Red Flags
3
Alliance Shield LLC
Alliance Shield LLC exploits vulnerable seniors through overpriced investments and deceptive practices, echoing its predecessor’s fraudulent legacy.
Quick summary on Alliance Shield LLC
Fraudulent Practices: Alliance Shield LLC targets elderly individuals with deceptive investment schemes. Seniors report significant financial losses after purchasing gold and silver at inflated prices.
Association with Previous Scams: Alliance Shield LLC was established by the same owner as Safeguard Metals LLC, previously accused of fraud. Both companies share the same address and use similar deceptive strategies.
Exploitation of Vulnerable Groups: The company specifically targets older individuals, knowing they are less likely to report scams. Victims find it challenging to recover their funds or gain recognition for their grievances.
Legal Troubles: The Department of Financial Protection and Innovation (DFPI) has filed a $68 million lawsuit against Safeguard Metals LLC. The Securities and Exchange Commission (SEC) also charged the company with securities fraud under federal laws.
High Markup on Investments: Safeguard Metals LLC imposed a 70% markup on precious metals, causing significant overpayment. Over 95% of sales were targeted at senior investors who were misled about the actual value.
Intel Reports
by: Jasper Nelson
The connection to Safeguard Metals is too obvious. Same owner, same address, same tactics… at least try to be subtle.
Cons
by: Daisy Brooks
How many times do these people need to be sued before they stop? Same scam, different name.
Cons
by: Eleanor Butler
It's bad enough scamming people, but deliberately preying on seniors? That’s a whole new level of low.
Cons
by: Ryder Murphy
Multiple legal troubles, including a $68 million lawsuit.
Cons