Idaho regulators join civil enforcement action
BOISE, Idaho (KIFI) - The Idaho Department of Finance (IDOF) is joining other state regulators and the Commodity Futures Commission in a civil enforcement action involving 1,600 investors and more than $185 million in customer funds.
The case involves Metals.com, Tower Equity, Chase Metals, Barrick Capital, and other associated parties, accused of perpetuating a fraudulent precious metals investment scheme.
An injunction and restraining order filed with the U.S. District Court for the Northern District of Texas froze the assets of the defendants and named a received to oversee them.
“State securities regulators continue to fight to protect senior citizens and other victims,” said Patricia R. Perkins, the Director of the Idaho Department of Finance. “We are committed to holding bad actors accountable for their actions and pursuing relief for victims of illegal scams. We are therefore encouraging defrauded clients to promptly begin working with the Receiver to request a return of available funds by submitting their claims.” In the coming months, the IDOF said the Receiver will submit claims to the court for approval to begin distributing remaining money to defrauded clients.
Defrauded clients must complete and return their claims to request a return of the remaining available money by April 30, 2021.
The Receiver also maintains a website to provide information about the claims process. Idahoans may also contact the Idaho Department of Finance for more information.
