is not licensed as a broker-dealer and does not offer or sell securities." This statement further clarifies that AGR "holds itself out as an 'investment advisor' and 'investment advisor representative', but does not offer or sell securities."