Merit Gold and Silver, the privately-held national precious metals dealer is in the process of closing it’s doors for good.
Rumors have been rife that the Santa Monica company was in trouble, since they were served a consumer protection lawsuit earlier in the year.
The consumer protection lawsuit was filed against Seacoast Coin, Inc., (trading as Merit Gold and Silver), by the Santa Monica Attorney’s Office on February 13.
On August 5, a note appeared on the website stating that the precious metals company is “no longer accepting bullion orders” with no further explanation other than a request to call the company directly.
On August 13, CoinWeek spoke with Adam Radinsky, Head of the Consumer Protection Unit at the Santa Monica City Attorney’s Office, and were told that Merit Gold had entered into an assignment for the benefit of creditors.
This is an alternative process to bankruptcy, where a business is able to continue operating during and after the process.
On August 15, the CoinWeek reporter Hubert Walker spoke with an associate at Merit Gold and Silver where he was told that the business is closing its doors.
On August 20, a note appeared on the site Merit website stating,
We are no longer accepting orders and are in the process of closing our operation. All paid orders will be shipped in accordance with our standard shipping policies”
Merit’s principals, Peter M. Epstein and Michael J. Getlin have so far been unavailable for comment.
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