The Commodity Futures Trading Commission, a part of the Federal Trade Commission, is taking action against three different companies. Lawsuits has been filed and declared in the last few days. American Precious Metals, LLC is the latest business to be shut down in this review of precious metal investments. Companies have been guaranteeing fraudulent investments in gold, silver and other precious metals. Individuals have invested personal loans just to lose money.
American Precious Metals LLC lawsuit
American Precious Metals LLC was a business based in Lake Worth, Florida. Consumers were pressured by telemarketers into purchasing gold, silver, platinum and palladium investments being sold. The salespeople claimed that the company would store the physical metals for the consumer and even finance part of the purchase after a significant down payment was made. The business also would give a huge return on the investment. They promised several hundred percent returns. The business offered short-term loans for investments in precious metals that never really existed in the company though. Investment businesses have to register with the FTC or Commodity Futures Trading Commission. The business didn't do so. Regulation on precious metal was not followed by the company. It also violated the Telemarketing and customer Fraud and Abuse Prevention Act. The company's assets have been frozen now.
Precious metals costing more
Precious metal investment scams have become more prevalent recently. This is because there has been an increase in the precious metals price tags. There has been a huge increase in gold costs in the last year. They have gone to over $1,500 from being at $1,200. This isn't just for gold. Other precious metals have also been increasing. Most precious metals are considered a "safe haven" for investments, which could cause some of this. 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 prices are far above the "real" value of the metals.
Invest wisely
Investing can be an activity fraught with dangers. Investing tools simply do not exist. If you need to invest in precious metal, purchase it and store it without help from everyone. Regardless how you choose to invest, always work with businesses that have been vetted by the Better Business Bureau. Do not invest in businesses that you can't verify. Go to the FTC or Commodity Futures Trading Commission to verify the corporations.
American Precious Metals LLC lawsuit
American Precious Metals LLC was a business based in Lake Worth, Florida. Consumers were pressured by telemarketers into purchasing gold, silver, platinum and palladium investments being sold. The salespeople claimed that the company would store the physical metals for the consumer and even finance part of the purchase after a significant down payment was made. The business also would give a huge return on the investment. They promised several hundred percent returns. The business offered short-term loans for investments in precious metals that never really existed in the company though. Investment businesses have to register with the FTC or Commodity Futures Trading Commission. The business didn't do so. Regulation on precious metal was not followed by the company. It also violated the Telemarketing and customer Fraud and Abuse Prevention Act. The company's assets have been frozen now.
Precious metals costing more
Precious metal investment scams have become more prevalent recently. This is because there has been an increase in the precious metals price tags. There has been a huge increase in gold costs in the last year. They have gone to over $1,500 from being at $1,200. This isn't just for gold. Other precious metals have also been increasing. Most precious metals are considered a "safe haven" for investments, which could cause some of this. 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 prices are far above the "real" value of the metals.
Invest wisely
Investing can be an activity fraught with dangers. Investing tools simply do not exist. If you need to invest in precious metal, purchase it and store it without help from everyone. Regardless how you choose to invest, always work with businesses that have been vetted by the Better Business Bureau. Do not invest in businesses that you can't verify. Go to the FTC or Commodity Futures Trading Commission to verify the corporations.
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