Learn About the Complaints Filed Against the Hartford Gold Group
Reid Sletten- The Hartford Gold Group is an investment management firm that specializes in the precious metals.
- The company was founded as Newburger, a private equity investment firm in 1972.
- Newburger became an asset manager for Newburger, Loeb & Co, a money management firm.
The Hartford Gold Group (HGG), formerly known as Hartford Investment Management Co., is an investment management firm that specializes in the precious metals. The company was founded as Newburger, a private equity investment firm in 1972. Newburger became an asset manager for Newburger, Loeb & Co, a money management firm. In 1974, Newburger, Loeb & Co was renamed as the Hartford Investment Management Co.
In 1997, the Hartford Gold Group was formed to offer specialized asset management services to individuals, family offices, endowments, and foundations.
The Hartford Gold Group
Headquarters:
P.O. Box 81,
Lee, NH 03861
Website:
The Hartford Gold Group is a subsidiary of The Hartford Financial Services Group Inc. (HIG). The Hartford Gold Group is a precious metals dealer that provides personalized precious metal investing advice. The Hartford Gold Group provides precious metals, coin, and jewelry buying services. The Hartford Gold Group also sells gold and silver coins and collectibles.
In May 2020, The Hartford Gold Group was sued by customers who allege that The Hartford Gold Group solicited its customers to buy precious metals and collectibles, but the company failed to execute those sales. The plaintiffs allege that The Hartford Gold Group falsely claimed it was an SEC-registered broker-dealer.
Additionally, many of the complaints filed against The Hartford Gold Group allege that it misrepresented its credentials. The Hartford Gold Group allegedly did not disclose that it was owned and operated by The Hartford Financial Services Group Inc.
The Complaint
Numerous investors have filed complaints against the Hartford Gold Group. Among their allegations are the following:
Hartford Gold Group uses high-pressure sales tactics.
Hartford Gold Group purchases its gold from sellers who "overstate" the weight of the gold.
Hartford Gold Group sells gold to secondary market handlers, who then sell gold to unsuspecting investors.
Hartford Gold Group has an improper relationship with these secondary handlers.
Hartford Gold Group routinely fails to deliver 99.5% of the gold it sells.
Hartford Gold Group misrepresents the value of its investments.
Hartford Gold Group fails to update investors about price changes, and fails to respond to investors' inquiries.
The claimants seek compensatory and punitive damages for their losses, plus attorney fees.
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The Bottom Line
The Hartford Gold Group has allegedly engaged in a number of illegal activities. The accusations against the firm include:
Misrepresenting itself as a hedge fund.
Misrepresenting its investment returns.
Proposing unethical tax shelters.
Failing to register as investment advisors.
Failing to register as a broker-dealer.
These allegations are very serious, and investors should thoroughly research any investment that claims to be a hedge fund, gold fund, or offering tax shelters. Additionally, the Hartford Gold Group should be investigated and held accountable for its actions.
