Goldline International, Glenn Beck’s longtime sponsor, has been ordered by a Santa Monica court to refund $4.5 million to customers, set aside an additional $800,000 for future claims, and stop claiming that the government’s coming for their gold.

Adam Radinsky, the head of the consumer protection unit at the Santa Monica city attorney’s office said of the injunction:

This is a new day. Consumers in California and elsewhere, many of whom invested thousands of dollars and their life savings in the belief that the gold they were buying was a valuable and safe investment, will now get substantial relief. No one should have to suffer from predatory and deceitful sales practices. Whether they are buying gold or anything else, consumers expect a fair deal. We insisted that Goldline give them just that. We hope this case is a wake-up call to other large coin dealers and to other businesses. They need to know that it’s against the law to mislead consumers with false fears and misinformation. And consumers need to be especially careful when investing in this uniquely unregulated industry.

Yuri Beckelman, a former staffer for Weiner who worked on the Goldline investigation, felt vindicated by the injunction. He said in an email:

Goldline can try to spin it any way they want. But when you have to agree to change your business model and then pay a court ordered attorney to monitor your progress for the next five years, you’re admitting that what you were doing was wrong. While the millions in refunds Goldline was ordered to make will be meaningful to the people that were ripped off, the executives got off easy, and they know it.

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As reported on before, there may be a conflict of interest in Glenn Beck’s promotion of gold investment companies while fear mongering about the economy and the state of the dollar, not to mention promoting his own investments. Now, according to Daily Finance, it appears that Fox News has taken notice and Beck may be in hot water.

Goldline International features Glenn Beck’s picture on their web site and his voice on their radio ads. Due to being a radio personality who does “live reads,” or live commercials, and a commentator, rather than an anchor, some of the normal contract terms have been relaxed. However, Fox News seems to have an issue with the personal nature of Becks relationship with Goldline. The exemption, apparently, is only intended for the live reads and a Fox spokesperson is discussing the matter with Beck’s agent.

Regardless, many journalism watchdogs have noticed the conflict of interest in taking money from a gold vendor while voicing views about the devaluation of the US dollar. Couple this with the fact that Glenn Beck is a gold buyer and is using his listeners to possibly inflate the value of his own investment. Beck calls Goldline a “top notch organization” – one that is mentioned on Ripoff Report here and here.

Politico reports that another company that has sponsored Beck is Merit Financial Services. The president, Peter Epstein had this to say about their relationship with Fox News:

“You pay anybody on any network and they say what you pay them to say… They’re bought and sold.” and “I could care less what people think of him… We advertise on Fox because it makes the phone ring.” He said gold resonates more with Fox’s viewers “because it’s the angry white man audience – it’s the conservative audience. … They are distrustful of the government, of the regime.”

In a previous response received from another precious metals investment company, Wholesale Direct Metals, Damon Geller made it clear who their business caters to and why they chose to advertise on Beck’s show.

With all due respect… the product I sell is notoriously partisan and biased. Very few demographics buy physical gold as an investment of as an asset of last resort.  Those that have, have made a lot of money the last 8 years and sleep better at night.  If it wasn’t for FOX I wouldn’t have your business to lose anyway because you wouldn’t even know about my company.  I probably have nothing to worry about anyway because you either have no interest in owning real gold or no $$$ to buy any.  I seriously doubt you are a gold owner/investor.  Do you own any gold?  Or is your money in CDs at the bank earning nothing and just going backward slowly while the federal reserve prints more worthless dollar bills any robs you while you’re not looking?  LOL. [...] Get smart and get some Gold.. or go push your BS agenda on someone stupid enough to care about it. If all the companies in America were all more efficient and successful THAT’s what will build a better America.  Not you fear mongering small business that are trying to keep people employed.  And BTW… EVERY client that has ever bought gold from me has a portfolio that has risen in value… can the stock brokers and bankers of America say that??

Of course, since he called President Obama a “racist” and the ColorOfChange.org boycott started, Beck has lost over 80 advertisers. It’s no wonder these are the types of sponsors to stick around and that Beck is one of their biggest promoters.

Contact information for companies mentioned:

Goldline International, Inc.
1601 Cloverfield Boulevard
100 South Tower
Santa Monica, CA 90404
Phone: 1-877-376-2646
Fax: 1-310-319-0265
info@goldline.com
http://www.goldline.com/about-goldline/contact-goldline.html

Merit Financial Services
1300 4th Street, Suite 303
Santa Monica, CA 90401
1.866.787.3465
Phone 310.394.7577
Fax 310.393.7020

http://www.meritfinancial.com/Contact_Us.aspx

Wholesale Direct Metals, Inc.
15200 Sunset Blvd. Suite 202
Pacific Palisades, CA 90272
tel: (866) 925-6626
fax: (310) 454-2194
info@wholesaledirectmetals.com
https://twitter.com/wdmgold
http://www.wholesaledirectmetals.net/contact-us.php

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Glenn Beck recently lost 19 more advertisers, leaving mostly infomercial-type ads and those for gold-related companies. Beck devoted an entire segment to promoting gold investment in his typical fear mongering style. He said that America might be “facing the end of the almighty dollar” and warned of hyperinflation.

BECK: So, everybody gave us the gold. We still had a nice stack of cash here, and gold.

You’re over here. You don’t have any gold, right? This is you. This is you. This is your savings.

How much did you lose if you had any money in your 401k? Did you lose, let’s say, I don’t know, 40 percent of it? So, that’s gone.

[...]

BECK: Any way to protect yourself?

BUCKNER: Well, you invest in things that are friendly to inflation.

BECK: Gold.

BUCKNER: Gold, real estate and some realm of the world.

Not once did Beck mention that gold investment companies are sponsors of his show and his comedy tour, like Goldline International, Inc., or that he’s done commercials for Goldline. He’s, essentially, trying to scare his audience into supporting the few sponsors he has left. Gold-related sponsors like Wholesale Direct Metals, Inc. appear to be faithful to Beck, sometimes  belligerently, so he must be working harder to keep them happy and return the favor.

It’s also worth mentioning that there seem to be plenty of complaints about Goldline International, Inc.

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Glenn Beck invaded my commute via a radio commercial for Goldline International, Inc., one of those gold buying/selling sites offering “investment kits” and whatnot… According to their Corporate Information page, Goldline International, Inc. became the exclusive precious metals sponsor of the Glenn Beck show in 2008. It also appears that they are the exclusive sponsor of Glenn Beck’s comedy show. So, they’ve been added to the list of Fox News sponsors.

Here is their contact information:

Goldline International, Inc.
1601 Cloverfield Boulevard
100 South Tower
Santa Monica, CA 90404
Phone: 1-877-376-2646
Fax: 1-310-319-0265
info@goldline.com

http://www.goldline.com/about-goldline/contact-goldline.html

Additional information:

• Ripoff Report 1
• Ripoff Report 2

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