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Lear Capital, a precious metals dealer, was accused by regulators and customers of deceptive sales practices.
Allegations included charging undisclosed commissions of up to 33 percent, marking up gold and silver well above spot price, and misrepresenting coins as rare or collectible.
New York's Attorney General sued Lear and founder Kevin DeMeritt in 2021, alleging the company defrauded nearly 1,000 New Yorkers out of roughly $10 million.
Lear later paid $6 million to settle that case. Los Angeles also sued and won a settlement.
Facing mounting litigation, Lear entered bankruptcy, ultimately distributing $5.5 million to affected investors nationwide as part of a multi-state settlement.
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Lear Capital Lawsuit
Lear Capital, a precious metals dealer, has faced multiple legal actions over deceptive sales practices.
New York Attorney General Letitia James secured $6 million from Lear Capital in 2022, resolving a 2021 lawsuit that alleged the company fraudulently failed to disclose millions in undisclosed commissions, sometimes up to 33 percent.
Separately, Lear went through bankruptcy, and DC and other state regulators recouped $5.5 million for investors who bought metals between 2016 and 2022, after allegations the company pushed customers to liquidate retirement savings without proper fee disclosures.
Los Angeles's City Attorney also pursued a related settlement over hidden fees. Lear disputes many claims, and the company has since revised its disclosure practices and emerged from reorganization in 2024.
Related: Lear Capital Review
Is Lear Capital Going Out of Business?
No, Lear Capital is not going out of business.
This confusion likely stems from Rosland Capital, a separate Los Angeles precious metals dealer, which filed for Chapter 11 bankruptcy on July 2, 2026 to liquidate its business.
Rosland's founder, Marin Aleksov, actually spent nine years at Lear Capital before starting Rosland in 2008, which may add to the mix up given the companies' shared history and similar names.
Rosland has terminated nearly all employees and no longer holds any precious metals inventory, moving toward a court supervised wind down.
Lear Capital and Rosland Capital are distinct, unrelated businesses today, so Rosland's bankruptcy has no direct bearing on Lear Capital's operations or financial standing.
Related: How does Lear Capital compare to other firms?