The CFTC, a part of the Federal Trade Commission, is taking action against 3 different businesses. Lawsuits has been filed and declared in the last few days. American Precious Metals, LLC is the latest company to be shut down in this review of precious metal investments. Companies have been offering fraudulent investments in gold, silver and other precious metals. Individuals have invested personal loans just to lose money.
Suit against American Precious Metals LLC happening
The American Precious Metals LLC business is based in Florida. It is in Lake Worth, Fla., to be exact. It sold investments in platinum, palladium, silver and gold to consumers. It used telemarketers to do this. 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 customer would get a several hundred percent return on the investment from the company though. The business offered short-term loans for investments in precious metals that never really existed in the business though. The company never registered as an investment business with the Federal Trade Commission or CFTC either. The charges against the company consist of violations of the Telemarketing and Consumer Fraud and Abuse Prevention Act, also as regulations controlling precious metals. The company's assets have been frozen now.
The cost of precious metals
The increasing number of fraudulent precious metals investment scams has been boosted by the quickly rising price of most precious metals. 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. Silver and other precious metals have experienced a similar price jump. Some of this increase is from the fact that precious metals are considered a "safe haven." You are able to never go wrong investing in it. Some industry watchers have warned that gold and precious metals are getting close to bubble status, with costs that have expanded beyond their "real" value.
Do not invest in the wrong thing
Investing is not always safe. It can be dangerous in fact. You are able to get your own precious metals and store them. Make sure whoever you invest with is at the Better Business Bureau. Always check there for information. You should also never invest in any precious metals business that you cannot independently verify with the FTC or Commodity Futures Trading Commission.
Suit against American Precious Metals LLC happening
The American Precious Metals LLC business is based in Florida. It is in Lake Worth, Fla., to be exact. It sold investments in platinum, palladium, silver and gold to consumers. It used telemarketers to do this. 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 customer would get a several hundred percent return on the investment from the company though. The business offered short-term loans for investments in precious metals that never really existed in the business though. The company never registered as an investment business with the Federal Trade Commission or CFTC either. The charges against the company consist of violations of the Telemarketing and Consumer Fraud and Abuse Prevention Act, also as regulations controlling precious metals. The company's assets have been frozen now.
The cost of precious metals
The increasing number of fraudulent precious metals investment scams has been boosted by the quickly rising price of most precious metals. 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. Silver and other precious metals have experienced a similar price jump. Some of this increase is from the fact that precious metals are considered a "safe haven." You are able to never go wrong investing in it. Some industry watchers have warned that gold and precious metals are getting close to bubble status, with costs that have expanded beyond their "real" value.
Do not invest in the wrong thing
Investing is not always safe. It can be dangerous in fact. You are able to get your own precious metals and store them. Make sure whoever you invest with is at the Better Business Bureau. Always check there for information. You should also never invest in any precious metals business that you cannot independently verify with the FTC or Commodity Futures Trading Commission.
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