Many people search for an investment company they can truly trust. Regal Assets used to seem like the perfect choice, promising security and success. However, the lawsuit against them has changed everything.
You should look for a company that has your best interest at heart. You should always double-check to see if the company may scam you. It was difficult to see these people pull a scam like this. Yet, the reality is in front of everyone.
This guide will look into the history and fall of Regal Assets. It will look into how you, as a client, can avoid companies like it. It will also help you find some dedicated companies that you can trust.
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Table of Contents
Does Regal Assets Have Any Lawsuit?
A lawsuit has been filed against the company. The California Department of Financial Protection and Innovation (DFPI) started it. This was immediately joined by the Federal Commodity Futures Trading Commission (CFTC).
This lawsuit centers around a fraudulent scheme totaling $21 million. The company, Regal Assets LLC, has misappropriated these large funds. This is along with two individual defendants. They are said to have stolen from more than 120 customers nationwide.
The lawsuit states that this operation started back in November 2019. It continued until October 2022. This was around the same time that the company’s owner ran off.
The lawsuit says that the defendants executed a widespread. Their aim was the defrauding and diverting of customer funds. The majority of these funds were people’s hard-earned retirement savings.
The customer funds should have been for the acquisition of precious metals. Instead, the defendants are being accused of diverting the funds. They likely did this to cover a range of business and personal expenses.
On top of this, the defendants allegedly released false and misleading information. This came with the intent to deceive their customers from whom they had stolen.
History Of Regal Assets
Regal Assets started off as a dream from one Tyler Gallagher. He founded the company in 2009. At the start, he was a one-man company. He took the company to incredible heights.
The company had its headquarters in Beverly Hills, California. Starting off small, it had its focus on precious metals. It would later start to sponsor various ventures that Tyler was interested in. It also started to invest in cryptocurrency in various IRA accounts.
Soon after, Regal Assets grew. It had offices opened in the following cities:
- Toronto
- London
- Dubai
By 2013, this firm had ranked #20 in the Inc’s Top 500. It had gained this rank for its many financial services. Soon after, the company would also have featured in various forms of media, such as:
- Forbes
- Bloomberg
- Marketwatch
Everything was going smoothly for the company until the middle of 2020. By this time, the firm had amassed hundreds of reviews in favor of the company.
Currently, many of these positive reviews are either lost or removed. The firm now has plenty of bad reviews scattered across many sites. Many of these ratings call for fraud and the loss of their life savings!
The responses to many of these reviews were either vague or silent. As of writing this article, the company has had its website taken down. This has made it difficult to find proper information on it.
Additionally, the company’s founder has also gone missing. Since then, many IRA custodians are no longer doing business with them.
Regal Assets has since dropped in its ratings. It even lost its accreditation with the Better Business Bureau. It is the same case across other similar sites. It appears that the company has also since issued a stop-and-desist order. Currently, it and its leaders are being investigated.
Who Is Tyler Gallagher?
Tyler Gallagher is the founder and owner of Regal Assets. He is an official member of Forbes and the owner of Team 33, a Fortnite Esports team. Tyler is also the owner of the company House 33.
In his own words, Tyler was a high school dropout. He started his business with $5,000 and became a successful company. This company would be Regal Assets.
By turning over this success level, he could branch out. Tyler started to invest in areas that he felt passionate about. Hence, the creation of Team 33. This would be one of the many pieces on Regal Assets’ fraud cases.
While many consider Tyler to be a bad person, the people he employed at Team 33 were very fond of him. They said that he was always on time with his payments and should make many investments in their careers.
All this changed on the date mentioned above. Tyler started to break contact with his employees. Payments also started to get late. These employees did not even get paid for their entire work in September. By October of 2022, Tyler had completely vanished.
On his LinkedIn page, you can also see that he is a Rolling Stone member. Up until a year ago, Tyler was also writing content for Authority Magazine. Things started to go south for him in July of 2022.
Many believe that he fled to Dubai, where he is currently hiding from the FBI. Despite all this, many of his employees still think of him as a caring person. They also said they would join him again if he returned.
Regal Assets Review – What It Used To Be Known For
- Precious Metal Investments – This was the company’s primary goal. You could invest in all precious metals, such as gold and silver. This was also the main strength of the company until its fall.
- Retirement Account Transfers – Easy to roll over your assets. Regal Assets will do it and will help you every step of the way.
- Crypto Investments – If you wanted to invest in crypto, you could do so here. Unfortunately, this service was not as recommended as their precious metal service. Additionally, many contributed to the fall of the company.
The Service Regal Assets Used To Offer
The company had a notable history until its fall from grace. It was able to provide a comprehensive suite of services. Before so, it aimed at helping investors safeguard their wealth.
This was in collaboration with reputable partners. While many are thankful that Regal Assets is no longer operational. It is worth exploring the services it provides. This is because it may show the signs of a company that you should not trust.
1. Precious Metal Sales
The company had a diverse selection of precious metals. Since the company website is no longer active, it isn’t easy to gauge which products they are dealing with.
