American Hartford Gold Complaints: What You Need to Know
Alex Long- American Hartford Gold is a life insurance company.
- The company's primary product offering is universal life insurance.
- American Hartford Gold has received some complaints about its customer service and claims processing.
American Hartford Gold, a subsidiary of American International Group, Inc. (AIG), is a life insurance company. The company's primary product offering is universal life insurance.
American Hartford Gold has received some complaints about its customer service and claims processing. The company's complaint volume has been trending downward for the last several years. Complaints about American Hartford Gold are typically made online.
What Is American Hartford Gold?
American Hartford Gold is a brand of American International Group (AIG), a global insurance company headquartered in New York City. AIG acquired the company in 2007.
American Hartford Gold is a direct-to-consumer marketing company that offers gold, silver, and platinum bullion products, as well as IRA-eligible gold, silver, and platinum coins.
American Hartford Gold is also a major distributor of precious metals coins and bars to U.S. financial institutions and wholesale distributors.
American Hartford Gold is based in Clearwater, Florida.
History of American Hartford Gold
Gold is a commodity that has been used for centuries for trading and saving purposes, and Gold Investment Trusts were first created in the mid-1800s. While past Gold Investment Trusts have struggled to return investors their principal, in September 2016, American Gold Eagle Trust (AGET), a subsidiary of American Hartford Insurance Group, was reorganized as American Hartford Gold (AHG).
American Hartford was founded in 1810 and is headquartered in Southfield, Michigan. In 2008, it acquired Granite State Insurance Co., and in 2014, it acquired National Indemnity Co., both of which were headquartered in Massachusetts. The other subsidiary, American International Group, was founded in 1919, is headquartered in New York City, and is one of the largest insurance groups in the world.
American Hartford Gold was a relatively small player in the Gold market when it encountered problems. In April 2013, it filed for Chapter 11 bankruptcy. At the time of the filing, AHG owned 47,000 ounces of physical gold, and 43,000 ounces were in the custody of a vault in Quebec.
American Hartford Gold was purchased by American Insurance Group for $22 million in December 2013. In addition to the premium, American Hartford received 97,750 ounces of gold held by the trust.
Gold Investment Product Problems
American Hartford Gold has an A+ BBB rating and an "A" rating from the BCA. However, in November 2020, the American Hartford gold complaints section on the BBB website listed more than 100 complaints in a one-year period.
While many of the complaints were resolved to the satisfaction of the customer, the BBB noted that "[t]he BBB Business Review for American Hartford Gold is not currently available due to insufficient information."
Complaints About American Hartford Gold
American Hartford Gold is an insurance company, founded in 1995.
In June 2018, American Hartford Gold was fined $50,000 by the Alabama Securities Commission for failing to disclose how it decided to pay policy holders 150% of their claims.
In 2015, American Hartford Gold was fined $150,000 by the Texas Department of Insurance for charging pre-retirees for "fees for services" without providing any services, and for filing inaccurate actuarial reports.
In 2010, American Hartford Gold was fined $10,000 by the Oklahoma Insurance Commission for failing to respond to consumer complaints, and for violating state insurance laws.
American Hartford Gold's Fines
American Hartford Gold has been fined a total of $310,000 since 2010.
American Hartford Gold's Financial Ratings
American Hartford Gold has an "A-" (Excellent) rating from A.M. Best (as of March 2021).
American Hartford Gold's Legal Judgments
American Hartford Gold has been sued twice in 2020, with consumers claiming the company charged them excessive fees.
How American Hartford Gold Investors Can Recover Losses
Class Action Lawsuit Against the Company
American Hartford Gold Investors has reportedly been under increased scrutiny due to allegations of fraud. The Ponzi scheme, which accepted money from investors with the promise of returns, and misappropriated assets from the accounts, is now closed.
There remains a significant class-action lawsuit, still pending, against American Hartford Gold Investors. The American Hartford Gold Investors class action lawsuit, on behalf of investors, alleges violations of the Racketeer Influenced and Corrupt Organizations Act (RICO) and Securities Act violations.
The class action lawsuit seeks to recover damages on behalf of American Hartford Gold Investors investors, including punitive damages. The class action lawsuit alleges that American Hartford Gold Investors representatives intentionally misrepresented investments and concealed certain facts from investors.
Gold IRA: Should You Open One To Save For Retirement?
The Bottom Line
While American Hartford Gold is not a scam, investors need to be cautious when considering investing in any of their products. The company is widely known for its aggressive marketing tactics, aggressive sales tactics, and high-pressure sales tactics. Investors are better off investing in an established company with different products and services (such as American Express). American Hartford Gold's complaints include problems with their online account, difficulty getting assistance from customer service, and aggressive selling tactics.
