BBB Business Review

This Business is not BBB Accredited

Worth Asset Management, LLC

(561) 833-7227 (Disconnected)View Additional Phone Numbers324 Datura St., #207, West Palm BeachFL 33401-5533http://www.worthassetmanagement.com/! There is an alert for this business !

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BBB Accreditation

Worth Asset Management, LLC is not BBB Accredited.

Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.

To be accredited by BBB, a business must apply for accreditation and BBB must determine that the business meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses must pay a fee for accreditation review/monitoring and for support of BBB services to the public.

Reason for Rating

BBB rating is based on 13 factors. Get the details about the factors considered.

This business has no rating because it is out of business.

Customer Complaints SummaryRead complaint details

5 complaints closed with BBB in last 3 years | 2 closed in last 12 months
Complaint TypeTotal Closed Complaints
Advertising / Sales Issues3
Problems with Product / Service2
Billing / Collection Issues0
Delivery Issues0
Guarantee / Warranty Issues0
Total Closed Complaints 5

Customer Reviews Summary Read customer reviews

1 Customer Review Customer Reviews on Worth Asset Management, LLC

Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 1
Total Customer Reviews 1 Customer Review

Complaint Breakdown by ResolutionAbout Complaint Details

Complaint Resolution Log (5)BBB Closure Definitions
06/11/2013Problems with Product / Service
04/25/2013Advertising / Sales Issues
11/12/2012Advertising / Sales Issues
06/09/2014Advertising / Sales Issues | Read Complaint Details
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Complaint
At first************** said i had gotten in at 31.810 close then changed to 32.98. after money wire, changed again to 33.50.
After a month or so was getting worried about constant changing of story.I wanted out.******* said i was making huge mistake silver was getting ready to go just wait a few more weeks. Accused him of lying about spot price and then found out there was not only a one time 15% fee.then found out was also being charged 12% a month on top of that. called him a liar and cheat and dishonest.After that he would not take my calls instead had someone named charlie talk to me. told charlie i wanted out, kept saying just wait two more weeks it will turn around not to get out now finally called and demanded he send my money back,only about two thousand and some was left thats when i found about a 12% monthly charge

Desired Settlement
Was a miner for thirty yr. and after 24 surgeries several back surgeries nerve damage to both arms and broken back seperated left shoulder blown out knee split sternum,and several broken bones and ribs,seperated left shoulder. they asked me to please take a medical retirement 3 times i said would let them know when i had enough i worked outside it gets cold in winter in wyo. tried to be a custodian but just could hardly walk anymore.worked 16 hr shifts constntly. for all the worry ,and being lied to i felt i was prayed upon had to go on medicarei feel they owe me more than the 11,800.00 i sent them i felt so stupid they got away with almost 10,000.oo for all the **** and worry dont want to get greedy i say double of what i lost and a personal apology. people come out of the woodwork, when you become disabled, or go on medicare with every scam possible i want to send a message to them that they are of the worst the world has to offer.

11/05/2014Problems with Product / Service

Industry Comparison| Chart

Gold, Silver & Platinum Dealers, Precious, Semi-Precious & Synthetic

Additional Information

top
BBB file opened: 06/20/2011Business started: 01/31/2010
Licensing, Bonding or Registration

This company is in an industry that may require licensing, bonding or registration in order to lawfully do business. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

These agencies may include:

Florida Dept of Agriculture & Consumer Services
2005 Apalachee Pkwy
Tallahassee, FL32399-6500
(800) 435-7352

West Palm Beach, City of
401 Clematis Street
West Palm Beach, FL33401
(561) 822-2222
http://www.wpb.org

BBB records show a license number of TC3740 for this company, issued by Florida Dept of Agriculture & Consumer Services.

BBB records show a license number of 53180 for this company, issued by West Palm Beach, City of. Their web address is http://www.wpb.org.

Type of Entity

Limited Liability Corporation

Business Management
Principal: Mr. Paul Kaulesar (President)Mr Nicholas Ganesh (General Manager)
Business Category

Gold, Silver & Platinum Dealers, Precious, Semi-Precious & Synthetic

LocationsX

1 Locations

  • 324 Datura St., #207 

    West Palm Beach, FL 33401-5533(561) 833-7227
    (877) 967-8407

Industry Comparison ChartX

The information in the table below represents an industry comparison of businesses which are of the same relative size. This is based on BBB's database of businesses located in Southeast Florida and the Caribbean. Businesses may engage in more than one type of business. The percent of time the business engages in a type of business is not accounted for. There is no known industry standard for the number of complaints a business can expect. The volume of business and number of transactions may have a bearing on the number of complaints received by BBB.

*Worth Asset Management, LLC is in this range.

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Types of Complaints Handled by BBB

BBB handles the following types of complaints between businesses and their customers so long as they are not, or have not been, litigated:

  • Advertising or Sales
  • Billing or Collection
  • Problems with Products or Services
  • Delivery
  • Guarantee or Warranty

We do not handle workplace disputes, discrimination claims or claims about the quality of health or legal services.