2. Cryptocurrencies IRA
Regal Assets emerged as a pioneer by introducing cryptocurrency IRAs. They had a very forward-thinking approach during this time.
This service allowed investors to incorporate digital assets into their retirement accounts. Doing so added a unique avenue for portfolio diversification.
Here are some of the Digital Currencies that they dabbled in:
- Ethereum
- Bitcoin
- Ripple
- Bitcoin Cash
- Z cash
- Basic Attention Token (BAT)
- Cardano (ADA)
3. Regal IRA
These were groundbreaking offerings from the company. They offered a hybrid solution to many investing concerns. Doing so enabled investors to hold both precious metals and cryptocurrencies.
These were then held within a single IRA. This innovative approach allowed for increased flexibility. It also had a huge potential for long-term growth.
4. Investment Packages
Investors were providing curated investment packages. This was a smart move since the company catered to various people. These packages were available at various price points.
5. Buy Back Program
The company catalog would be incomplete without buybacks. As the norm for many companies, it allowed customers to sell their precious metals. They would be able to do so when needed.
This was particularly helpful for clients reaching the age of retirement. The company pledged to offer fair and competitive prices for these transactions.
At this moment, it is hard to say how the company destroyed everything it had worked towards. Currently, the company is no longer optional. This saves you the issues you would have working with the company.
Still, it is sad to see how many attractive options the company had. Many of these services were able to help against the shifting financial markets. These services also had a ton of tax-related advantages.
You should always be thinking about secure investment strategies. Regal Assets’ legacy is a mixed one. Despite this, you should look for similar services in other, better companies.
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Complaints
Once the business started to crumble, the firm got hit with many complaints. None of these complaints were small either. Many of them had great implications and serious damages.
Here are all the issues raised by people across a variety of websites:
1. Better Business Bureau
Various clients have taken to the BBB website to voice their complaints. Many mention hundreds of thousands, even millions, in investment money gone.
Many of them said that there were some steps taken that should validity in their investment. Soon, they would lose all their funds and be unable to contact the company.
2. Trustpilot
Aside from a few old reviews, many people have the same sentiments against the company. Many people here are calling the company out for the scams they have been doing.
These people urge new clients to avoid investing in the company completely. Many believe that the company should not be able to remain in operation. They call for swift justice.
3. Business Consumer Alliance
Many of the reviews on this website are from 2015 or prior. They reflect the good the company was doing before the scams began. Many people praised the service that they received.
Many people also said that they would do business with the company again. The most recent review on this website shares the client’s losses. This review is by far regarded as the most helpful review of the company.
4. TrustLink
Like the site above, plenty of great reviews date before 2021. Here, the people highlight the superior customer service that the company displayed. This is on top of the knowledge and expertise with which they handled transactions.
The reviews during 2021 paint a completely different story. This shows the company and how their entire customer service is a joke. As expected, it also talks about the money they stole from their clients.
5. Social Media / Forums
Almost all company traces are gone when it comes to social media. Their LinkedIn page is empty, and their X profile has seen no activity for a year.
Despite this, many people commented on the company’s nature in the last post they made. Being social media, people call these people scammers. They also mention how the company has avoided them.
Is Regal Assets A Scam? Can I Still Trust The Company?
Regal Assets is no longer in business. Even if you wanted to trust the company, nothing would come of it. You should not trust anyone from the company or any old offers you see about it.
The company has stolen the life savings of many individuals. If they ever restart their business, they will likely never recover the trust they have lost. As such, you should not trust the company at all.
How To Find A Scammer
Here are key warning signs to watch out for when you think you are dealing with a scam company:
- Hidden Fees – Reputable firms are forthcoming about their fees. A company’s failure to disclose its fee structure is a potential red flag.
- Unregistered Professionals – Some companies collaborate with unregistered professionals. Reputable organizations work with certified and registered experts.
- Negative Reviews – Prior customer experiences can reveal a lot. If you encounter many bad reviews, you should exercise caution.
- Lack Of Documentation – Transparency is vital. Avoid any company that refuses to provide written documentation of your investment.
- Shifty Backgrounds – Transparency should extend to the people behind the operation. If the company or people in the company have a shady background, you should stay alert.
Regal Assets Alternatives That Will Never Rip You Off!
At this point, which companies should you trust? Here are a few that have a huge following and level of trust in the community:
Goldco
- Annual Fees: $0
- Least Investment: $25,000
- Promotion: Up to $10,000 In Free Silver
Augusta Precious Metals
- Annual Fees: $100+
- Smallest Investment: $50,000
- Promotion: 15% Off 1 Product
American Hartford Gold
- Annual Fees: $100+
- Least Investment: $10,000
- Promotion: $5,000 Of Free Silver + No IRA Fees For 3 Years
Conclusion
Now that the Regal Assets lawsuit is underway, more people will see the company for what it is. This way, many people will avoid giving their hard-earned savings to similar scammers.
PORS:
- Given an A+ rating by the BBB
- Reliable and trustworthy representatives
- Bonuses for new clients
- Setting up an account is efficient
- Account support and access via multiple devices
CONS:
- The minimum IRA investment is $25,000