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The CFTC has sued Hunter Wise Commodities Article

February 5th, 2013 | Posted by in Precious Metals

The CFTC has sued Hunter Wise Commodities and four other companies for their alleged involvement in a multi-million dollar Ponzi scheme. The lawsuit alleges that since July 2011, Hunter Wise, the “orchestrator” of the fraud, has taken over $46 million from customers who invested in precious metals.

According to the lawsuit, the defendants allegedly lured customers into buying precious metals such as gold, silver, platinum, and copper although the defendants did not own any metals. The lawsuit also alleges that the customers were deceived into believing that if they put a 25% down payment towards the purchase price of certain precious metals, Hunter Wise would extend the investors a loan and keep their precious metals in a secure depository. Hunter Wise also allegedly charged investors storage and insurance fees on metals that never existed and charged interest on loans that did not exist. The transactions were merely paper transactions that were not backed by the precious metals that could have legitimized them.

If you have been the victim of investment fraud, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.comor toll free at (800) 975-4345.

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