Regal Assets Review: A Scam or Legitimate Gold IRA Company?

By Tim Schmidt - UPDATED: February 8, 2025

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Regal Assets

Saving for your retirement is probably one of the most important things you will ever do. When you are no longer able to work, you should have something to fall back on. Precious metals are a great asset to invest in.

When held as part of an individual retirement account (IRA), gold, silver, platinum, and palladium offer historical value, tend to perform better during inflationary hikes, and provide tax benefits.

However, there are many scammers out there, and knowing which precious metal companies to steer clear of becomes critical to your success.

As your trusted source of investment-related information, we need you to know that we take our recommendations very seriously. Our goal is never to mislead or misinform you. We work to ensure that you have access to factual data to help guide your investment decisions.

In this article, we will take a closer look at Regal Assets, a nefarious metals investment firm that has gained much attention over the past few years for all the wrong reasons. While it provided a number of benefits, such as an impressive, diverse list of offerings, there have been some serious allegations made against this company.

Or, you can save yourself the hassle of reading about this fiasco and read why I invested with Goldco after researching and speaking with over 50 companies in the industry.

>> Get their free investor's kit here

About Regal Assets

About Regal Assets

Regal Assets LLC was a US-based precious metal and cryptocurrency investment firm. According to our research, the company allowed investors to purchase these assets outright or as part of a retirement account. It also offered secure storage and even insurance options.

How Did It Work?

When buying precious metals from the firm, you either had the option to receive home delivery of your assets or move them into a secure storage facility. Regal Assets had its own storage option and provided investors access to insurance to ensure that their metals were covered in the event of loss.

The following steps were typically followed when creating a Precious Metals IRA with this company:

  1. An investor would complete the form on the Regal Assets website.
  2. He or she would have to wait to receive a phone call from one of the company's representatives.
  3. Funds would then be transferred into the IRA. This could either be via a wire transfer or by rolling over existing funds.
  4. Thereafter, the person would then use their account funds to purchase metals, which would be sent to the relevant storage facility.
  5. The company would charge the investor fees.

The Pros and Cons

Even though Regal Assets is no longer in operation due to the number of complaints against it, it did offer some great benefits.

Pros

  • Regal Assets allowed investors to dabble in both precious metals and crypto.
  • It offered access to secure, segregated storage options.
  • Low minimum investment amount ($5,000).

Cons

  • Many investors have claimed to have lost their retirement savings because of fraudulent activities.
  • No responses from the company with regard to customer complaints.
  • Regal Assets faces legal action for misappropriating funds.
  • Many customers reported being told false information when trying to track their investments.

Is Regal Assets a Scam?

Is Regal Assets a Scam?

As we have mentioned already, it's important to conduct research when selecting a precious metals company. Sadly, the Gold IRA industry is not immune to scam artists whose goal is to dupe people into thinking that they are a legitimate company when, in reality, they are not.

Moreover, in order to be considered a scam, a firm must have made false promises or misrepresented its product offerings. However, was not the case with Regal Assets LLC. That is, until 2023!  Leading up to then this company had a good reputation. Many customers claimed to have had a great experience when working with the firm.  But then, as you'll read further down this review, things changed.

A failure to fulfill orders and violations of several state laws soon landed the alternative asset provider in hot water.

While it isn't necessarily a scam by the standards mentioned above, it definitely wasn't good for investors. Following a series of negative customer reviews, it's plain to see that this company made false promises and defrauded many unsuspecting people who were trying to save for retirement.  Read on to hear about instances I found online that are very concerning.

What Really Happened to This Nefarious Metals Investment Firm?

Regal Assets found itself in hot water after claims of misappropriating funds led regulatory bodies to investigate. California’s Department of Financial Protection and Innovation (DFPI) and the Commodity Futures Trading Commission (CFTC) took legal action against the company for promising investors precious metals but failing to deliver.

As you'll see later on in this article, many investors transferred funds via a custodial bank, only to later find that their precious metals were never delivered to the storage facility. Instead, the company's team of leaders, Tyler Gallagher, Leah Donoso, and Christian Howard, misappropriated the funds.

The company even promised customers same-day wire transfers to refund their money, but no money was received. Therefore, the DFPI and CFTC ordered the firm to pay $49 million in a federal court case.

So, where did the money go?

This report from the CFTC states that funds were used to pay salaries and bonuses to Leah Donoso and Tyler Gallagher. It also used the funds to invest in Gallagher's other business and his million-dollar home.

