JUNEAU — A Wisconsin family is trying to recover $55,000 in life savings after Rosland Capital, the precious metals company holding their money, filed for Chapter 11 bankruptcy. The case is drawing a broader warning from the Better Business Bureau about the risks of investing in gold and silver.
Kathy Staffeil says her 79-year-old sister, Karen, first learned about Rosland Capital through a national television advertisement featuring a well-known actor.
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"She saw it on television. And William Devane was so — I mean, you could trust him," Staffeil said.
According to Staffeil, Karen paid Rosland Capital $55,000 for gold and silver, believing the metals would be stored and could later be sold. When Karen's health declined in January, she asked Rosland Capital to liquidate her holdings.
"Everything was delayed, delayed, delayed. Um, it was, 'I'm looking into it. Yes, I'm working on it. I'm working on it,'" Staffeil said.
Staffeil says the delays went on for months. She eventually stepped in as her sister's power of attorney in an effort to recover the money.
"That money was supposed to support her," Staffeil said.
On July 2, Rosland Capital filed for Chapter 11 bankruptcy. Federal court filings show customers are owed approximately $49 million for pre-paid precious metals that were never delivered, and nearly $12 million in unfulfilled buyback commitments.
The Los Angeles Better Business Bureau, which has been tracking Rosland Capital's bankruptcy, issued a statement on the case.
"When you prepay for gold that hasn't been delivered, you don't own gold — you own a promise. If the dealer goes bankrupt, that promise may be worth very little," Steve McFarland, President and CEO of BBB Los Angeles and Silicon Valley, said.
In Wisconsin, gold is also on the BBB's radar for a separate reason. Lisa Schiller, Senior Director of Investigations at the Better Business Bureau, says a distinct scheme has cost consumers nearly $3 million. In that scam, imposters convince victims their money isn't safe, instruct them to buy gold, then send a courier to collect it under the guise of "safekeeping."
"I think the difference is… buying gold as an investment versus buying gold to safekeep your money, which is what these consumers are being told in these scams," Schiller said.
The BBB advises anyone storing precious metals to verify that the metals are independently held, insured, and titled in their name — and to know exactly who has their money.
For Staffeil, the experience carries a message she wants others to hear.
"People can't go by television commercials. You can't go by telephone calls. You can't go by the internet. And now with AI it's even worse," Staffeil said.
Rosland Capital and Rosland Capital's bankruptcy attorney did not respond to TMJ4's requests for comment about Karen's case.
If Rosland Capital owes you money or metals, the BBB says to act quickly, including checking the bankruptcy case to confirm your claim is listed.
Any Wisconsin investors of this company who may have been adversely affected should reach out to DFI’s Division of Securities at 608-266-2139 or DFIDLSecuritiesCustomerComplaints@dfi.wisconsin.gov.
According to Wisconsin's DATCP, if consumers purchased an item or service from a company that has filed for bankruptcy and want to try to recover their money, they will have to find out which U.S. bankruptcy court the company has filed its bankruptcy petition in, find the bankruptcy case number, and file a Proof of Claim form with the bankruptcy court. The bankruptcy court has sole jurisdiction over refunds and decides how any debts will be paid. For more information, refer to DATCP’s Bankruptcy [datcp.wi.gov] fact sheet.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
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