How right-wing news powers the 'gold IRA' industry

[Zorro]

Ads for gold coins have become a mainstay on Fox News, Newsmax and other conservative outlets, even as regulators have accused some companies of defrauding elderly clients.

Dedicated viewers of Fox News are likely familiar with Lear Capital, a Los Angeles company that sells gold and silver coins. In recent years, the company’s ads have been a constant presence on Fox airwaves, warning viewers to protect their retirement savings from a looming “pension crisis” and “dollar collapse.”

One such ad caught the attention of Terry White, a disabled retiree from New York. In 2018, White invested $174,000 in the coins, according to a lawsuit by the New York attorney general — only to later learn that Lear charged a 33 percent commission.

Over several transactions, White, 70, lost nearly $80,000, putting an “enormous strain” on his finances, said his wife, Jeanne, who blames Fox for their predicament: “They’re negligent,” she said. A regretful White said he thought Fox “wouldn’t take a commercial like that unless it was legitimate.”

While the legitimacy of the gold retirement investment industry is the subject of numerous lawsuits — including allegations of fraud by federal and state regulators against Lear and other companies — its advertising has become a mainstay of right-wing media. The industry spends millions of dollars a year to reach viewers of Fox, Newsmax and other conservative outlets, according to a Washington Post analysis of ad data and financial records, as well as interviews with industry insiders. Former Fox News host Bill O’Reilly and former New York mayor Rudy Giuliani have promoted the coins, while ads for Lear’s competitors have appeared on a podcast hosted by Sen. Ted Cruz (R-Tex.) and Newsmax broadcasts of former president Donald Trump’s political rallies.

https://www.washingtonpost.com/business/2023/07/25/gold-ira-conservative-media/

[GreenWave]

1. Steer Clear of Lear.

[Wonder Why]

4. No. Stay clear of Fox

[Botany]

2. White said he thought Fox "wouldn't take a commercial like that unless it was legitimate."

ATTN Mr. White Fox News is based on lying. Dumb ass mother fucker.

[BlueIn_W_Pa]

3. What's really fraudulent

are those ads on these right-wing channels selling gold-plated coins that look like the real thing, and only stating how much gold is actually there in the "legal font" that you need a 70" TV to read.

[Martin68]

5. Anyone stupid enough to believe anything they hear on Fox News is too stupid to handle money.

Last edited Wed Jul 26, 2023, 06:54 AM - Edit history (1)

[Yo_Mama_Been_Loggin]

6. True