CFTC, 30 States Charge Los Angeles Precious Metals Dealers in Ongoing $185 Million Fr

Yet another Silver and Gold scam.

The complaint alleges that, from at least September 1, 2017 to the present, the defendants fraudulently solicited and received over $185 million in customer funds–including more than $140 million in retirement savings–from at least 1,600 persons throughout the United States for the purpose of purchasing precious metals bullion.

The defendants targeted a vulnerable population of elderly persons with little experience in precious metals. Through their fraudulent solicitation, the defendants deceived customers into purchasing precious metals bullion at grossly inflated prices that bore no relationship to the prevailing market price. The overcharges averaged from 100 percent to more than 300 percent over the prevailing market price. In the end, nearly every customer lost the vast majority of their funds deposited with the defendants.

As the complaint alleges, to perpetuate their fraud, when questioned by customers about the value of the precious metals bullion they purchased, the defendants falsely claimed that the precious metals bullion were rare and carried a premium far above the base melt value. In fact, the precious metals bullion was significantly less valuable than the defendants claimed.

https://coinweek.com/people-in-the-n...eting-elderly/

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CFTC, 30 States Charge Los Angeles Precious Metals Dealers in Ongoing $185 Million Fr