Our read: do not fund an account with Oxford Gold Group on the strength of what has been published about it, and if you are already a customer, act now. In 2024, ABC7 Los Angeles reported customer complaints that metals never reached a depository, a class action filed by attorney Michael Aguirre, and FBI involvement. The Better Business Bureau revoked the company’s accreditation and dropped its rating to F. The company itself did not answer ABC7’s requests for comment.
Everything below is attributed to the person or outlet that said it. These are allegations and reporting, not court findings. The newest source we could confirm is from 2024, so read this as a case study and a checklist as much as a verdict.
What Has Been Reported About Oxford Gold Group
ABC7 began looking into the Beverly Hills firm in July 2024. According to its reporting, customers said they moved retirement money to Oxford to buy gold and silver that was supposed to be stored at a depository, and that the metal never arrived. One customer told ABC7 he lost about $182,000, another said he moved $225,000 from a 401(k), and a third described a $32,000 transfer. A customer told ABC7 the depository had no record of his order.
ABC7 also reported that its crew found the Wilshire Boulevard office closed and apparently empty, and that the California Franchise Tax Board had suspended the company on April 2, 2024, according to the Secretary of State website. One couple said they wired money on May 1, after the office had closed. Attorney Michael Aguirre said the company approached that family in May, after the suspension. In its August 2024 report on the class action, ABC7 said Aguirre had filed suit naming several people, including the company’s CEO and CFO, and that the FBI was involved. Some clients had received notices saying the case was under investigation.
Danielle Stoumbos, senior counsel at the California Department of Financial Protection and Innovation, told ABC7 that dealers like this target seniors and that some are not required to register in California. The CFTC declined to comment on Oxford specifically and said recovering money is “highly problematic” because operators often move quickly.
What the Company, Its Representatives and Equity Trust Have Said
Oxford Gold Group did not respond to ABC7’s requests for comment, according to the reports. The only response ABC7 published came from an attorney for the CEO, who said his client has not been involved in company operations for some time and would not comment on current operations. A former manager told ABC7 that anyone who lost money should be made whole.
Equity Trust, the custodian that handled some of the accounts, sent clients letters in February 2024 saying it no longer worked with Oxford. Aguirre told ABC7 he believes the firms knew earlier. Equity Trust said its role is to act on client direction and that clients choose third parties and deal with them directly. That statement matters for every reader: a custodian processes the instructions you give it. It does not vet or guarantee the dealer. Our guide to custodians, dealers and depositories explains who does what.
What We Could and Could Not Verify
A Nasdaq-hosted review reports that the BBB revoked Oxford’s accreditation in 2024 and lowered its rating to F, after accreditation that began in July 2018. The BBB, quoted there, said the company was unresponsive about a pattern of complaints, and that consumers alleged their metals orders had not been delivered to the depository. We could not load the live BBB profile on the day of writing, so check bbb.org yourself.
We found no 2025 or 2026 court ruling, regulatory action or news update about the company in our searches, and could not confirm whether it operates today. We say nothing about its current operations because we have no source for it. If you have a court docket number or a regulator notice, check it directly.
Five Checks That Flag a Dealer Problem Early
Each of these takes minutes, and most of the 2024 warning signs would have shown up on at least one of them.
- Corporate status. Search the company on your state’s Secretary of State site and, for California firms, check for a suspended status. A suspension is public.
- BBB accreditation and complaint text. Read the complaints, not only the letter grade. Our piece on what a BBB A+ rating really means shows why the grade alone proves little.
- Litigation and regulators. Search the company name with “lawsuit”, “class action” and your state regulator. See who actually regulates gold IRA companies for where to look.
- Metal at the depository. After funding, ask the custodian for written confirmation that your specific order was received by the depository, and compare it with the dealer’s invoice.
- Custodian confirmation. Ask your custodian directly whether it is still accepting instructions involving that dealer.
If You Are an Oxford Customer: Next Steps
Start with documents. Gather invoices, order confirmations, wire receipts, emails and call notes. Then contact your custodian in writing and ask for the status of every transaction and the depository’s record of any metal received.
File complaints with the FTC at ReportFraud.ftc.gov, the CFPB, your state securities or financial regulator, and the FBI’s IC3 portal. Our guides on how to file a complaint against a gold IRA company and what to do if you have been scammed walk through each step. Be wary of anyone who contacts you offering to recover your money for a fee. A lawyer is worth consulting about the class action and your tax reporting, and this site cannot give legal advice.
Where to Look Instead: How to Shortlist Dealers Safely
Start from companies with a verifiable public record, written fee schedules and an independent custodian, then run the five checks above on each one. Our comparison of gold IRA companies by minimum, fees and fit is a starting shortlist. If a dealer ever goes quiet, the steps in what happens if your gold IRA dealer goes out of business apply.
Frequently Asked Questions
Is Oxford Gold Group a scam?
We cannot make that finding. What exists is press reporting, customer allegations, a filed class action and a BBB revocation. None of that is a court judgment. Treat it as a strong reason not to send money.
Is there an Oxford Gold Group class action lawsuit?
ABC7 reported in August 2024 that attorney Michael Aguirre filed one, naming several people. We found no later ruling or settlement.
Why did the BBB revoke Oxford Gold Group’s accreditation?
Per the Nasdaq-hosted review, the BBB said the company was unresponsive about a pattern of complaints, including undelivered metals orders.
What happened between Oxford Gold Group and Equity Trust?
Equity Trust told clients in February 2024 that it no longer worked with Oxford. It said its role is to follow client direction.
How can I verify my metals are at the depository?
Ask the custodian for a written statement of holdings and the depository’s receipt for your order. Never rely on the dealer’s word alone.
Which agencies take complaints about gold IRA companies?
The FTC, the CFPB, your state regulator and the FBI’s IC3. The BBB also logs complaints, though it is not a regulator.
This article is educational and not legal or tax advice. It reports allegations attributed to the sources named and makes no finding of fault.
