The Patrick Granfar lawsuit is a proposed federal class action filed in August 2024 in the U.S. District Court for the Central District of California, naming Granfar, an Oxford Gold Group co-founder, alongside CEO Pedram Granfar and CFO Johnathan Adler as individual defendants after investors alleged the Beverly Hills precious metals firm disappeared with millions of dollars in retirement savings. The company is now in involuntary Chapter 7 bankruptcy, and the FBI has opened a federal investigation.
What the Class Action Alleges
Lead plaintiffs Howard and Heather Short, a San Diego couple, filed the complaint together with ten other named plaintiffs from across the country. The class of alleged victims spans at least 27 states. The San Diego firm Aguirre & Severson represents the plaintiffs and named Oxford Gold Group, Equity Trust Company, Pedram Granfar, Johnathan Adler, and Patrick Granfar as defendants.
The complaint pleads four causes of action: fraud, breach of fiduciary duty, violation of federal securities laws, and unfair competition. It alleges that Oxford Gold’s advertising “represented that plaintiffs’ funds would be obtained and held in safety in trust,” but that the company failed to fulfill precious metals orders and left investor funds unaccounted for. Equity Trust Company later told investors that funds directed to Oxford Gold had not been properly recorded and that metals purchased were “not yet fulfilled and delivered” to designated depositories.
How Oxford Gold Group Handled Investor Money
Oxford Gold Group marketed itself as a facilitator for converting retirement accounts such as 401(k)s into “gold IRAs” backed by physical precious metals. It advertised heavily on television, radio, YouTube, and social media, promoting the safety of retirement funds held in gold and silver.
The company worked through a referral relationship with Equity Trust Company, an Ohio-based custodian for self-directed IRAs that Oxford described as one of its “preferred partners.” Clients opened IRAs with Equity Trust and transferred retirement funds in. Oxford Gold was responsible for purchasing the metals and arranging storage at a designated depository in Utah. According to the complaint and to consumer complaints filed before the collapse, that final step is where the money went missing: investors reported that metals were never delivered, that depositories notified them they were “no longer doing business with Oxford Gold Group,” and that the company stopped answering requests for refunds or order details. One investor cited a potential loss of $200,000 for gold that never arrived.
FBI Investigation and Company Shutdown
By August 2024, Oxford Gold Group had effectively stopped operating. Its Beverly Hills office on Wilshire Boulevard was found abandoned and empty, its website was taken down, and its phone lines were disconnected. The California Franchise Tax Board had already suspended the company on April 2, 2024.
The FBI opened a federal investigation, and clients received formal notices from the bureau stating, “The purpose of this initial letter is to notify you that this case is currently under investigation.” No criminal charges or indictments have been publicly announced against Patrick Granfar, Pedram Granfar, Johnathan Adler, or any other company official. The Commodity Futures Trading Commission and the California Department of Financial Protection and Innovation both declined to comment on whether they were pursuing separate enforcement actions.
Involuntary Bankruptcy and Asset Recovery
In late August 2024, attorneys representing 49 plaintiffs filed an involuntary Chapter 7 bankruptcy petition against Oxford Gold Group in the U.S. Bankruptcy Court for the Central District of California, seeking to recover more than $6 million in lost retirement savings. At a September 11, 2024 hearing, attorney Maria Severson of Aguirre & Severson argued that an independent trustee was needed to protect whatever assets remained. The next day, U.S. Bankruptcy Judge Neil W. Bason granted the petition and placed the company into involuntary bankruptcy. Carolyn A. Dye was appointed as the Chapter 7 trustee.
The bankruptcy, docketed as No. 2:24-bk-16947-NB, remains active as of June 2026. The number of petitioning creditors represented by Aguirre & Severson has grown from 49 to 256. The claims filing deadline for general creditors was set at March 2026, and for government entities at June 2026. Trustee’s counsel Dumas & Kim APC filed a second interim fee application in June 2026, indicating ongoing asset recovery and administrative work.
Equity Trust’s Separate Position
Equity Trust is a co-defendant in the class action but sits in a distinct legal posture from the Granfars and Adler. As the IRA custodian, it held title to client assets, executed investment instructions, and handled administrative reporting. Its custodial agreements describe it as a “passive custodian” and disclaim any fiduciary duty to investigate or monitor investments its clients select. The class-action complaint alleges Equity Trust’s own records showed a “substantial and material amount of precious metals transactions with OGG were not being settled,” with investor funds “going unaccounted for.”
Equity Trust has moved to enforce arbitration clauses in its custodial account agreements in related cases, and courts have granted those motions, which means some investor claims against Equity Trust will not proceed in court alongside the claims against Oxford Gold and its officers.
A Related Individual Case
In the U.S. District Court for the District of New Mexico, investor Barbara Ann Clark alleged she transferred $200,000 to Oxford Gold in January 2023 for a purchase of gold and silver, and that the company never fulfilled the trade. Her complaint raised claims of fraud, breach of contract, conversion, breach of fiduciary duty, and unjust enrichment against both Oxford Gold and Equity Trust. In October 2024, the court granted Equity Trust’s motion to compel arbitration and partially stayed the case.
Where Things Stand
Oxford Gold Group’s website remains offline and its office vacant. The class action against Patrick Granfar and his co-defendants is pending. The bankruptcy case continues under Judge Bason, with trustee Carolyn A. Dye working to identify and recover assets on behalf of the 256 petitioning creditors and any additional claimants. The FBI investigation has not produced publicly reported charges.