Regal Assets: The Short Answer
Regal Assets was a precious metals dealer that sold gold IRAs. In 2023 the Commodity Futures Trading Commission (CFTC) and California's financial regulator sued the company, its CEO, and its former president, alleging misappropriation of more than $21 million from retirement customers. In October 2024 a federal court entered default judgments ordering more than $49 million in restitution and penalties. We don't recommend Regal Assets. If you're looking for a gold IRA company, our top picks are Augusta Precious Metals and Noble Gold.
Regal Assets at a Glance
| Complaint filed | September 27–28, 2023, by the CFTC and California DFPI |
|---|---|
| Defendants | Regal Assets LLC; CEO Tyler G. Gallagher; former President Leah Donoso |
| Allegations | Misappropriated over $21 million from 120+ customers, mostly retirement savers; forged documents to conceal it |
| Court | U.S. District Court, Central District of California |
| Outcome | Default judgments, October 15, 2024 |
| Ordered | Over $21.9 million restitution and over $27.3 million civil penalties; permanent injunctions and trading bans |
Source: CFTC press releases 8791-23 and 9001-24.
What the Case Alleged
According to the CFTC, Regal Assets solicited customers, mainly using money from tax-deferred retirement accounts, to buy precious metals through self-directed IRAs. The complaint alleged the defendants misappropriated more than $21 million from over 120 customers and used forged documents to conceal it.
The Court's Orders
On October 15, 2024, Judge Fernando M. Olguin entered default judgment orders requiring the defendants, jointly and severally, to pay over $21.9 million in restitution and over $27.3 million in civil penalties. The orders permanently bar them from CFTC registration and from trading in CFTC-regulated markets. A default judgment means the defendants didn't defend the case in court.
If You Were a Regal Assets Customer
- Contact your IRA custodian to confirm exactly what your account holds.
- Check the CFTC and California DFPI for information on restitution.
- Keep every statement and email related to your purchases.
- Talk to an attorney or tax professional about your options and any tax consequences.
Lessons for Every Gold IRA Buyer
- Verify the custodian independently. Statements should come from the custodian, not only the dealer.
- Confirm metals at the depository. Ask for a holdings report.
- Never send IRA money directly to a dealer outside the custodian's process.
- Check regulators before you buy. See gold IRA scams.
How to Verify Any Gold IRA Company Today
| Check | Where |
|---|---|
| Enforcement actions | CFTC press releases; your state securities regulator |
| Complaints | Better Business Bureau profile |
| Account existence | Call the custodian directly |
| Metal holdings | Holdings report from the custodian or depository |
Safer Alternatives
| Augusta Precious Metals | Noble Gold | |
|---|---|---|
| Reported minimum | $50,000 | $20,000 |
| Reported fees | ~$225/yr; zero fees up to 10 years (qualifying) | $80 application; $275/yr |
| Metals | Gold, silver | All four |
| Support | Lifetime; salaried educators (company-stated) | Assigned specialists; stated buyback |
| BBB | A+ | A+ |
We don't recommend Regal Assets. If you want a gold IRA, choose a company you can verify through independent custodians, depositories, and long review histories.
Augusta's buyer-beware guide covers the warning signs to watch for with any dealer.
Our Verdict
Regal Assets is a cautionary tale about verifying custodians and holdings. For a trustworthy gold IRA, start with Augusta Precious Metals ($50,000+), which publishes guides on scams and red flags, or Noble Gold ($20,000+).
Get Your Free Gold IRA Kit Get Noble Gold's Free Kit
Frequently Asked Questions
What Happened to Regal Assets?
The CFTC and California's DFPI sued it in 2023; in 2024 a federal court entered default judgments ordering over $49 million in restitution and penalties.
Is Regal Assets Still Operating?
The CFTC releases don't say. The defendants are permanently barred from CFTC registration and regulated trading.
Who Ran Regal Assets?
CEO Tyler G. Gallagher; Leah Donoso was a former president, per the CFTC.
What Should Former Customers Do?
Contact your custodian, check CFTC and DFPI updates on restitution, and consult an attorney.
Compare With Our #1 Pick
Augusta Precious Metals' free kit explains costs, risks, and what to ask any gold IRA company.
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