Updated: August 9, 2026

OPRS may receive compensation when readers open an account through partner links on this page. Our analysis is based on independent research, BBB data, and IRS publications.

Regal Assets LLC no longer operates as a going concern in 2026. What follows is a documentary summary of the public record around the company, based on filings from the U.S. Commodity Futures Trading Commission (CFTC), the California Department of Financial Protection and Innovation (DFPI), and the U.S. District Court for the Central District of California. This page contains no editorial verdict beyond what the primary documents themselves establish.

Table of contents show

Our 2026 status summary on Regal Assets

Status at a glance

Company status: ceased. No active operations, no active website of record, no ability to open a new account.

Legal record: defendant in Commodity Futures Trading Commission v. Regal Assets LLC, case 2:23-cv-08078, U.S. District Court for the Central District of California. Case filed September 27, 2023. Case terminated October 15, 2024 by default judgment.

Monetary orders: restitution of approximately $21.9 million plus civil monetary penalties of over $27.3 million, jointly and severally against Regal Assets LLC, Tyler G. Gallagher and Leah Donoso.

Registration status: the individual and corporate defendants are permanently banned from registering with the CFTC and from trading in any CFTC-regulated market.

Recommendation: 3 of 27+ gold IRA dealers reviewed by OPRS make the 2026 trusted list. Regal Assets is not one of them and cannot be, because the company is not operating. See the gold IRA dealers to avoid framework for how we shortlist active dealers.

What Regal Assets was, as a matter of public record

Per the CFTC and DFPI joint complaint filed on September 27, 2023, Regal Assets LLC was a California limited liability company. Its principal office sat in Beverly Hills, California, with a secondary office in Waco, Texas.

The company sold precious metals to retail customers and marketed self-directed individual retirement account (IRA) products backed by physical gold, silver, platinum and palladium. In its final phase it also marketed a self-directed crypto IRA product.

The principals named in the federal complaint are:

Tyler G. Gallagher, owner and Chief Executive Officer. Last known residence in the Los Angeles area per the CFTC.
Leah Donoso, former President of Regal Assets. Per the October 2024 CFTC release, of Robinson, Texas.

The scheme period alleged by the CFTC and DFPI runs from approximately November 2019 through October 2022. That period is the frame of reference for anything customers of Regal Assets read on the company’s own marketing materials in those years.

What happened: the 2023 CFTC and California DFPI enforcement action

On September 27, 2023 the CFTC and the California DFPI jointly filed a civil enforcement action in the U.S. District Court for the Central District of California. The case is Commodity Futures Trading Commission v. Regal Assets LLC, et al., docket number 2:23-cv-08078.

The named defendants are Regal Assets LLC, Tyler G. Gallagher and Leah Donoso. The court’s docket confirms the filing date and the parties.

The joint complaint alleged the defendants misappropriated more than $21 million from more than 120 customers over roughly three years. Per the CFTC press release announcing the action, the majority of those funds came from customers’ tax-deferred retirement accounts.

The complaint alleged the defendants used customer money for purposes that had nothing to do with buying precious metals for those customers. Per the CFTC, that included:

Regal Assets’ business expenses, plus salaries and bonuses for Gallagher and Donoso.
Over $860,000 in precious metals purchased for Donoso personally, per the CFTC filing.
Payments on more than $6 million in loans held by the defendants.
Gallagher’s competitive video gaming business, plus a multi-million-dollar Beverly Hills residence.
Ponzi-like payments to earlier customers, funded from newer customer deposits.

The CFTC also alleged the defendants used forged documents to conceal the misappropriation from customers who asked questions. Those specific allegations are laid out in the CFTC press release linked in Sources cited on this page.

The October 2024 default judgment: over $49 million in total orders

On October 15, 2024, U.S. District Judge Fernando M. Olguin of the Central District of California entered orders of default judgment against Regal Assets LLC, Tyler G. Gallagher and Leah Donoso. The CFTC announced the orders on October 25, 2024.

The default judgment package requires the defendants, jointly and severally, to pay:

Restitution of over $21.9 million to defrauded customers.
Civil monetary penalties of over $27.3 million.

The orders also impose permanent injunctions barring the defendants from further violations of the Commodity Exchange Act and California law. On top of that, all three defendants are permanently banned from registering with the CFTC and from trading any CFTC-regulated product.

Per the court docket on CourtListener, the case was terminated on October 15, 2024, the same date the default orders issued. The judgment resolves the federal lawsuit against all three named defendants.

Case timeline in one place

November 2019 to October 2022: alleged scheme period per the joint CFTC and DFPI complaint.
September 27, 2023: CFTC and California DFPI file civil enforcement action in the Central District of California, case 2:23-cv-08078.
September 28, 2023: CFTC issues press release 8791-23 announcing the joint action.
October 15, 2024: U.S. District Judge Fernando M. Olguin enters default judgment orders against all three defendants.
October 25, 2024: CFTC issues press release 9001-24 announcing the $49 million default judgment package.

