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Rosland Capital bankrupt
derryb
Posts: 38,679 ✭✭✭✭✭
I remember seeing some well know people pushing Rosland Capital's gold and silver on the TV. A lot of elderly people hitched their wagon to the recent gold rush without performing any due diligence. They trusted Rosland big name spokespeople such as William Devane. The people who endorse any product in any form of advertising should be held liable for customer harm.
I find it humerous that FOX TV is owed $1.14 million in advertising fees.
Governments can print currency. Only the people can print faith in it — and they’re running low on ink.
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They love the uneducated.
Knowledge is the enemy of fear
This happens every time that the gold market has a nice run and then corrects. It's not the first time, and it won't be the last time this has happened.
If you don't hold it, you don't own it - regardless of what "the market" is doing.
I knew it would happen.
Yep, I trust these type of companies about as far as I can throw them.
The filing describes an order-fulfillment model in which Rosland took prepaid customer orders but did not immediately buy the corresponding metal from its own suppliers. The metal was often bought to fill the order later, sometimes months later.
In addition,, according to the filing, sales representatives were paid a commission of 15% to 35% of gross profit upon receipt of a customer’s funds, and that commission was earned even when the underlying order was later canceled or never fulfilled.
He pitched buying gold coins and gold. He never said anything about custodian management of leveraged positions.
The spokesmen did nothing wrong. The blame goes to the state Consumer Protection Rackets which should have been on this and other companies from Day 1. I knew these guys weren't making enough $$$ selling gold coins at FMV to pay for their advertising, let alone other expenses or profits.
And greedy !!
Rosland Capital was in effect SHORT gold for years. As the price ran up, they were forced to buy gold at higher prices to deliver to clients who actually bought gold and/or wanted delivery.
Please note that the same situation has NOT happened to COMEX players who were allegedly "short" because their positions were hedged and/or were custodial positions. If anybody were short silver for years, they would have been wiped out in late=2025/early-2026 as silver quadrupled in price.
Is selling something that you don't have and then keeping the payment without making delivery illegal?
Will some of the owners get arrested and charged with one or more crimes?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
They were salespersons paid to promote, in advertising, the buying of PMs from Rosland Capital. William Devane claimed "Rosland Capital is a trusted leader in helping people in aquiring precious metals."
Guilty as charged
Governments can print currency. Only the people can print faith in it — and they’re running low on ink.
The blame goes to the state Consumer Protection Rackets which should have been on this and other companies from Day 1.
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NO.
The "blame" is on Rosland Capital.
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Nope, there's no cause of action against an actor in a TV commercial. People didn't do their DD and now want to blame someone for their own stupidity.
Caveat Emptor !
Sure, go sue the company or the owner. I agree.
Not if they fully disclosed it and people signed waivers regarding custodianship.
This was always a Ponzi Scheme that needed LOW GOLD PRICES to survive.
Should you and others here be liable for your wrong market calls on silver, gold, etc ? Should you be sued ?
Yes, if I perform a paid service. Since my predictions are free, it's your fault for listening to me.
Governments can print currency. Only the people can print faith in it — and they’re running low on ink.
but JPM does not manipulate metals, right? LOL> @GoldFinger1969 said:
Nope, all parties in this mess are guilty, including those that got paid to attach their name and their reputation to the product.
Governments can print currency. Only the people can print faith in it — and they’re running low on ink.
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There is a big difference between an unpaid semi-anonymous spokesperson and a paid well-known spokesperson.
Especially when that well-known person is paid to promote a company for the benefit of said company.
On this forum, people posting their opinions do so for no specific gain, and not to bring business to themselves.
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The law disagrees with you. I am sure Devane has a "hold harmless" clause in his contract just as a precaution.
Those who sue will be getting about 10 cents on the dollar.
He didn't tell them to speculate. He told them to BUY GOLD. They did NOT buy gold -- they entered into a leasing pyramid scheme.
The financial advisors like that Disney actor are the real perps here, and one family is already suing him.
Devane is fine.
"The bankruptcy filing followed hundreds of customer complaints regarding unfulfilled metal orders, delayed shipments, and regulatory scrutiny from the U.S. Securities and Exchange Commission and the New York Attorney General."
As usual, they close the barn door after the horses left.
some of us have morals, you should try them.
Governments can print currency. Only the people can print faith in it — and they’re running low on ink.
If directed to @GoldFinger1969, that's unkind.
no more so than his lack of > @DisneyFan said:
then i shall rephrase it - some of us consider more than written law when deciding what is right and what is wrong.
Governments can print currency. Only the people can print faith in it — and they’re running low on ink.
Your morals include holding someone guilty who had no party to the fraud or crime ?
You have proof that Devane knew there was fraud going on ? He is selling gold and silver purchases....by themselves, highly volatile and risky investments....the IRA and custodian scams I doubt he even was aware of them.
If an 85-year old actor knew....shouldn't the state regulatory authorities ? The FTC, DOJ, and SEC ?
This company didn't need Columbo investigating for weeks or months. It would take less than 1 day to uncover the fraud once you knew that they purchased gold...sometimes....months later.
Throw the book at the Owner and penalties/jail time for the sleazy salesmen.
Devane is nothing more than a paid actor reading from a script written by their marketing staff. Blaming him for this is absurd. It wouldn't surprise me if they owed Devane money for his acting that he'll never get.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Any public figure who earns profit to publicly promote a bad company is culplable in the wrongdoing of the customer. I personally would like to see them held accountable in a lawsuit. Maybe well known faces would think twice about what they endorse. Maybe bad companies would have a harder time convincing a well known face to becoming the "front" guy. I'm sure a number of bilked elderly customers jumped the fence because a well know face told them it was OK to do so. They were taken advange of by Rosland and, Devane knowingly or not helped them do it. Liability does not depend on knowingly doing something wrong it depends on doing something wrong. Something wrong was done.
Governments can print currency. Only the people can print faith in it — and they’re running low on ink.
There might be a claw-back for everything that was paid to Devane for his endorsement.