Everett, Washington
13 comments
Not resolved

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.

Review about: Precious Metals Investment Company.

Review #192643 is a subjective opinion of a user.

PRODUCT OR SERVICE Not specified
Reason of Review / Monetary Loss Not specified / $26
Preferred solution Not specified

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SAM
#443258

IF YOU HAD DEALINGS WITH AMERICAN PRECIOUS METALS PLEASE GIVE US A CALL WE CAN HELP YOU WE CAN BE REACHED AT 561-249-7510

Mcx Tips
#358817

I really appreciate your post and you explain each and every point very well.Thanks for sharing this information.And I'll love to read your next post too.

Regards

Mcx Tips

Mcx Tips
#358815

I really appreciate your post and you explain each and every point very well.Thanks for sharing this information.And I'll love to read your next post too.

Regards

Mcx Tips

Rico
#349886

All of the scammers know each other, and never do business with any investment firms in south Florida. Always tell them you want to see the operation in person. That way you will get a bird's eye view of a boiler room operation.

John L.
#347934

anyone who has been apart of amp llc please contact me at 2705763176 My name is John

LP
#289467

There are other companies out there just like this.I was scammed by Prestige Advisors LLC.

in Boca Raton and also Jade Asset Advisors.

Liz Littleton and Chip Tye.I plan to do everything I can to put these companies out of business and have these people sent to prison.

Kris
#288079

On May 13, 2011, United States District Court Judge William J. Zloch granted the Receiver's Emergency Motion for Authority to Liquidate Positions at American Precious Metals, LLC's Clearing Firm Accounts.

grape
#284941

they were shut down today

big george td
#280236

I not had any bad dealing with apm, I seems to have a profit in my account but they always want to buy buy buy more , never send any profit checks home that was promised in the beganning , it is a long term deal and there as good company as the rest of them

Staff?
#236921

For the letter written by Staff, is that written by APM LLC staff or by pissedoffconsumer .com staff?

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