Moreover, the money was used to make down payments on loans, and a Ponzi scheme was funded, where the funds from new customers were used to make payments to older ones. Sadly, the company also attempted to hide its crimes by forging documents and lying to investors.

It has since closed for business.

closed for business

Company Reputation and Rating

Regal Assets does not currently have a Better Business Bureau (BBB) rating. That’s because it closed down. Unsurprisingly, before it did, the company had a poor reputation because of the many complaints posted on the BBB website.

According to our research, it had an F rating from the BBB and the Business Consumer Alliance (BCA) before it closed down.

It received a 1.5-star overall rating on Trustpilot, with some users making comments like, "I’d give Regal Assets no stars if I could," and "Regal Assets (Tyler Ghalagher, Leah Denonso, and Christian Howard) stole from my retirement savings a total of 1 million dollars."

Here is what is of most concern to me regarding the Regal Assets reputation:

  1.  There are GOVERNMENT ACTIONS against them.  This is a major red flag for me.
  2.  It's flagged as "suspected out of business."  (Due to their lack of answering any customers.)
  3.  If you read the actions here, you'll see it's not just restricted to the Government, but also the State of Washington.

Regal Assets complaints

To make matters worse, the company never responded to any of the negative comments and did not attempt to resolve these matters, as we can see from the online reviews.

Customer Complaints

As we have already seen, customer complaints can tell you whether a company is reliable or not. Although it's quite normal for a precious metals firm to receive negative reviews and low ratings occasionally, consistently poor feedback is definitely a red flag.

Unfortunately, this was the case with Regal Assets until it officially closed for business. We turned to platforms like Trustpilot and Consumer Affairs to find out what Regal Assets' customers had to say.

When reviewing this company, we were taken aback by the number of negative comments made about fraudulent activity. Here is what we found:

Stolen Retirement Funds

One user said that Regal Assets had stolen her retirement funds. She claimed to have invested in 2021, but after a year, she was still without half her investment.

Stolen Retirement Funds

40 Years of Hard Work and No Retirement Funds

Another investor claimed to have lost $1 million after investing with Regal Assets. He expressed his disappointment, stating that it had taken him 40 years of hard work to accumulate that amount, only to have the company steal his retirement savings.

He stated that those responsible for the fraud should be held accountable for their actions and also called for the affiliated companies to be held liable for knowing what was going on and doing nothing about it.

Regal Assets reviews

Metals Never Shipped to the Custodian

One user described her experience in greater detail. She said that she had transferred funds (a total of $75,000) to Regal Assets, hoping to purchase silver and gold products. On the 20th of December, 2021, she conducted the transfer from her self-directed IRA at Community National Bank to her new Precious Metals IRA with Regal Assets.

Even after a couple of months, the metals that were supposed to be shipped to the custodian never made it there.

Regal Assets scam

$2.6 Million Lost: Customer Service Rep Dupes Couple

Yet another user claimed to have had a similar experience. After a man and his wife transferred over $2.6 million from their fidelity accounts, they were still unable to find out the status of their metals. They spoke to a customer service representative called "Leah," who offered poor excuses about why the status in the custodial company system never changed.

After admitting that there were no assets, she claimed to have refunded their money, but sadly, the couple never received their retirement funds. Despite requesting them many times, the reviewer claimed that she did not receive wire transfer instructions or IMAD numbers, which would have allowed him to track the transfer.

At the end of the review, he said that they had secured legal counsel and would be pursuing the matter further.

regal assets tyler gallagher review

Why It's Important to Conduct Comprehensive Research Before Investing in Precious Metals

At this point, you may feel apprehensive about investing in precious metals. We get it. After reading the horror stories we listed above, it can be really hard to trust again. The good news is that you don't have to worry.

There are still great companies out there that follow the rules, meet regulatory standards, and provide reliable services to investors. However, if you want to avoid the heartache and disappointment that comes with being defrauded by an unreliable service provider, it's important to conduct in-depth research.

