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Phone: (212) 618-1622
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Phone: (561) 665-8613
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RECENT NEWS

Precious Metals

Silver Law Group is representing customers in claims against commodities firms, physical precious metals companies, and brokerage firms for the improper sale of physical precious metal and the sale of securities, futures and options tied to the value of precious metals. Commercials and advertising appear to be at an all-time high providing investors with multiple options to invest in precious metals. Fraudsters have taken advantage by using improper sales tactics to induce investors in various trading programs, frequently without discussing the fees, costs, commissions or risks associated with these products.

The North American Securities Administrators Association (NASAA) and the United States Commodity Futures Trading Commission (CFTC) have cautioned investors of the risks involved when investing in precious metals including gold, silver, and platinum. Several precious metal firms have been the subject of criminal and civil enforcement actions for selling physical precious metals using misrepresentations and boiler-room tactics.

NASAA released a list of the top investor threats and listed gold and other precious metals as persistent threats. NASAA cautioned that precious metal investments are just as vulnerable and risky as any other investment and warn that the gold promised to be held in safe keeping often does not exist. Many of these firms are located in Florida, New York, and California and prey on investors’ fears using cold call operations of the internet to find investors.

The CFTC also released a Commission Advisory alerting investors to beware of companies promising that an investment in precious metals will return big profits with little risk. The CFTC also informed investors that such pitches often “charge phony storage fees,” “fraudulently fail to disclose how much the price of metal must go up for the customer to break even,” and “lie about or overstate their ability to predict prices.”

Silver Law Group has substantial experience in representing investors’ interests against precious metal shops, brokerage firms, and other financial professionals for misconduct relating to the sale of physical precious metal or securities tied to the value of different precious metals. If you have questions about your legal rights, contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or
toll free at (800) 975-4345.