Our take (updated October 2026): Lear Capital is one of the longest-running precious metals dealers in the US, founded in 1997 by Kevin DeMeritt and based in Los Angeles. It still sells gold IRAs and direct-delivery metals in 2026. Its record includes a Chapter 11 bankruptcy filing in March 2022 and a 2023 settlement in which at least 42 state and territorial regulators secured $5.5 million for customers over fee disclosures. If you consider Lear, get every fee and markup in writing.
Retirement With Gold has no business relationship with Lear Capital and is not paid for this review.
What is a Lear Capital gold IRA?
“Lear Gold IRA” usually refers to a self-directed precious metals IRA opened through Lear Capital. Lear is the dealer: it sells the metal and helps with paperwork. A separate custodian administers the IRA, and an independent depository stores the metal. Lear also sells metal for delivery to your home outside of an IRA.
Lear Capital at a glance
| Founded | 1997, by Kevin DeMeritt |
|---|---|
| Headquarters | Los Angeles, California |
| Products | Gold, silver, platinum and palladium coins and bars; IRAs and cash purchases |
| Fees and minimums | Set by product, custodian and depository; ask for the full schedule in writing |
| Bankruptcy | Chapter 11 filed in Delaware in March 2022 |
| Regulatory settlement | $5.5 million for customers, announced August 2023, with at least 42 state and territorial regulators |
| Status in 2026 | Operating |
What was the Lear Capital settlement about?
State securities regulators investigated Lear’s marketing and fee practices. According to the South Carolina Attorney General’s August 2023 announcement, regulators found that Lear encouraged investors to move retirement savings into precious metals without properly disclosing its fees. Under its bankruptcy plan, Lear agreed to distribute $5.5 million to affected customers who bought metal between January 1, 2016 and March 3, 2022. It also agreed to change its practices, including:
- Not misrepresenting its fees and markups
- No longer offering “portfolio assessments”
- Not presenting itself as an investment adviser
The case is a useful reminder that the markup, not the account fee, is often the largest cost in a gold IRA.
How does a Lear Capital IRA work?
- Speak with a Lear representative and open a self-directed IRA with a custodian.
- Fund it by direct transfer or rollover from a 401(k), TSP or existing IRA.
- Choose IRS-approved metal and lock in a price.
- Metal is shipped to an approved depository and recorded by the custodian.
For tax-safe ways to move money, read our gold IRA rollover guide.
What are the pros and cons?
| Pros | Cons |
|---|---|
| Nearly 30 years in business | 2022 bankruptcy filing |
| Offers IRAs and direct delivery | 2023 multistate settlement over fee disclosures |
| Agreed to reformed sales practices | Fees and markups must be requested; compare carefully |
| Large product selection | Some product types can carry high premiums |
What should you ask Lear Capital before investing?
- What is the markup over spot price on each product, as a percentage?
- What would you pay me today to buy back the same metal?
- Which custodian and depository will hold my IRA, and what are their yearly fees?
- What changes did you make to sales and disclosure practices after the 2023 settlement?
Compare the answers with at least one other company on the same day. Our guide to choosing a gold IRA company and our gold IRA scams guide explain what to look for.
Is Lear Capital a good choice?
Lear is a long-established, operating company, and the settlement required meaningful changes. Its history means you should be especially careful to get clear, written pricing and to compare quotes. If you want a second quote, our partner Noble Gold Investments offers a free kit.
Frequently asked questions
Is Lear Capital still in business?
Yes. Lear Capital is operating in 2026 and sells gold IRAs and direct-delivery precious metals.
Why did Lear Capital file for bankruptcy?
Lear filed for Chapter 11 in Delaware in March 2022 while facing legal and regulatory scrutiny over its practices, and used the bankruptcy plan to resolve claims.
What was the Lear Capital settlement?
In August 2023, at least 42 state and territorial regulators announced that Lear would pay $5.5 million to customers over fee disclosures for purchases from 2016 to March 2022 and change its sales practices.
When was Lear Capital founded?
Lear Capital was founded in 1997 by Kevin DeMeritt and is based in Los Angeles.
Does Lear Capital store my IRA gold?
No. IRA metal is held by a separate custodian and stored at an independent depository.
Sources: South Carolina Attorney General (Aug. 2023), Arizona Corporation Commission, Bloomberg (March 2022). Confirm all company details directly before investing.