AG Paxton Sues Precious Metals IRA and Bullion Coin Scheme that defrauded senior investors of over $185 Million
Attorney General Ken Paxton and the Texas State Securities Board joined the Commodity Futures Trading Commission and 29 other states to prevent Metals.com, Chase Metal, Barrick Capital, and others from continuing to defraud elderly people across the United States by convincing them to convert their retirement savings into precious metals. Documents provided to purchasers contained blatant misrepresentations, grossly inflating the true value of the metals. Senior citizens across the nation suffered substantial losses of their retirement savings by relying on these misrepresentations.
“I will not stand by as these companies use deceptive tactics and underhanded attempts to siphon cash from Texans who seek only to wisely invest their hard-earned retirement savings. The abuse of hardworking Texans, particularly senior citizens who look forward to a secure retirement, cannot be allowed to continue,” said Attorney General Paxton. “Companies that take advantage of Texans will be held accountable.”
Despite a 2019 agreement to refund 84 Texas investors and strengthen company compliance and training, these companies continued to defraud its investors. Today’s action requests that the Court order the companies to cease sales activity, return money to the defrauded investors, never again violate state and federal consumer protection laws, and appoint a receiver to take over the companies.