Republic Monetary Exchange Putting Some Precious Metals Buyers at Risk, Says IRA Document Preparer

Republic Monetary Exchange, a precious-metals firm founded by two ex-cons that's the subject of a New Times' feature article this week, is putting some customers at risk, says a Phoenix document preparer.

Tim Schubert of Blue Diamond Documents says he's helped people prepare Individual Retirement Accounts, (a.k.a. IRAs) for about 16 years. He's a specialist in self-directed IRAs, which allow people to keep money tax-free and still be in control of the assets and where to invest.

Republic Monetary at 40th Street and Camelback Road helps people invest in gold and other precious metals that would be held in a tax-free IRA account.

Trouble is, Schubert says, Republic's doing it wrong.

-See also: Two Ex-Cons Fight for Stakes in a Gold-for-Cash Business

-See also: Gold Rush: Soaring Prices, Unscrupulous Precious-Metals Dealers, Right-Wing Paranoia -- We've Been Down This Yellow-Brick Road Before

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Ray Stern has worked as a newspaper reporter in Arizona for more than two decades. He's won numerous awards for his reporting, including the Arizona Press Club's Don Bolles Award for Investigative Journalism.