DCCA News Release: HAWAII INVESTORS IN $185M ALLEGED PRECIOUS METALS SCHEME URGED TO FILE CLAIMS TO RECOVER FUNDSPosted on Mar 15, 2021 in Latest Department News, Newsroom
HONOLULU — The state Department of Commerce and Consumer Affairs’ (DCCA) Securities Enforcement Branch urges Hawaii investors victimized in an alleged $185 million precious metals investment scheme targeting the elderly to immediately file a claim with the court-appointed receiver. The department, with the Commodity Futures Trading Commission and other state regulators, filed a joint civil enforcement action against Metals.com, Tower Equity, Chase Metals, Barrick Capital and other associated parties last September. The complaint alleges the defendants deceived customers into purchasing precious metals bullion at grossly inflated prices, and falsely claimed they were rare and carried a premium far above the base melt value.
The United States District Court for the Northern District of Texas entered an injunction and a restraining order freezing the assets of the defendants. It also appointed Kelly Crawford as Receiver – an official responsible for marshalling assets of the defendants for the benefit of defrauded clients.
The Receiver will begin administering the claims process and returning money to defrauded clients. As part of the process, he will be sending correspondence, instructions and a claims form. Defrauded clients must complete and return their claims forms to the Receiver to participate in the claims process and request a return of money. The deadline to return the claim form is April 30, 2021.
“State securities regulators continue to fight to protect senior citizens and other victims,” said Securities Commissioner Ty Nohara. “We are committed to holding bad actors accountable for their actions and pursuing relief for victims of illegal scams. We encourage defrauded clients to promptly begin working with the Receiver to request a return of funds.”
Defrauded clients should direct questions about the claims process to the Receiver. They can contact the Receiver by electronic mail at [email protected]
or by telephone at (214) 706-4213. The Receiver also maintains a website that provides information about the claims process, and it is accessible at https://www.metalsandbarrickcapitalreceivership.com.
The DCCA’s Securities Enforcement Branch is also available to provide additional information and explanation relating to the allegations of fraud, the lawsuit, the receivership, and the claims process. The DCCA’s Securities Enforcement Branch can be reached by telephone at (808) 586-2740 or electronic mail at [email protected].
“State securities regulators are committed to making sure that any available funds are distributed to the victims,” said Commissioner Nohara. “My office stands ready to assist defrauded investors as they navigate the claims process and request a return of money.”
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Department of Commerce and Consumer Affairs
Email: [email protected]
Phone: (808) 586-7582