50 year Service
I am a retired air force veteran, also a government contractor and retired civil service member. A career spanning 50 years of Service in defense of this country. I managed to save a significant amount of savings in TSP and Schwab IRA. I decided to invest $50,000 of into precious metals on gold/silver against stock market volatility. I invested with Equity Trust and for Colonial Metals Group out of South Florida. I got that company right off the website with Equity Trust. I worked with Blake Sawyer at Colonials Metals Group as the broker and he invested my $50K. It looks they overplayed for several assets, specifically Silver Bar 100-gram Valcambi Combibar for $14532 and Gold St Helena 0.25-oz Victoria Seal for $24820.96. At this time those assets are worth half of the price that they were bought at. My first statement reflected from Equity Trust was a balance of $25643.87. A loss of $24356.13. I understand fees, but that was excessive at 50% of my investment. I called Blake Sawyer, and he explained that it was the difference in Spot and Market prices. At this point I should have canceled my purchase. Equity Trust and Colonial Metals are no longer associated and I'm unable to get anyone to answer the phone or return my messages. I want to involve the Better Business Bureau and State Attorneys in both Ohio and Florida. I know from research that this my seem insignificant but I have been saving my whole adult life to provide for my retirement, and this seems criminal and fraudulent as a minimum.