Gold IRA Companies That Collapsed: Learn From These Disasters
Some Gold IRA companies were once highly rated—until they weren't. Regal Assets' CEO fled the country with $21 million. Lear Capital paid $6 million in settlements. Here's what went wrong and how to protect yourself.
⚠️ Critical Warning
These aren't fringe companies that nobody heard of. Regal Assets was named "#20 on Inc. 500" and received thousands of 5-star reviews. They collapsed anyway, and customers lost millions. Reputation isn't protection.
If you have funds with any company discussed here, contact a lawyer immediately.
🚨 Regal Assets: $21 Million Fraud
Regal Assets was once one of the most-recommended Gold IRA companies in America. They received 5-star ratings, were featured in Forbes, and CEO Tyler Gallagher appeared on Inc. 500's list of fastest-growing companies.
Then, in late 2022, everything fell apart.
What Happened
Customers transferred retirement savings to Regal Assets for gold purchases
The company confirmed "purchases" but gold never arrived at depositories
Excuses continued for months: "supplier delays," "employee errors"
By fall 2022, company stopped responding entirely
Tyler Gallagher disappeared—reportedly fled the country
Where the Money Went
According to the CFTC and California DFPI lawsuit:
- • $800,000+ for Gallagher's Beverly Hills mortgage
- • $1 million+ to fund his esports team (Team 33)
- • $150,000 to a girlfriend
- • $170,000 to settle a lawsuit over sports arena box seats
- • Luxury vehicles (Cadillac Escalade, Tesla)
Victim Impact
One North Carolina couple—a retired auto mechanic and janitor in their 70s—lost their entire $300,000 life savings. They had hoped to pay for their son's tuition. Now they have nothing.
Current Status: As of December 2025, Regal Assets is defunct. Company bank accounts had a negative balance of $413 when regulators investigated. Tyler Gallagher remains at large. Victims may never recover their funds.
⚠️ Lear Capital: $6 Million Settlement
Lear Capital has been in business since 1997—one of the oldest in the industry. But longevity didn't prevent them from facing serious regulatory action.
The Problems
- • Excessive fees: Customers were charged high markups not clearly disclosed
- • Misleading sales tactics: Representatives overstated benefits of precious metals
- • Unsuitable recommendations: Pushed products that weren't appropriate for customers' situations
- • Bankruptcy filing: Company filed for bankruptcy protection in 2024
Current Status: A multi-state settlement requires $5.5 million in restitution for affected customers. The company continues to operate under bankruptcy reorganization, but has lost significant customer trust.
⚠️ Gold Alliance: Disappeared Q4 2025
Gold Alliance was a mid-tier Gold IRA company that appeared legitimate until late 2025, when customer complaints began mounting rapidly.
Warning Signs (Before Collapse)
Phone calls went unanswered for days
Promised shipments repeatedly delayed
BBB rating dropped from A to F rapidly
Key employees left or were unreachable
Current Status: Company appears to have ceased operations. Website is down. Customer accounts are in limbo. Legal action may be forthcoming.
Common Red Flags Before Collapse
Looking back at these failures, several warning signs appeared before total collapse:
Warning Signs to Watch For
Delayed Deliveries
Gold purchases should arrive at depositories within 2-4 weeks. Months of delays = red flag.
Communication Breakdown
Can't reach your representative? Account manager changed suddenly? Investigate.
Rapidly Declining Reviews
A sudden surge of negative reviews (especially about undelivered products) signals trouble.
Changing Excuses
"Supplier issues," then "employee error," then "banking problem"—excuse rotation is a sign of lies.
Pressure to Wait
"Don't worry, it's coming"—legitimate companies provide documentation, not reassurance.
How to Protect Yourself
✓ Verify Depository Directly
Contact the depository (Delaware Depository, Brinks, IDS) directly to confirm your metals are there. Don't rely solely on company statements.
✓ Get Written Confirmations
Every purchase should generate documentation: invoice, depository receipt, custodian statement. If you don't have these, demand them.
✓ Check Custodian Independently
The custodian (Equity Trust, New Direction, etc.) is separate from the dealer. Verify with the custodian that your account exists and has assets.
✓ Monitor BBB and Reviews Regularly
Set a calendar reminder to check your company's BBB page every quarter. Sudden rating changes are early warnings.
✓ Don't Put All Eggs in One Basket
Even with legitimate companies, consider splitting large investments across multiple providers to reduce single-point-of-failure risk.
What to Do If You Suspect Fraud
Immediate Steps
- 1. Contact the depository directly — Verify your metals exist
- 2. Contact your custodian — Confirm account status
- 3. Document everything — Save all emails, statements, communications
- 4. File complaints:
- • CFTC: cftc.gov/complaint
- • FTC: reportfraud.ftc.gov
- • State Attorney General
- • Better Business Bureau
- 5. Consult an attorney — Especially for amounts over $50,000
The Bottom Line
Even highly-rated Gold IRA companies can collapse. Regal Assets had stellar reviews and Inc. 500 recognition—until the CEO fled with $21 million. Reputation isn't a guarantee.
Your best protection is verification: confirm metals exist at depositories, maintain independent custodian contact, and monitor for warning signs.
If something feels wrong, trust your instincts. A few phone calls could save your retirement.