My husband was the unfortunate award-winner of Mandatory Binding Arbitration held by AAA Arbitration and filed against Superior Gold Group, LLC. Mandatory Binding Arbitration was required by the, purchase-agreement/contract held by Superior Gold Group, LLC a contract which my husband and I signed in November. My husband had rolled over two retirement accounts into a Gold IRA through Superior Gold Group, LLC. Superior Gold Group had stated that they would lock us in at a $735.00 spot price if we agreed to open an account with them and permit them to assist us with rolling over my husbands 401K and IRA accounts with, Sterling Trust Company, the trust company they utilized to set up the gold IRA accounts SGG represents. Nearly 18 months later the precious metals had not yet been delivered to his retirement account; among a long laundry-list of additional issues we had with this company. Bruce Sands, the CEO of Superior Gold Group testified in the hearing and provided evidence that, the day prior to the start of arbitration, SSG had indeed fulfilled their contract by shipping all of the metals to the Delaware Depository Service Company. Fidelitrade, the administrator, for the DDSC confirmed to Sterling Trust Company, the trust holder overseeing my husbands retirement account, the metals had been deposited into my husbands FBO depository account by Superior Gold Group, LLC.in spite of that delivery the arbitrator declared us the prevailing party based on breach of contract due to the delinquent delivery date. However, he found that as outrageous as this delinquent delivery was; SGG had in fact fulfilled their contract based on the confirmation of deposit provided by Sterling Trust Company. This was all a lie! After the award was made my husband went to check his trust account only to learn that the metals deposited into the account the day before the arbitration hearing had been reversed from his account three weeks later and the day after the AAA arbitrators cut off date for submission of all final-brief arguments and any/all evidence to be entered into the hearings. I immediately had our attorney contact the arbitrator regarding this matter the day we received a copy of the award; which was a couple of weeks after the arbitrators submission of evidence cut-off-date. The AAA arbitrator said that this new evidence [including fraud] had been submitted too late. However, we could file for another arbitration hearing if we choose to do so. This arbitration had already cost us $68,000.00 in legal fees and $13,000.00 in arbitration fees. Our ability at this time to litigate further is a moot subject; my husband was laid off from his employment a few months after we began litigation with Superior Gold Group. Arbitration provided Superior Gold Group, LLC the ability to utilize the arbitration process to harbor criminal activities. This case listed 4 separate counts: breach of contract; fraud in the inducement, unfair business practices, misrepresentation. The money utilized to pay this litigation came from the nest-egg we had set aside for emergencies. We found it also necessary to drop our private health insurance policies and return one leased vehicle also dropping the insurance on that vehicle, in order to continue fueling the cost of this litigation. The arbitrator based his award on a $62,400.00 miscalculation made by Mr. Sands when he over-charged us for the metals based on the spot price we had been quoted and the respondents percentage rates listed in the SGG contract. It was decided by the arbitrator that our account representative, Adam Blaser, had misspoken when he quoted us a spot price for the metals. The award did not include pre-trial interest or disgorgement; the arbitrator did not find proof of unfair business practices and felt that we had not proven any damages based on the breach of contract.in spite of the fact that the Arbitrator pointed out that my husbands retirement had been left fully exposed for more than 17 months at the time of arbitration and to this date is still being left exposed. Our account executive testified to and was further verified by Bruce Sands at the hearing that, it was SGG company policy to; "Never give a price; the moment you give a price you lose" because the customer will shop for a better price. Arbitration, is not inexpensive, it is not fair, it is non-appealing, the arbitrator is not even required to follow the rule of law; where is the consumers justice? An even better question than that one, would be; where is my husbands retirement? Contrary to the meager award given by AAA Arbitration; Superior Gold Group has yet to turn over the retirement funds to our attorneys. Since that award was made we are indebted an additional $25,000.00 in legal fees to that already listed above in pursuing the return of my husbands retirement. Ultimately, Bruce Sands the CEO of Superior Gold Group has contrived a new way to game the system. Unlike the old pirates that would hold you up with a gun or threaten to slit your throat with a knife to acquire your money; Superior Gold Group will induce you to sign a contract and then have you agree to Mandatory Binding Arbitration. It is my opinion that Mandatory Binding Arbitration is legally equivalent to the miasma of a primordial swamp! A contract is only as good as the agreement the contract is based on; in this case Superior Gold Group and we never came to an agreement. Furthermore, it is not even a matter of conjecture that the Arbitrator took the SGG contract and his calculator to calculate an agreement where previously an agreement did not exist; might I add SGG neglected to provide my husband a sales invoice to base their contract on. When SGG finally sent us a Sales Invoice two months after we signed the contract agreeing to roll over his retirement account; we saw that he was over-charging us nearly 100% of the original price that we had been quoted. At the time the invoices were sent to us SGG had already breached the contracted delivery date for metals; we demanded that the retirement funds be delivered immediately to my husbands account. Bruce Sands, refused to return my husbands retirement funds; and the rest has been written in arbitration-hell-history! Regrettably, for the consumer, Superior Gold Group is still out there practicing their Grifters craft and teaching other minions how to game the system; stalking their next prey! Our account executive, Adam Blaser, left his employment with Superior Gold Group, LLC, to start his own company called United Gold Direct, LLC; doing business as usual, he learned from the best! Contrary to the 10 years Bruce Sands states his business has been around; the business was established 3 years prior, just after settling another contract fraud case, while working with another company. AAA Arbitration provided an award based on the lesser count Breach of Contract due to delinquent delivery and pricing-miscalculations, dismissing the more serious counts entirely; thats called splitting the baby with the bath water in arbitration-speak! Permitting Superior Gold Group, LLC to continue business as usual and to possibly or probably close their doors today and open up as an entirely new LLC tomorrow; across the street, across the town, or, across the nation. Today I went to the dentist and I was required to sign a contract prior to starting the work and agreeing to and, you guessed it, Mandatory Binding Arbitration! I believe that I was induced by pain to sign that agreement! Moreover, the next time I will just bite the dentist instead; perhaps he will catch rabies!
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