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Additional Phone Numbers

  • (877) 967-8407 (Disconnected)
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BBB Complaint Process

Your complaint will be forwarded to the company within two business days. The company will be asked to respond within 14 days, and if a response is not received, a second request will be made. You will be notified of the company's response when we receive it (or notified that we received no response). Complaints are usually closed within 30 business days.

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BBB began including text of consumer complaints and business responses in BBB Business Reviews on July 1, 2013 for complaints filed on that date and thereafter. This includes all complaints that meet our reporting guidelines and that are filed electronically. We also report on the resolution of the complaint, as determined by BBB.

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Industry Tips for Gold, Silver & Platinum Dealers

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BBB reports on known significant government actions involving business' marketplace conduct.

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According to information in BBB files, this company is no longer in business. If you have an unresolved dispute with this company you may wish to seek legal advice.

As of February 18, 2014, Case CFTC Docket No. 14-07, The U.S. Commodity Futures Trading Commission (CFTC) today filed and settled charges against Worth Asset Management LLC (Worth Asset) of West Palm Beach, Florida, and its sole owner and manager, Paul L. Kaulesar of Royal Palm Beach, for solicitation fraud and engaging in illegal, off-exchange precious metals transactions.
Neither Worth Asset nor Kaulesar has ever been registered with the CFTC.

The CFTC Order requires Worth Asset and Kaulesar jointly to pay a $1,565,000 civil monetary penalty and restitution to their customers totaling $4,696,640. The Order also imposes permanent trading and registration bans against Worth Asset and Kaulesar and prohibits them from violating the provisions of the Commodity Exchange Act and a CFTC Regulation, as charged.

The Order finds that, between July 16, 2011 and March 31, 2013, Worth Asset and Kaulesar operated a telemarketing firm that solicited individual retail customers to enter into financed precious metals transactions in gold, silver, and platinum. The large majority of their transactions involved the sale of leveraged silver contracts to unsophisticated investors purchasing physical metals by paying as little as 20 percent of the total price and receiving a loan for the balance of the transaction, according to the Order. Customers were also charged a 15 percent commission on the total leveraged value of the metal transaction, as well as monthly interest, according to the Order.

However, according to the Order, Worth Asset and Kaulesar did not purchase physical commodities on the customers' behalf. Rather, they aggregated the customer payments received, transferred a portion of those funds to their margin trading account, and made book entries in an electronic database reflecting the customer transaction details. During the period, Worth Asset and Kaulesar received $4,696,640, the difference between the funds that customers sent to them and what they returned to customers, the Order also finds.

Illegal Contracts

The precious metals transactions offered by Worth Asset and Kaulesar were illegal contracts because they were not executed on or subject to the rules of a board of trade, exchange, or contract market, as required by the Commodity Exchange Act, according to the Order.

Solicitation Fraud

Worth Asset and Kaulesar defrauded customers and potential customers by misrepresenting the potential profits from leveraged precious metals contracts and failing to disclose the past performance of the precious metals contracts they offered, the Order finds. One piece of their promotional material, for example, emphasized the profits that could purportedly be obtained through precious metals transactions, claiming that "(r)enowned precious metals analyst, (name omitted), predicts Silver to top $60 an ounce by the end of 2012." However, Worth Asset and Kaulesar failed to inform customers that at least 88 percent of the firm's customers lost money on their financed precious metals investments.

For further assistance please contact the
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581

202-418-5000
202-418-5521, fax
202-418-5514, TTY

Consumer Assistance and Complaints:
Call Toll-Free 1-866-FON-CFTC (866-366-2382).

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BBB Customer Review Rating plus BBB Rating Overview


BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.

Customer Review Experience Value
Positive Review 5 points per review
Neutral Review 3 points per review
Negative Review 1 point per review

BBB letter grades represent the BBB's opinion of the business. The BBB grade is based on BBB file information about the business. In some cases, a business' grade may be lowered if the BBB does not have sufficient information about the business despite BBB requests for that information from the business.
Details

BBB Letter Grade Scale

BBB Rating Value
A+ 5
A 4.66
A- 4.33
B+ 4
B 3.66
B- 3.33
C+ 3
C 2.66
C- 2.33
D+ 2
D 1.66
D- 1.33
F 1
NR -----
Star Rating scale

  Average Score
5 stars 5.00
4.5 stars 4.50-4.99
4 stars 4.00-4.49
3.5 stars 3.50-3.99
3 stars 3.00-3.49
2.5 stars 2.50-2.99
2 stars 2.00-2.49
1.5 stars 1.50-1.99
1 star 0-1.49

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BBB Business Reviews are provided solely to assist you in exercising your own best judgment. Information in this BBB Business Review is believed reliable but not guaranteed as to accuracy.

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