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Takeaways from Tallahassee — Forward March
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Attention Investors – Metals com, Tower Equity, Chase Metals, and Barrick Capital Receivership Claim Deadline
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David Y Ige | DCCA News Release: HAWAII INVESTORS IN $185M ALLEGED PRECIOUS METALS SCHEME URGED TO FILE CLAIMS TO RECOVER FUNDS
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Colorado Division of Securities encourages defrauded investors in Metals.com case to file claims by April 30, 2021
Monday, March 15, 2021
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DENVER The Colorado Division of Securities (the “Division”), other state regulators, and the Commodity Futures Trading Commission (CFTC) recently filed a joint civil enforcement action against Metals.com, Tower Equity, Chase Metals, Barrick Capital and other associated parties. The defendants are accused of perpetrating a fraudulent precious metals investment scheme allegedly involving 1600 investors and more than $185 million in customer funds.
The United States District Court for the Northern District of Texas entered an injunction and a restraining order freezing the assets of the defendants. It also appointed Kelly Crawford as Receiver – an official responsible for taking control of the assets of the defendants and distributing funds back to defrauded investors.
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On September 22, 2020, the CFTC along with 30 state securities regulators filed a historic joint enforcement action against two precious metals dealers and their companies for perpetrating a $185 million scheme to defraud over 1,600 persons nationwide. The scheme, which targeted the vulnerable elderly population in particular, induced the victims to purchase gold and silver bullion at inflated prices averaging from 100% to 300% over the spot price. CFTC, Alabama Securities Commission, et al. v. TMTE, Inc. a/k/a Metals.com, et al, (20-cv-2910) (N.D.Tex. Sept. 22, 2020). The joint enforcement action is the largest joint filing in CFTC history with state regulators, and the first resulting from a 2018 information sharing agreement between the CFTC and the North American Securities Administrators Association, which represents state and provincial securities regulators in the United States, Canada, and Mexico. While the