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CFTC Charges Florida-Based Amerifirst Management with Massive Precious Metals Scam

July 31st, 2013 | Posted by in Precious Metals

On July 29, 2013, the U.S. Commodity Futures Trading Commission (“CFTC”) charged Florida-based precious metals wholesaler and clearing firm AmeriFirst Management (“AmeriFirst”) and its owners with operating a multi-million dollar fraudulent precious metals scheme.

The CFTC Complaint alleges that AmeriFirst, using a network of over 30 precious metals dealers, solicited investors to finance precious metals transactions whereby the customer was to furnish a cash deposit for a small percentage of the metal in order to secure a loan from the dealer to make up the total metal amount.  The CFTC alleges that AmeriFirst then provided the customer with fraudulent documents confirming that the loan was made and that the metal was allocated in the customer’s name at a metal depository.  However, according to the Complaint, AmeriFirst took the customer’s money but only purchased precious metals for itself.  At no point did the customer actually own, possess, or have title to any of this metal.  AmeriFirst also allegedly charged the customer finance and storage fees even though no metal was actually stored in the customer’s name.  The Complaint alleges that AmeriFirst and its owners took in at least $9.7 million in the scheme.

The CFTC issued a Precious Metals Consumer Fraud Advisory in January 2012 to alert customers to precious metals fraud.  The CFTC specifically warned against companies that fail to purchase precious metals for their customers, and keep the customer funds instead.

Silver Law Group is representing customers involved in precious metals transactions and is attempting to recover their investment losses in legal proceedings.  If you have questions about your legal rights, or have been the victim of investment fraud, please contact Scott Silver of the Silver Law Group for a free consultation at or Toll Free at (800) 975-4345.

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