Red Rock Secured LLC Misled Investors
A recent SEC lawsuit alleges that Red Rock Secured and its CEO, Sean Kelly, and two of its former Senior Account Executives, Anthony Spencer and Jeffrey Ward were part of an investment scheme that involved selling gold and silver coins to investors. Court documents suggest that Red Rock’s senior executives targeted investors with TSP and other retirement accounts encouraging them to sell securities to fund the purchase of gold and silver coins. In addition to misleading sales information, the complaint asserts that the markups on the sales were much greater than the defendants stated.
The director of the SEC’s New York Regional office states, “The defendants used fear and lies to defraud investors out of millions of dollars from their hard-earned retirement savings.”
According to the SEC’s complaint, this investment scheme has been in action since at least 2017. Investors were repeatedly solicited with misleading sales pitches that encouraged them to sell securities in their retirement accounts to invest in the silver and gold coins. Red Rock was collecting huge markups on the sale.
In court documents, the SEC says Red Rock targeted participants in the Thrift Savings Plan for federal employees, including military members, falsely claiming that all their investment options available within the plan were equity funds.
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