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RECENT NEWS

Silver Law Group Files Lawsuit against Amerifirst Trading, Worth Group, WorldPMX, Sean McCabe and C. Leo Smith for the Misleading Sale of Precious Metals

May 24th, 2013 | Posted by in Precious Metals

Silver Law Group is pursuing claims against multiple precious metals firms for selling precious metals (gold, silver, platinum, palladium, etc.), using false and misleading claims of easy profits with little risk, which actually expose investors to excessive fees and commissions.  Silver Law Group recently filed on behalf of two investors a federal court action against:

  • WorldPMX, Inc. (“WorldPMX”), a South Florida-based precious metals broker-dealer which is owned and operated by Sean McCabe and which allegedly handles precious metals transactions for individual investors,
  • Amerifirst Trading Corp. (“Amerifirst”), another South Florida-based entity which is owned and operated by C. Leo Smith, and
  • Worth Group, Inc. (“Worth Group”), which acted as both the clearing firm through which WorldPMX funneled its precious metals transactions and as the back room operators of WorldPMX.

According to the Complaint, utilizing deceptive and misleading tactics, WorldPMX, Amerifirst, and Worth Group avoid revealing to each customer that over 45 percent of the money the customer pays to these companies is generally used to pay fees and commissions.  The CFTC recently warned investors that firms have charged phony interest and fees that diminish account equity — charges that can easily eliminate an investor’s ability to profit or simply break-even on such investments.

In the lawsuit, the plaintiffs allege WorldPMX, Amerifirst, and Worth Group pitched their precious metal products as safe investments assuring substantial returns and little risk of loss of the investors’ principal.  In fact, WorldPMX does not deal in physical metals.  Despite assurances to clients to the contrary, they do not store physical metals for or on behalf of customers.  The Complaint alleges the Defendants charge customers exorbitant and deceptive fees and commissions for purchasing metal and for financing loans to buy precious metals, all of which are paper transactions.

Silver Law Group is representing customers involved in precious metals transactions and is attempting to recover their investment losses in legal proceedings.  For information regarding our firm, please visit www.silverlaw.com.  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 ssilver@silverlaw.com or Toll Free at (800) 975-4345.

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