Lear Capital Review (2026)

Lear Capital is a precious-metals dealer founded in 1997. It sells gold and silver coins and bars, both for direct home delivery and inside a self-directed gold IRA, and it uses a representative-assisted sales model. It suits a retirement saver who wants to move money from an existing IRA or 401(k) into physical metal and who prefers a guided, phone-based process. It is a weaker fit for a buyer who wants to compare metal prices line by line before committing, because Lear publishes its account fees but not the price of the metal itself. Given the company’s regulatory history, summarized below, it is a company a cautious buyer should approach with the public record in front of them.

How the gold IRA works

A Lear gold IRA is funded by a rollover or transfer from an existing IRA, 401(k), or similar retirement account into a self-directed IRA that holds IRS-eligible metal. A representative coordinates the paperwork, the funding, and the metal selection. The minimum to open and fund a gold IRA is $10,000. Lear states the metal is held at Delaware Depository on a fully allocated basis, and the company publishes a claim of $1 billion in all-risk insurance on stored metal. That insurance figure is a company statement, not an independently verified number, and a buyer who relies on it should confirm the terms with the depository.

What it costs, and what it does not disclose

On account fees, Lear is specific. Its fee page lists a one-time $50 application fee, a $125 annual maintenance fee, annual storage of $110 for non-segregated or $160 for segregated, and a one-time $30 wire fee. It also states a 24-hour cancellation window on orders. Those figures come from Lear’s own page and are the clearest part of its pricing.

The gap is the metal price. Lear does not publish the markup, the spread, or its buyback pricing on the site. Only the IRA account fees are transparent. A buyer therefore cannot see the full, all-in cost from the site alone, and the difference between the price paid and the resale value is where the largest cost usually sits. That gap matters more here than at most dealers, because undisclosed pricing is the exact conduct that regulators have acted on.

Regulatory and legal history

This is a matter of public record and the core of any assessment of Lear.

In June 2021 the New York Attorney General sued Lear Capital and its founder, Kevin DeMeritt, alleging the company fraudulently failed to disclose commissions of up to 33 percent, charged to investors that included many elderly residents of Western New York. On January 3, 2022 the Attorney General announced a $6 million settlement resolving that suit. Under the consent order, Lear made the $6 million payment, agreed to clear and conspicuous fee disclosures for New York residents, and agreed to a 24-hour cancellation period. A consent order is a negotiated resolution.

Separately, in June 2019 the Los Angeles City Attorney sued Lear Capital, alleging deceptive and unfair sales practices, including fees as high as 33 percent and the targeting of elderly and inexperienced investors. Through counsel, Lear disputed the allegations at the time and said it looked forward to responding in court. The current status of that action is not established here and should be confirmed before publication.

In 2022 Lear Capital filed for Chapter 11 bankruptcy, as reported by The Wall Street Journal, to manage claims tied to its sales practices. A multistate settlement with state regulators was embodied in Lear’s Chapter 11 plan. Under that plan, Lear’s principal contributed $5.5 million, and investors who transacted with Lear between January 1, 2016 and March 3, 2022 became eligible for distributions calculated against a hypothetical 12 percent fee. The Vermont Department of Financial Regulation states the bankruptcy court confirmed the plan on June 12, 2023. These settlements resolved past conduct and did not preclude future enforcement.

Who it suits, and who should be cautious

Lear suits a hands-off saver with at least $10,000 to roll over who wants a guided setup and is comfortable getting metal pricing by phone. Anyone who wants the markup and spread in writing before committing should get those numbers, and the buyback terms, in writing first. Any older investor, or a family member helping one, should read the regulatory record above before engaging, because elderly-targeting allegations recur across the New York and Los Angeles actions.

Bottom line

Lear Capital is an established dealer with clearly posted IRA account fees and a documented regulatory history involving undisclosed commissions, a $6 million New York settlement, and a 2022 Chapter 11 that carried a multistate settlement. The account fees are known. The metal markup, spread, and buyback pricing are not published. A buyer who wants those numbers in writing, and who has read the public record, can make an informed decision. A buyer who cannot get full pricing up front should treat that as the central risk.