This is a factual timeline built from federal press releases and the public court docket. It contains no interpretation beyond what those documents state on their face.

What former Regal Assets customers can do in 2026

A default judgment does not by itself put restitution money into former customer bank accounts. Recovery in these matters depends on the receiver process, on the collectability of the defendants’ remaining assets, and on the specific state and federal claim procedures that apply.

Former Regal Assets customers should understand the following practical points, none of which is legal advice:

Statute of limitations matters. Civil claims for fraud, breach of contract and related theories have deadlines that vary by state and by cause of action. Former customers who believe they may still have private claims should speak to a licensed attorney in their own state without delay.
Report the fraud to federal authorities. The CFTC accepts tips and complaints from the public via its complaint portal and via a toll-free line at 866-FON-CFTC (866-366-2382). The FTC accepts fraud reports at reportfraud.ftc.gov.
Contact your IRA custodian. A self-directed IRA held metals or funds through a third-party custodian. That custodian is a separate legal entity from Regal Assets. Ask the custodian for a full statement of the account, a chain-of-title record for any metals delivered, and any correspondence on the account file.
Preserve records. Wire receipts, account statements, sales representative emails, kit fulfillment letters and phone records can matter to any restitution claim or private action.
Whistleblower channel exists. Under the CFTC whistleblower program, individuals with original information about violations of the Commodity Exchange Act may be eligible for between 10 and 30 percent of monetary sanctions collected in a qualifying enforcement action. The CFTC describes this program on its own site.

For a plain-English walkthrough of the practical steps a defrauded retirement investor can take after a dealer collapse, see the OPRS what to do if you were scammed on a gold IRA, 2026 recovery playbook. That page maps the reporting channels, the custodian conversation and the recovery paths in a single flow.

How to verify what we just said

Every claim on this page can be checked at a primary source. Here is the short verification path:

Open the CFTC press release 8791-23 linked in Sources cited. Read the September 28, 2023 announcement of the joint enforcement action.
Open the CFTC press release 9001-24 linked in Sources cited. Read the October 25, 2024 announcement of the default judgment package.
Open the CourtListener docket for 2:23-cv-08078 linked in Sources cited. Confirm the case number, the parties, the filing date and the termination date.
Cross-check any dealer registration claim on NFA BASIC before wiring funds to any precious metals firm. A firm that operates in CFTC-regulated products but is not registered with the CFTC is a hazard signal on its own.

What most people ask about Regal Assets in 2026

Is Regal Assets still in business in 2026?

No. Regal Assets LLC is not operating as a going concern. In October 2024 the U.S. District Court for the Central District of California entered a default judgment ordering the company and its two named principals to pay over $49 million on CFTC and DFPI charges of misappropriating customer funds.

What was the case number and where was it filed?

The case is Commodity Futures Trading Commission v. Regal Assets LLC, docket number 2:23-cv-08078, filed in the U.S. District Court for the Central District of California on September 27, 2023.

Who are the individual defendants?

Tyler G. Gallagher, owner and CEO of Regal Assets, and Leah Donoso, former President of Regal Assets. Both are permanently banned from registering with the CFTC and from trading in any CFTC-regulated market.

How much money did the defendants misappropriate, according to the CFTC?

The joint CFTC and DFPI complaint alleges misappropriation of more than $21 million from more than 120 customers, over an alleged scheme period from November 2019 through October 2022.

What is the total dollar amount of the default judgment orders?

Per the CFTC press release 9001-24 dated October 25, 2024, the orders require the defendants to pay jointly and severally about $21.9 million in restitution plus over $27.3 million in civil monetary penalties. That is the source of the $49 million headline figure.

Did customers get their money back?

A default judgment establishes the obligation. Actual recovery depends on the collectability of the defendants’ assets and on the restitution distribution mechanics. Former customers should track the docket and consult a licensed attorney about any private claims still available under their state’s statute of limitations.

Was Regal Assets registered with the CFTC?

The CFTC action treats Regal Assets as a precious metals dealer alleged to have engaged in fraudulent conduct in connection with the sale of precious metals. Before any purchase of a CFTC-regulated product, a customer can and should verify registration status on NFA BASIC. That link is in Sources cited on this page.

How does this affect my self-directed IRA if I bought through Regal Assets?

Your self-directed IRA custodian is a separate legal entity from Regal Assets. That custodian holds the account of record and any metals in an approved depository. Contact your custodian for a current statement, a chain-of-title record for any metals actually delivered, and the full correspondence file on the account.

Where can I report retirement-account fraud?

The CFTC accepts complaints at cftc.gov/complaint and via 866-FON-CFTC. The FTC accepts fraud reports at reportfraud.ftc.gov. Both channels are free and both are on-record.

Does OPRS recommend any current alternative to Regal Assets?

OPRS does not recommend Regal Assets or any successor entity, because none exists. For readers evaluating any current gold IRA dealer, the shortlist framework and the trust signals we score are documented on the gold IRA dealers to avoid page.

Regal Assets: ceased company, 2024 CFTC default judgment, and what former customers can do