Rosland Capitalβs legal team states they cannot comment directly on the lawsuit but emphasize that a liquidating trust is being created to investigate the company's financial history and provide answers to investors.
The lawsuit alleges a classic 'boiler-room' sales tactic where a charming former child actor exploited the trust of elderly clients who had never invested in precious metals before, charging them up to 60% above market value.
The Greenbergs paid over $2.1 million for gold coins worth only $1.3 million. The filing cites specific orders from October and November 2020 for Lady Liberty coins at a 60% markup, and August 2021 purchases of Lewis Chessmen King coins at a 36% premium.
From Hollywood heartthrob to alleged predator of the elderly? The receipts on Erik von Dettenβs post-acting career just got messy.
Erik von Detten, the actor best known for playing the superficial heartthrob Josh Bryant in The Princess Diaries, is facing a serious legal reckoning far removed from the glitz of Hollywood. According to a lawsuit obtained by E! News, the 44-year-old is accused of elder abuse, fraud, and breach of fiduciary duty.
The plaintiffs, Sheila Greenberg, 85, and her husband Norman Greenberg, 97, allege that von Detten and his employer, Rosland Capital, exploited their vulnerability by selling them precious metals at drastically inflated prices. The filing, lodged in the Superior Court of California in May, claims the couple was manipulated by fear-mongering marketing that promised "ancient stability" to avoid "complete financial ruin." The financial specifics in the lawsuit are staggering. The Greenbergs, who held traditional IRA accounts with combined balances exceeding $2 million, allegedly paid more than $2.1 million for gold coins that were worth only $1.3 million.
The document details specific transactions where von Detten, assigned to the couple after they requested the "top advisor," sold them 1,328 Lady Liberty gold coins in October 2020 and another 1,499 in November 2020 at a 60 percent markup over market value. Even more egregious, the lawsuit claims that after the couple had already depleted their retirement funds, von Detten persuaded them to invest an additional $114,000 in gold through their family trust.
This included purchases in August 2021 of Lewis Chessmen King coins at a 36 percent premium and F1 coins at a 34 percent markup. Von Detten, who stepped away from acting in 2010 after voicing Sid in Toy Story 3 and joined Rosland Capital in 2018, allegedly knew the Greenbergs had "never invested in gold or other precious metals" and "knew very little" about them. The lawsuit argues that he used his "apparent authority" and their trust to secure sales at "unconscionable prices," effectively taking advantage of their lack of knowledge.
The plaintiffs claim that von Detten and Rosland Capital retained an unconscionable markup of no less than $900,000, knowing it would be harmful to the elderly couple. The filing describes the sales practices as "high-pressure boiler-room type," designed specifically to appeal to senior citizens through television and internet advertising. As for Rosland Capital, the company is currently in Chapter 11 bankruptcy, having filed in July.
Their assets were acquired by an unnamed company in October. Attorneys for Rosland Capital told E! News they "cannot comment directly on the lawsuit" but noted that they have worked with the Creditors Committee to create a liquidating trust.
This trust will have the power to investigate the company's financial history to provide answers to the Greenbergs and other investors. A hearing is scheduled for November 9 at 8 a.m. ET.
The Greenbergs are seeking a jury trial and are asking for no less than $1.8 million in damages for each allegation, plus prejudgment interest and punitive damages. E! News has reached out to the attorneys for both the plaintiffs and von Detten for further comment.
