Kitco Gold History

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Company Name: Kitco Gold

Website: http://www.kitco.com/

Founded: 1977

Owners: Mr. Bart Kitner (Owner)

BBB: http://www.bbb.org/buffalo/Business-Reviews/metals-precious-sheet-wire-tubing/kitco-inc-in-rouses-point-ny-66000206/

BBB Rating: A+, Not BBB Accredited

BCA: n/a

BCA Rating: n/a

Trustlink: n/a

Trustlink Star Rating: n/a

History:

  • 5 complaints with BBB

  • Complaint on BBB 5/13/2013: “Kitco buys and sells rare metals. I set up an account over 10 years ago. On 5/9/13, I purchased more for the Kitco Gold Pool. Their products representative threatened to lock my account, unless I provided them with previously non-required personal information. I have not been required to provide this invasive personal information on previous transactions with this company. This amounts to intimidation, and I want to cease doing business with Kitco”

  • Complaint on BBB 1/4/2013: ” I was purchasing Bullion From Kitco on there website and after making the agreement a few days later found out that they would not insure my purchase so I cancelled the order. They have some kind of cancelation fee that was charged to my credit card 3 months after the order and cancellation. The would not insure my purchase because I recieve my mail at an APO address.”

  • Complaint on Yelp 6/10/2011- http://www.yelp.com/biz/kitco-minerals-and-metals-montreal-2 – “They might be one of the biggest metal sellers around, but I had some very bad experiences that make me question about the company integrity and honesty. I sold them some metals to them 3 times in 2006.. out of the 3, 2 of the deal were either:

    A.) switch and bait, I send in US junk silver, they say it was Canadian, when did canadian junk quarters had a bald eagle on the back and stated “United States of America”?

    B.) weight and karat different – some of the gold to kitco I send was bought from known US jewerly stores as 14,18, 22 karat items… when I send them to kitco, they say they were plated.. okay, so those little stamped tag on gold chains about the product purity was for show then – that news to me since my family does jewelry in the past..

    The “funny” part was I actually got a check for $2.93 about 2 months later for the purity differences (they said the plated stuff were 10k .. yeah, the tag say 18k… ) And this was after I canceled my accound with them, after 2 months! So I will never deal with them again; and for that matter, I no longer sell metals via mail – and only to local jeweliers that I trust.”

Lawsuits:

  • http://en.wikipedia.org/wiki/Kitco “The company has been battling a very public tax fraud case since Revenue Quebec along with the provincial police agency raided the Montreal office in June 2010. Currently, the company is under bankruptcy protection and is under court appointed monitor with RSM Richter. As of December 9, 2013, the Revenue Quebec tax agency is seeking $750 million in fines and damages as well as lengthy prison time for the founder Bart Kitner as well as several other agencies in the tax fraud case. The ministry claimed that Kitco Metals made false statements and tried to get tax rebates for which the company was not entitled to. The case is currently before the courts, Bart Kitner was due to appear February 24 for formal charges stemming from the charges laid in December 2013.”