For the 3rd time in the last little while, the Commodity Futures Trading Commission has taken action against precious metal investors. The latest company to be shut down is American Precious Metals, LLC. These businesses have been extending Ponzi scheme style investments in precious metals. Gold, silver, palladium, and other precious metals were offered, fraudulently, as investments by these companies. People have invested personal loans just to lose money.
Suit against American Precious Metals LLC taking place
American Precious Metals LLC was a company based in Lake Worth, Florida. Customers were pressured by telemarketers into getting gold, silver, platinum and palladium investments being sold. The salespeople claimed the business would store the physical metals for the customer and even finance part of the purchase after a significant down payment was made. The company also would give a huge return on the investment. They promised several hundred percent returns. The company gave individuals short-term loans for investment in very special metals. Still, these metals didn't really exist. The company also never registered with the FTC or Commodity Futures Trading Commission as an investment business. Regulation on precious metal was not followed by the company. It also violated the Telemarketing and consumer Fraud and Abuse Prevention Act. All the assets of the business have also been frozen.
Rising precious metal prices
Precious metal investment scams have become more prevalent lately. 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 is not just for gold. Other precious metals have also been increasing. This is partially because precious metals are often viewed as a "safe haven" when worldwide currencies are weakening. Some say the costs of precious metals are so far above their "real" value that they're getting close to bubble status.
Invest with some protection
There are several difficulties that can come with investing. There are do-it-yourself investing tools, and you also can purchase precious metals and store them yourself. No matter how you choose to invest, always work with companies that have been vetted by the Better Business Bureau. Do not invest in corporations that you cannot verify. Go to the Federal Trade Commission or CFTC to verify the businesses.
Suit against American Precious Metals LLC taking place
American Precious Metals LLC was a company based in Lake Worth, Florida. Customers were pressured by telemarketers into getting gold, silver, platinum and palladium investments being sold. The salespeople claimed the business would store the physical metals for the customer and even finance part of the purchase after a significant down payment was made. The company also would give a huge return on the investment. They promised several hundred percent returns. The company gave individuals short-term loans for investment in very special metals. Still, these metals didn't really exist. The company also never registered with the FTC or Commodity Futures Trading Commission as an investment business. Regulation on precious metal was not followed by the company. It also violated the Telemarketing and consumer Fraud and Abuse Prevention Act. All the assets of the business have also been frozen.
Rising precious metal prices
Precious metal investment scams have become more prevalent lately. 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 is not just for gold. Other precious metals have also been increasing. This is partially because precious metals are often viewed as a "safe haven" when worldwide currencies are weakening. Some say the costs of precious metals are so far above their "real" value that they're getting close to bubble status.
Invest with some protection
There are several difficulties that can come with investing. There are do-it-yourself investing tools, and you also can purchase precious metals and store them yourself. No matter how you choose to invest, always work with companies that have been vetted by the Better Business Bureau. Do not invest in corporations that you cannot verify. Go to the Federal Trade Commission or CFTC to verify the businesses.
About the Author:
How many times have you needed more info on how to getpayday loans no fees, and resorted to an online search on "instant cash loan?" Your search is over, all of the information you'll need is at MatchFinacial.com!
No comments:
Post a Comment