Inside the SD Bullion $10 Million Scam

SD Bullion, once a renowned online retailer of precious metals, has been engulfed in a scandal involving fraudulent business practices. Founded in 2012 and initially popularized by its co-founder Tyler Wall, who gained fame as a YouTube influencer, SD Bullion attracted numerous investors and buyers through promises of low premiums on gold, silver, platinum, and palladium. However, a closer look reveals a different reality—one that has left many investors feeling deceived and financially harmed.

The Lure of Low Prices

SD Bullion’s marketing strategy centered around offering low premiums on precious metals, positioning itself as a cost-effective alternative for investors. But hidden within the fine print were numerous fees that quickly negated any perceived savings. Many customers reported being hit with unexpected charges, including shipping fees, storage costs, and payment processing fees that could climb as high as 4% for credit card transactions.

The Trap of Hidden Fees

SD Bullion’s storage service, marketed as affordable, was another source of frustration for customers. Though the initial fees appeared reasonable, monthly costs soon added up, often exceeding what customers were originally led to believe. Many encountered high fees and lengthy delays when attempting to withdraw their metals from storage, with poor communication from the company further compounding their dissatisfaction.

Delays and Poor Customer Service

Delayed shipments became a frequent issue for SD Bullion customers, with some waiting weeks or even months to receive their orders. Frustrated buyers struggled to get updates, and customer service was often vague or unresponsive. Additionally, SD Bullion’s restrictive return and refund policies left many buyers feeling trapped. A 5% cancellation fee, coupled with charges for price differences if market values dropped, meant that investors were stuck with unwanted metals and financial losses.

International Investors at Greater Risk

For international investors, the challenges were even greater. High shipping fees, taxes, and customs delays increased the financial burden, leading to further losses. Despite SD Bullion’s 3.9-star rating on Trustpilot, many of the positive reviews stemmed from simple transactions, masking the underlying issues of hidden fees, long wait times, and poor service.

Conclusion: Protecting Yourself from Deceptive Practices

To avoid falling victim to scams like SD Bullion’s, it is crucial to research thoroughly before making a purchase. Compare prices, understand all associated fees, and opt for dealers with transparent refund policies and a proven track record of positive customer service. Storing metals with third-party depositories or personally managing them can help avoid additional costs and delays.

Stay informed and safeguard your investments by choosing reliable, trustworthy sources.