BUSINESS
07/20/2010 01:28 pm ET | Updated May 25, 2011

Glenn Beck's Sponsor Goldline Under Investigation By Los Angeles D.A. For Fraud (VIDEO)

Goldline, more popularly known for its high-profile endorsements from Fox News' Glenn Beck and former presidential candidate Mike Huckabee, is under investigation by the Los Angeles County District Attorney's office and was the subject of Monday night's "Nightline" on ABC.

Authorities in Los Angeles began the investigation after receiving over 100 complaints from consumers who claimed to have lost thousands of dollars after investing with Goldline and Superior Gold Group, a company based out of Santa Monica, California.

Adam Radinsky, Santa Monica City Deputy Attorney, whose office is partnering with investigators in L.A., spoke with "Nightline" about the types of complaints that consumers were making:

There are two main types of complaints we're seeing. One is that customers say that they were lied to and misled in entering into their purchases of gold coins. And the other group is saying that they received something different from what they had ordered.

The problem is allegedly with the antique gold coins that Goldline sells as a part of their investing scheme. Rep. Anthony Weiner (D-N.Y.), who is hoping to conduct a congressional investigation into the gold company, also spoke with "Nightline":

Once they get people on the phone, they basically steer them into these so-called collectible coins, and that's where the rip-off becomes really profound.

The companies spokespeople declined to speak with "Nightline" but issued a statement to ABC citing the transparency of their prices and that customers know and understand the risks involved before they invest.

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