Rosland Capital files for bankruptcy amid investors’ claims of lost savings
Rosland Capital, a precious metals firm that used actor William Devane in its adverts for nearly 15 years, has filed for Chapter 11 bankruptcy after closing its offices and laying off staff. Customers, including older investors, have claimed they lost millions in savings, raising questions about what happened to money paid for gold and other metals.
Court filings put the company’s assets at $1 million to $10 million and its liabilities at $50 million to $100 million, with a reported capital deficit of more than $60 million. The filings say a rise in metal prices brought a surge in orders the firm could not fulfil, and that it now says it has little cash and no bullion or coins in inventory. Devane’s contract paid him $50,000 quarterly and was due to run until June 2028; his wife said he knew nothing of the firm’s business dealings.
In short
- Rosland Capital has filed for bankruptcy.
- Customers say they lost millions in savings.
- Devane’s wife says he was unaware of the firm’s dealings.
Explained simply
Rosland Capital sold precious metals such as gold to people seeking to invest their savings. Its adverts featured actor William Devane for many years, but appearing in them does not by itself show what he knew about the company’s finances or sales.
In the United States, Chapter 11 is a court process that can give a business time to restructure its debts or arrange a sale while creditors’ claims are considered. The case concerns customers who say they paid Rosland for metals they did not receive, and the company’s ability to account for those payments and meet its obligations.
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Originally published by Daily Mail as “Iconic ’80s TV star William Devane’s lucrative deal with gold firm employing ‘Princess Diaries’ child actor exposed… after elderly clients claim they lost millions in savings”.