CFTC Taking Action Against Rare Metal Investment Businesses
Three different precious metals investing companies are being investigated by the CFTC. The latest company to be closed down is American Precious Metals, LLC. These corporations have been offering Ponzi scheme style investments in precious metals. Gold, silver, palladium, and other precious metals were sold, fraudulently, as investments by these businesses. People have invested personal loans just to lose money.
All about the American Precious Metals LLC case
The American Precious Metals LLC business is situated in Florida. It is in Lake Worth, Fla., to be exact. It sold investments in platinum, palladium, silver and gold to customers. It used telemarketers to do this. The salespeople claimed that the business would store the physical metals for the consumer and even finance part of the purchase after a significant down payment was made. The business also would give a huge return on the investment. They promised several hundred percent returns. The company gave people short-term loans for investment in very special metals. Still, these metals did not really exist. The business never registered as an investment business with the FTC or CFTC either. The charges against the company contain violations of the Telemarketing and Consumer Fraud and Abuse Prevention Act, also as regulations controlling precious metals. The company's assets have been frozen now.
Costs of precious metals going up
The rise of precious metal prices has brought on there to be several precious metal investment scams. There has been an increase from $1,200 to over $1,500 in the per-ounce price of gold in just the last year. This isn't just for gold. Other precious metals have also been increasing. This is partially because precious metals are often viewed as a "safe haven" when worldwide currencies are weakening. There have been several to warn against getting involved in precious metal investing. They say that it is getting close to bubble status since the costs are far above the "real" value of the metals.
Safeguarding yourself when investing
Investing can be an activity fraught with dangers. There are do-it-yourself investing tools, and also you can purchase precious metals and store them yourself. Make sure whoever you invest with is at the Better Business Bureau. Always check there for information. Any business that can't be verified with the Federal Trade Commission or CFTC should not be invested in.
All about the American Precious Metals LLC case
The American Precious Metals LLC business is situated in Florida. It is in Lake Worth, Fla., to be exact. It sold investments in platinum, palladium, silver and gold to customers. It used telemarketers to do this. The salespeople claimed that the business would store the physical metals for the consumer and even finance part of the purchase after a significant down payment was made. The business also would give a huge return on the investment. They promised several hundred percent returns. The company gave people short-term loans for investment in very special metals. Still, these metals did not really exist. The business never registered as an investment business with the FTC or CFTC either. The charges against the company contain violations of the Telemarketing and Consumer Fraud and Abuse Prevention Act, also as regulations controlling precious metals. The company's assets have been frozen now.
Costs of precious metals going up
The rise of precious metal prices has brought on there to be several precious metal investment scams. There has been an increase from $1,200 to over $1,500 in the per-ounce price of gold in just the last year. This isn't just for gold. Other precious metals have also been increasing. This is partially because precious metals are often viewed as a "safe haven" when worldwide currencies are weakening. There have been several to warn against getting involved in precious metal investing. They say that it is getting close to bubble status since the costs are far above the "real" value of the metals.
Safeguarding yourself when investing
Investing can be an activity fraught with dangers. There are do-it-yourself investing tools, and also you can purchase precious metals and store them yourself. Make sure whoever you invest with is at the Better Business Bureau. Always check there for information. Any business that can't be verified with the Federal Trade Commission or CFTC should not be invested in.
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