MIAMI (CN) – A man claims a Miami “radio personality” pushed a Ponzi scheme in gold coins. Ray Larsen say he lost $250,000 to John March, who calls himself the “chief technical officer” and “official spokesperson and face” of the Superior Gold Group. March hosts a syndicated show on Financial Lifetime Radio in which he claims to give “the most current and cutting edge information about purchasing gold,” according to the complaint in Miami-Dade County Court.
Larsen says he forked over $250,000 to Superior Gold Group after March “arranged and presented” a program at the Fisher Island Club, in one of the ritziest areas of Miami.
March persuaded people to buy an “alleged portfolio of gold coins,” which he represented as a “solid investment,” Larsen says.
But Larsen claims he never received his gold, though March “promised Larsen to hand deliver ‘your gold to you.'” Larsen says his requests for a refund have been ignored.
Larsen believes March and the company used his money in a Ponzi scheme “to capitalize on the run-up in the price of gold for defendants’ own illegal benefit.”
Superior Gold Group lists its principal place of business as Carson City, Nev., but does much of its business out of an office on Wilshire Boulevard in Santa Monica, and also does business in Florida, Larsen says.
Larsen says Bruce Sands is listed as the president of Superior Gold Group, but the only defendants in this case are March and Superior Gold Group.
Larsen is represented by William Scherer with Conrad & Scherer and Matthew Ferguson with Garfield & Hecht.