10:33:00
The CFTC, a part of the Federal Trade Commission, is taking action against three separate businesses. Lawsuits has been filed and announced in the last few days. American Precious Metals, LLC is the latest company to be shut down in this review of precious metal investments. These companies have been extending Ponzi scheme style investments in precious metals. Gold, silver, palladium, and other precious metals were offered, fraudulently, as investments by these corporations. Individuals have invested personal loans just to lose money.
American Precious Metals LLC lawsuit
The American Precious Metals LLC company is based in Florida. It is in Lake Worth, Fla., to be exact. The business used telemarketers to call and pressure consumers into purchasing gold, silver, platinum and palladium investments. The consumer could get financing from the business, according to the salespeople, and would get the physical metals stored also. A huge down payment was required though. The company also would give a huge return on the investment. They promised several hundred percent returns. The business gave individuals short-term loans for investment in very special metals. Still, these metals didn't really exist. Investment companies have to register with the Federal Trade Commission or CFTC. The business did not do so. Regulation on precious metal was not followed by the business. It also violated the Telemarketing and customer Fraud and Abuse Prevention Act. All the assets of the business have also been frozen.
Rising precious metal costs
The rise of precious metal prices has brought on there to be several precious metal investment scams. There has been a huge increase in gold prices in the last year. They have gone to over $1,500 from being at $1,200. This is not 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.
Do not invest in the wrong thing
Investing could be an activity fraught with dangers. There are do-it-yourself investing tools, and you also can purchase precious metals and store them yourself. Regardless how you choose to invest, always work with corporations that have been vetted by the Better Business Bureau. You should also never invest in any precious metals company that you cannot independently verify with the Federal Trade Commission or CFTC.
American Precious Metals LLC lawsuit
The American Precious Metals LLC company is based in Florida. It is in Lake Worth, Fla., to be exact. The business used telemarketers to call and pressure consumers into purchasing gold, silver, platinum and palladium investments. The consumer could get financing from the business, according to the salespeople, and would get the physical metals stored also. A huge down payment was required though. The company also would give a huge return on the investment. They promised several hundred percent returns. The business gave individuals short-term loans for investment in very special metals. Still, these metals didn't really exist. Investment companies have to register with the Federal Trade Commission or CFTC. The business did not do so. Regulation on precious metal was not followed by the business. It also violated the Telemarketing and customer Fraud and Abuse Prevention Act. All the assets of the business have also been frozen.
Rising precious metal costs
The rise of precious metal prices has brought on there to be several precious metal investment scams. There has been a huge increase in gold prices in the last year. They have gone to over $1,500 from being at $1,200. This is not 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.
Do not invest in the wrong thing
Investing could be an activity fraught with dangers. There are do-it-yourself investing tools, and you also can purchase precious metals and store them yourself. Regardless how you choose to invest, always work with corporations that have been vetted by the Better Business Bureau. You should also never invest in any precious metals company that you cannot independently verify with the Federal Trade Commission or CFTC.
About the Author:
How often have you wanted addiitional information on tips to get a payday loan by phone, and resorted to a web search on "payday loans?" Your search is over, all of the details you need is at http://MatchFinancial.com!
0 comments:
Post a Comment