Oxford Gold Group, based in Beverly Hills, California, was a precious metals dealer that has gained attention for all the wrong reasons. Since its founding in 2017, the company has employed several unethical tactics to promote itself, often misleading customers through fake reviews and questionable business practices. If you are considering investing in precious metals or opening a Gold IRA with them, it is crucial to understand the red flags associated with this firm.
We do not recommend Oxford Gold Group. In August 2024, a wave of complaints surfaced, alleging that the company failed to deposit gold into depositories after receiving substantial amounts of retirement funds. As of now, Oxford Gold Group has removed its website and appears to have ceased operations.
Oxford Gold Group Overview
Oxford Gold Group was once considered a reputable facilitator for individuals looking to secure their financial futures through investments in precious metals. The company claimed expertise in converting traditional IRAs and 401(k)s into precious metals IRAs and offering direct sales of gold, silver, platinum, and palladium products with secure storage options.
- Address: 9100 Wilshire Blvd, Suite 800E, Beverly Hills, CA 90212
- Phone Number: 833-600-4653
Products and Services:
Oxford Gold Group offers a range of precious metal products, including:
- Gold Bars: 1 oz and 10 oz gold bars
- Gold Coins: Including popular coins like the Canadian Maple Leaf and other 1 oz gold coins
- Silver Products: Various silver bars and coins
- Gold and Silver IRAs: The company also provides IRA services, allowing customers to include precious metals in their retirement portfolios.
However, serious allegations began to surface in 2024, with customers reporting that funds transferred for the purchase of precious metals were never invested as promised. Many investors claimed that the gold they had paid for was never delivered to the depository, resulting in significant financial losses.
These troubling complaints led to the shutdown of Oxford Gold Group’s website and its apparent exit from the business. Given these developments, we no longer recommend Oxford Gold Group for precious metals investments. Instead, we’ll provide an overview of the company’s history and suggest some trustworthy alternatives for those seeking to invest in gold or other precious metals.
The Unsettling Background of Oxford Gold Group’s Leadership
At the helm of Oxford Gold Group is Patrick Granfar, the company’s president and co-founder. Before launching this business, Granfar served as a senior portfolio manager at Lear Capital, a company that has faced multiple lawsuits for unethical practices. Given his background, it’s not surprising that Oxford Gold Group seems to have adopted some of the same questionable tactics for their operations.
One notable issue lies in the firm’s Risk Disclosure on their website. This disclosure states that the company wasmerely a seller and purchaser of precious metal products, not a fiduciary responsible for providing financial advice.
The disclosure also made it clear that the professionals working at Oxford Gold Group are commission-based sellers, meaning that they have no obligation to prioritize your best interests when recommending products.
This “risk disclosure” might seem like a simple legal statement, but it’s actually a significant red flag. It absolves the company of any responsibility for the financial outcomes of your investments, placing all the risk on you, the consumer.
Oxford Gold Group Review: Unethical Marketing Tactics
One of the most concerning practices of Oxford Gold Group was its manipulation of online reviews to deceive potential customers. Despite having an A+ rating on the Better Business Bureau (BBB), which is supposed to reflect customer satisfaction and ethical business practices, the company’s reputation is far from stellar. If you search for reviews of Oxford Gold Group, you will find numerous complaints about poor service, dishonest sales tactics, and financial losses experienced by customers.
However, rather than addressing these concerns or improving their services, Oxford Gold Group has chosen to employ questionable marketing tactics to boost their online image. For example, the company has allegedly paid a substantial fee to maintain their BBB accreditation, a process that doesn’t necessarily indicate high-quality service. BBB accreditation simply requires businesses to pay an annual fee, and businesses can even flag complaints as “fake” to maintain a positive image.
Manipulating the BBB System: A Common Red Flag
The practice of paying to maintain an A+ rating is not unique to Oxford Gold Group. In fact, it is common among businesses looking to bolster their credibility by associating with reputable organizations, even when their actual service doesn’t warrant such recognition. A CNN Money investigation found that some businesses charged with fraud maintained A+ ratings simply by paying for BBB accreditation.
Furthermore, businesses with BBB accreditation have the ability to flag negative reviews and remove them from their profile, giving them an unfair advantage in the eyes of consumers. This is exactly what Oxford Gold Group seems to be doing—distracting from the legitimate complaints against them by maintaining a positive public profile through paid BBB accreditation.
Sales Tactics: Commission Over Client Interests
A major complaint from customers of Oxford Gold Group involved their aggressive sales tactics. Many former clients have reported that the sales staff at the company are more focused on earning commissions than genuinely helping clients build a healthy and balanced investment portfolio. This lack of professionalism and ethical responsibility is another major issue with the company.
