FRANKFORT, Ky. — The Kentucky Department of Money Institutions (DFI) is having lawful motion towards a precious metals investment decision enterprise accused of defrauding senior Kentuckians out of their retirement. Investors ended up tricked into cashing out their economical property to spend in cherished metals.
“Metals.com, an unregistered expense company, allegedly solicited more than $185 million from seniors and other susceptible traders nationwide, together with more than $2.4 million in Kentucky, by promoting expenditure in valuable metals at grossly inflated prices,” stated Marni Rock Gibson, director of DFI’s Securities Division.
The DFI authorized action is a petition in partnership with the U.S. Commodity Futures Buying and selling Commission (CFTC) and 29 other states. The petition requests the court buy the defendants to cease sales exercise, return income to buyers, and prevent defrauding buyers and violating federal and point out regulations going forward.
Metals.com is also know by the names TMTE Inc., Chase Metals Inc., Chase Metals LLC, Barrick Cash Inc., Simon Batashvili, Lucas Asher and Tower Fairness LLC.
“This historic joint hard work in between the CFTC and 30 state regulators is an critical step towards rooting out fraud throughout the region,” explained CFTC Chairman Heath P. Tarbert. “This circumstance highlights just how geographically broad commodities fraud can be in our quickly-evolving money markets and how significant it is for regulators at all ranges of government to do the job alongside one another to go after undesirable actors and guard marketplace individuals.”
Kentucky was one particular of the initial states to act towards Metals.com when DFI issued an Unexpected emergency Cease and Desist Order in September 2019 for violating condition securities legislation. If you feel you have been the sufferer of a money fraud speak to the Office of Financial Institutions at (502) 573-3390, the Kentucky Lawyer General’s Buyer Protection Hotline at (888) 432-9257, and/or your neighborhood law enforcement.