Sean Kelly (Red Rock Secured)

What the public record shows

Sean Kelly was CEO of Red Rock Secured LLC, a California precious-metals dealer. The SEC and CFTC brought enforcement actions against Red Rock, Kelly, and two senior salespeople (Anthony Spencer and Jeffrey Ward). In April 2024 a federal court entered a final consent judgment ordering more than $76 million in disgorgement, interest, and penalties (with a related CFTC order exceeding $56 million). These were resolved as civil/regulatory matters; the public record reviewed here does not state a criminal conviction.

What regulators found

• Since at least 2017, Red Rock told investors to “protect” their retirement savings by selling securities in their retirement accounts and buying gold and silver coins — at a promised markup of only 1% to 5%.
• In reality, Red Rock charged markups as high as 130%, quietly consuming a large share of each customer’s savings.
• The firm defrauded at least 700 investors of more than $50 million — many of them retirees and vulnerable savers, the classic targets of precious-metals fraud.

Why we rate this 2 / 10 — Avoid

Because this resolved as regulatory/civil enforcement rather than a criminal conviction, we mark that distinction — but findings of 130% hidden markups aimed at retirees go to the core of trust. This is one of the most common retirement-fraud patterns regulators warn about.

How to avoid gold-IRA / precious-metals fraud

• Compare the coin’s price to the melt/spot value. Enormous markups over spot are the whole scam.
• Be wary of “protect your retirement” fear pitches urging you to move IRA/401(k) money into coins.
• Check the CFTC’s precious-metals fraud resources and any dealer’s regulatory history before buying.

Bottom line

Regulators found a retirement-targeted markup scheme and a court ordered tens of millions in judgments. With precious metals, the markup over spot price is the product — always compare to the melt value before you buy.

← Back to all reviews