Our agency has settled a nationwide scheme perpetrated by Metals.com affecting several Montanans ─ who collectively invested more than $2.9 million in precious metals.
Our investigation alleged Metals.com advised potential investors their current securities holdings were unsafe and risky and should be liquidated in order to be invested in precious metals.
Metals.com representatives also misled and lied to investors by claiming a fee or commission would not be charged, and the investor need only pay the current market value of the precious metals. However, investors did pay a spread or mark-up commission to the representative reaching as high as 69% of the actual wholesale price.
Our agency exists to police bad actors like Metals.com. The deception and intentional fraud committed, particularly against older individuals, by this company is an important reminder we all need to look at investment opportunities with a judgmental eye. It’s important to remember all investments carry risk. If something sounds too good to be true, it probably is.
For questions or to report securities fraud, contact the CSI at 444-2040 or by going to CSIMT.gov.
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