Federal Court in Florida Imposes Over
The Supplemental Order was entered on
According to the Consent Order, Defendants operated an illegal, off-exchange precious metals scheme and made numerous fraudulent misrepresentations, false reports, and statements in connection with the scheme.
Furthermore, the Consent Order, which incorporates the Complaint, finds that AmeriFirst was a purported precious metals clearing and financing firm for precious metals dealers and that AmeriFirst used a network of dealers to solicit retail customers to invest in financed, precious metals transactions. Defendants created documents related to such transactions, such as trade confirmations and account statements, with misrepresentations designed to mislead customers, including (1) the customer bought, and the dealer sold, precious metals, (2) the dealer held the precious metals on behalf of the customer, and (3) the customer received, and the dealer made, a loan so that the customer could purchase precious metal on finance. These representations were false, the Consent Order finds, as the dealer did not sell metal to the customer, did not store metal for the customer, and did not provide a loan to the customer. Likewise, AmeriFirst did not sell metal to the customer; did not store metal for the customer; and did not provide a loan to the customer.
The Defendants' scheme lasted from at least
The CFTC cautions victims that restitution orders may not result in the recovery of money lost because the wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable.
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