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            Business ProfileforRed Rock Secured, LLC

            Precious Metals Products

            Current Alerts For This Business

            Government Action: BBB reports on known government actions involving business’ marketplace conduct::
            DFPI vs Red Rock Secured LLC

            SACRAMENTO – The California Department of Financial Protection and Innovation (DFPI), in partnership with the federal Commodity Futures Trading Commission (CFTC) and the State of Hawaii securities regulator, today filed a federal lawsuit in Los Angeles against Red Rock Secured, a precious metals dealer, and its majority owner and sales agent for perpetrating an approximately $60 million fraudulent scheme that targeted customers’ retirement savings.

            Southern California based Red Rock Secured, LLC, and its principal and owner, Shade Johnson-Kelly (a/k/a Sean Kelly), and sales agent Anthony Spencer, are charged with fraudulently soliciting an estimated $61.8 million in funds from more than 950 customers nationwide from November 2019 through at least February of 2022.

            The lawsuit alleges that Defendants steered potential customers into purchasing silver and gold Canadian Red-Tailed Hawk (RTH) coins and misled customers into believing that Red Rock charged a relatively low markup on the sale of its RTH coins, while concealing that the actual mark-up charged to customers on the coins typically ranged from 100 to 130 percent. Because of Red Rock’s exorbitant markups, customers allegedly suffered an immediate loss on their investments, while Red Rock collected $34.4 million in markups on these purchases.

            The DFPI further alleges that Red Rock provided unlicensed investment advice and used scare tactics to convince hundreds of customers nationwide to transfer funds, including funds from liquidating securities from their traditional retirement accounts, to purchase the overpriced metals.

            “Engaging in commodities and investment adviser fraud to deplete customers’ hard-earned retirement funds for personal gain is despicable,” said DFPI Commissioner Clothilde V. Hewlett. “Today’s filing is the DFPI’s third joint regulatory action aimed at cleaning up fraud in the precious metals industry. We are committed to protecting consumers by holding these corrupt individuals accountable.”

            The complaint seeks a permanent injunction, disgorgement, full restitution, rescission, and civil monetary penalties. The DFPI wishes to thank the CFTC, the State of Hawaii, and the Securities and Exchange Commission for their assistance in this matter.

            The DFPI encourages consumers who have experienced fraudulent practices in connection with investment advisory services or the sale of commodities, and any unfair, unlawful, deceptive, and abusive practices from a financial service provider, to file a complaint with the Department online: https://dfpi.ca.gov/file-a-complaint/.

             
            Government Action: BBB reports on known government actions involving business’ marketplace conduct::
            SEC vs Red Rock Secured LLC

            The Securities and Exchange Commission today announced charges against El Segundo, California-based Red Rock Secured LLC, its CEO, Sean Kelly, and two of its former Senior Account Executives, Anthony Spencer and Jeffrey Ward, in connection with a fraudulent scheme that involved convincing hundreds of investors to sell securities in their retirement accounts to buy gold and silver coins at prices that included markups far greater than the defendants had promised.

            According to the SEC's complaint, since at least 2017, the defendants repeatedly solicited investors through false and misleading statements, telling them to "protect" their retirement savings by selling securities held in their federal employee Thrift Savings Plan accounts, 401(k) plans, and Individual Retirement Accounts to invest in gold or silver coins at only a 1 to 5 percent markup. In reality, Red Rock charged as much as 130 percent in markups, which allowed them to pocket more than $30 million of the more than $50 million they received from investors.

            At-a-glance

            Customer Reviews

            4.71/5stars

            Average of 70 Customer Reviews

            Customer Complaints

            12 complaints closed in last 3 years

            7 complaints closed in last 12 months

            Customer Reviews are not used in the calculation of BBB Rating

            Reasons for BBB Rating

            Related Categories

            Products & Services

            Red Rock Secured protects our clients' retirement saving through strategic diversification in precious metals and gold.

            Business Details

            BBB File Opened:
            11/28/2016
            Years in Business:
            14
            Business Started:
            12/1/2009
            Business Incorporated:
            11/4/2016
            Licensing Information:
            This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
            Type of Entity:
            Limited Liability Company (LLC)
            Hours of Operation

            Primary

            M:
            8:00 AM - 5:00 PM
            T:
            8:00 AM - 5:00 PM
            W:
            8:00 AM - 5:00 PM
            Th:
            8:00 AM - 5:00 PM
            F:
            8:00 AM - 5:00 PM
            Business Management
            • Ashley Austin
            Contact Information

            Principal

            • Ashley Austin

            Customer Contact

            • Mr. Sean Kelly, CEO
            • James Colon
            • Ashley Austin
            Additional Contact Information

            Phone Numbers

            Customer Complaints

            12 Customer Complaints

            Need to file a complaint? BBB is here to help. We'll guide you through the process. How BBB Processes Complaints and Reviews

            File a Complaint

            Most Recent Customer Complaint

            07/29/2023

            Complaint Type:
            Problems with Product/Service
            Status:
            Answered
            In November on 2022 Red Rock liquidated my 401K to Gold and Silver coins and put them into a depository. I have received 2 statements, #1 gave the dollar amount that was in my 401K as being deposited. Statement #2 shows I have lost almost 60% of what my 401K was worth and what they sent to the depository. And to top it off the Depository that holds my coins DROPPED RED ROCK from their acceptable list, they will not deal with them. I was assured that the price would go up... I know not a guarantee. But Gold and silver have been doing nothing but going up since last November. And now I see that the SEC has this going: Securities and ******************* v. Red Rock Secured, LLC et **** *** 2:23-cv-03682 (C.D. Cal. filed May 15, 2023)Litigation Release *** ***** / May 15, 2023 I retire in two years and this isn't going to help. I would like a refund of the fees that were not discussed as being 60% of my 401K
            Read More

            Customer Reviews

            70 Customer Reviews

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            How BBB Processes Complaints and Reviews

            Start a Review

            Most Recent Customer Review

            steve m

            08/05/2023

            could never get a straight answer as to how price was determined and tracked for silver.

            Local BBB

            BBB of Los Angeles & Silicon Valley

            BBB Reports On

            BBB reports on known marketplace practices.

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