The Red Rock Secured lawsuit is a class-action lawsuit that was filed against Red Rock Secured LLC, its CEO Sean Kelly, and two of its former Senior Account Executives, Anthony Spencer and Jeffrey Ward, in 2023 by the Securities and Exchange Commission (SEC).
The SEC alleges that Red Rock Secured engaged in a fraudulent scheme to convince hundreds of investors to sell securities in their retirement accounts to buy gold and silver coins at prices that included markups far greater than the defendants had promised.
The SEC alleges that Red Rock Secured repeatedly solicited investors through false and misleading statements, telling them to “protect” their retirement savings by selling securities held in their federal employee Thrift Savings Plan accounts, 401(k) plans, and Individual Retirement Accounts (IRAs) to invest in gold or silver coins at only a 1 to 5 percent markup. In reality, Red Rock Secured charged as much as 130 percent in markups, which allowed them to pocket more than $30 million of the more than $50 million they received from investors.
The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus interest, and civil penalties, as well as an officer and director bar as to Kelly.
The Red Rock Secured lawsuit is still ongoing. It is unclear when the case will be resolved or how it will be resolved.
If you are a Red Rock Secured investor, you should contact an attorney to discuss your legal options.
In addition to the SEC lawsuit, Red Rock Secured is also facing a number of other lawsuits from investors who allege that they were defrauded by the company.
If you have been harmed by Red Rock Secured, you should contact an attorney to discuss your legal options.