Regal IRA

When you spend time reading customer reviews, going through the fee and commission schedule, and more, you can effectively identify any red flags. Here are a few tips to help you ensure that the Precious Metals IRA company you are dealing with is the real deal:

  • Look for historically good performance. As you may have noticed with Regal Assets, scammers don't last very long. Regulatory bodies shut them down quite quickly, so if the firm you're interested in working with has been in the industry for several years and has an excellent track record, they are likely not a scammer.
  • Make sure there is transparency. Most legitimate precious metals companies are forthright about their fee structures. They often labor to ensure that investors understand what is expected from the outset. Hidden fees and a lack of transparency are definitely not what you want to see.
  • Check that the firm is licensed. It's also crucial to ensure that the service provider is licensed to conduct business in your state. This prevents any regulatory issues that could leave you caught in a legal battle.
  • Read customer reviews. The truth is that every Gold IRA company on the market will receive negative reviews once in a while. Sometimes, the customer service they provide is inconsistent, or investors are disgruntled because a process didn't go as they expected. That is okay. But, if there is a lot of negative feedback, it's best to steer clear of that company.
  • Get professional advice. Another great way to avoid being scammed is to seek professional financial advice. An advisor will likely have worked with several precious metals firms already and can help you identify the most trustworthy. Better yet, they can offer sound advice to help you select a company that best suits your profile.

Regal Assets Alternatives: Five Reliable Precious Metals Companies to Consider

With that in mind, here are five precious metals providers we would recommend to anyone hoping to purchase metals outright or set up a Gold IRA:

1. Goldco

Goldco

This Los Angeles-based company has been around for more than a decade. It is known for its excellent reputation and is great for those hoping to invest larger sums of money. Goldco also places great emphasis on education and offers potential customers a free Gold IRA kit to help them make smart investment decisions.

Setting up an individual retirement account is quick and easy with this service provider, and it is renowned for its good customer service and transparency.

>> Learn More About Goldco

2. Augusta Precious Metals

Augusta Precious Metals

If trustworthiness and excellent customer service are what you're after, then Augusta Precious Metals is definitely worth a try. Money magazine gave the company the award for being the best overall precious metals provider in 2022, 2023, and 2024.

Moreover, it also received an award from Investopedia for having the most transparent pricing in the years listed above. The company has received thousands of five-star ratings from investors since its inception, which is also reassuring.

Augusta places great emphasis on education, ensuring that before a person sets up their individual retirement account, they have access to the information they need. It has been around since 2012, which is a further testament to its reliability.

>> My Full Review is Here

3. American Hartford Gold

American Hartford Gold

American Hartford Gold is among the largest gold dealers in the United States. With a low minimum amount required to open an account and fee waivers for larger deposits, it is definitely worth considering.

Like the other four precious metals companies on this list, it is highly regarded, both in the industry and by its customers. This excellent reputation means that you can trust American Hartford Gold with your hard-earned retirement savings.

Keep in mind that each company has different requirements and fee structures. Be sure to take the time to go through them and select one that best meets your needs.

4. Advantage Gold

Advantage Gold is another reliable Regal Assets alternative. Founded in 2014, it has amassed a great reputation in the industry and has received predominantly positive feedback from customers.

Moreover, its team of consultants is knowledgeable, which is definitely advantageous to those who are new to Gold IRAs. You will also have access to a wide range of precious metals when you choose Advantage Gold, making it a great choice.

>> Read My Full Review

5. Patriot Gold Group

Patriot Gold Group is another worthy contender. Having won the Consumer Affairs award for being the most reliable gold and silver dealer, it is a sound choice for those hoping to save for their retirement. Like Augusta Precious Metals, it offers transparent pricing and has received many good ratings on platforms such as the Better Business Bureau.

The Bottom Line

Regal Assets LLC is no longer in business because of fraudulent activity. It is certainly not the first company to dupe customers, and it will likely not be the last. This is why it is critical that you do your research before investing in precious metals.

The good news is that we are committed to ensuring that investors like you have access to reliable, factual information to encourage good decision-making. Please browse our website for more tips on how to identify a trustworthy Gold IRA provider.

We hope you found this Regal Assets review helpful!

Gold IRA provider

Frequently Asked Questions

1. Is Regal Assets still in business?

No. The company has closed down due to the misappropriation of funds.

2. Was Regal Assets a legitimate precious metals dealer?

Yes, it was. Until allegations of fraud began to surface, Regal Assets was a legitimate service provider. It allowed investors to dabble in both precious metals and cryptocurrencies. However, it was eventually shut down because orders were never fulfilled, and money was never returned, landing the company in hot water.

3. How much money was eventually stolen?

According to this report from the Commodity Futures Trading Commission (CFTC), the company is alleged to have engaged in fraudulent activity from November 2019 to October 2022. It states that Regal Assets misappropriated more than $21 million from 120 customers.

Tim Schmidt

About 

Tim Schmidt is an Entrepreneur and Serial Investor. Since 2012 he's been an advocate of alternative investments using a Self Directed IRA. His work has been featured in Yahoo! Finance, USA Today, Business Insider, and Tech Times, among others. Get his portfolio breakdown here.

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