Thursday, July 22, 2010

More Trouble For Goldline

The company is now facing a class action lawsuit brought by two attorneys, which has been joined by a third:
“We are bringing this class action against Goldline for overcharging consumers, deceptive advertising and deceptive sales techniques,” White said in a statement. “The case alleges that paid spokespeople have happily agreed to promote Goldline by playing off the fear of inflation to encourage people to purchase gold as an investment that will protect them from an out-of-control government.”

The lawsuit also claims the company “grossly” overcharges for numismatic coins and bullion, falsely asserts that its products are good investments, and misrepresents its sales people as investment or financial advisers.

White said in the statement he believes the facts will show that Goldline uses conservative rhetoric, high-pressure sales tactics and tall tales about the future of gold to sell overpriced coins that can be bought somewhere else far cheaper.
The company didn't comment to the reporter writing this story.

As far as the lawsuit is concerned, it's a RICO one; that could get messy if it's allowed to go through. Goldline might be successful in getting it dismissed.

1 comment:

  1. Please check your facts. They do not try to have their sales people act as investment or financial advisers. All sales people are trained not to act as a financial advisor, but to speak to their financial advisor or tax consultant.