Sales agents are incentivized by commissions, meaning they may push products that aren’t suitable for your financial goals, simply to earn a higher payout. This creates a conflict of interest, which is a serious concern for anyone looking to make informed, thoughtful investment decisions.
False Advertising: Promises That Are Too Good to Be True
Many customers have complained that Oxford Gold Group uses false advertising to lure in new clients. One example comes from a customer who was promised a set of gold coins as part of a promotional offer, but never received them. The company’s marketing strategies seem to promise high returns and attractive investment opportunities, but when it comes to delivering on those promises, the reality is far different.
Some clients also claim that Oxford Gold Group engages in bait-and-switch tactics, advertising metals they don’t have in stock or failing to deliver products after a long wait. One such customer, Frank, reported that his order was never delivered to the depository, even after months of waiting. Despite receiving assurances from the company that the products were in stock, they failed to follow through, offering excuses instead of solutions.
Oxford Gold Group Sells Metal They Don’t Have
Another critical issue raised by customers is the company’s tendency to sell precious metals they don’t actually have in inventory. Frank’s experience is just one of many where customers have been promised products that were never delivered. This raises significant concerns about the firm’s reliability and transparency. If a company can’t deliver on its basic promises regarding the availability of the products they sell, that’s a huge red flag.
The Problem with Fake Testimonials
Oxford Gold Group has also been caught using fake testimonials on its website. One such example is a testimonial from “Sean W.,” which includes a photo that is clearly a stock image. A simple Google reverse image search reveals that this photo is used by multiple businesses, which means it’s not an actual client of Oxford Gold Group.
This practice is a blatant attempt to deceive potential customers into believing that the company has a long list of satisfied clients. Fake reviews and manipulated testimonials are common tactics among unscrupulous businesses, and it’s concerning that Oxford Gold Group feels the need to resort to such deceitful strategies.
Conclusion: Is Oxford Gold Group Trustworthy?
Based on the numerous complaints, unethical marketing tactics, and questionable business practices, Oxford Gold Group is not a company you should trust with your investments. From fake testimonials to shady marketing strategies and aggressive sales tactics, this company appears more focused on making a quick profit than on providing genuine value to its clients.
If you’re looking for a reliable and ethical precious metals dealer, it’s best to look elsewhere. There are many other companies in the market that prioritize customer satisfaction, transparency, and honesty.
Oxford Gold Group once appeared to be a reputable company in the precious metals investment space. However, recent developments have severely tarnished its reputation, leading to the company’s shutdown in August 2024. Below are some key findings:
Customer Reviews and Ratings:
- Better Business Bureau (BBB):
- Rating: 3.68/5 (out of 100+ reviews)
- F rating; accreditation revoked in June 2024
- Complaints about undelivered metals and unresponsive customer service prompted the BBB to revoke Oxford Gold Group’s accreditation.
- Trustpilot:
- Rating: 1.9/5 (out of 239 reviews)
- Numerous reviews report that investors lost retirement funds after the company failed to deliver purchased metals.
In June 2024, the BBB revoked Oxford Gold Group’s accreditation due to the company’s failure to address growing consumer complaints. The complaints primarily involved undelivered precious metals and unresponsive customer service. The company has not addressed these concerns, and its website has since been taken down.
Oxford Gold Group FAQ
Is Oxford Gold Group Legit?
While Oxford Gold Group was once considered a legitimate business, recent developments have raised serious questions about its legitimacy. The company’s accreditation was revoked by the BBB, and many customers have reported losing their investments due to undelivered metals.
What Happened to Oxford Gold Group?
Oxford Gold Group is no longer operational. After numerous complaints regarding undelivered precious metals and poor customer service, the company ceased operations in August 2024 and shut down its website. The BBB and other consumer agencies have received no response from the company regarding these issues.
How Can I Tell if a Gold IRA or Precious Metals Company is Legit?
To determine if a gold IRA or precious metals company is trustworthy, follow these steps:
- Check for BBB accreditation and strong customer reviews.
- Verify that fees and costs are fully disclosed.
- Research the company’s history and reputation.
- Contact the company directly with questions about their services and fees.
What Should I Do if I Have Funds Invested with Oxford Gold Group?
If you have funds with Oxford Gold Group and are experiencing issues, follow these steps:
- Document everything: Keep records of all communications and transactions.
- Contact the depository: Verify whether your metals were received.
- File complaints: Report the issue to the BBB and other consumer agencies.
- Seek legal advice: Consult with an attorney specializing in investment fraud for guidance.
Final Thoughts
When considering a precious metals dealer, it’s crucial to prioritize transparency, reliability, and a proven track record—qualities that are sorely lacking at Oxford Gold Group.
We recommend that potential investors avoid Oxford Gold Group and explore other, more reputable precious metal dealers.
