Seven state securities regulators have taken action against Metals.com, a Beverly Hills, Calif.-based firm accused by multiple states of targeting older individuals to convince them to liquidate securities held with registered investment firms and use the proceeds to buy precious metals.
Two states, Texas and Colorado, reached agreements in which Metals.com is offering full rescission to residents in those states who purchased precious metals and opened a self-directed Individual Retirement Account for the assets.
May 1 Emergency Cease and Desist Order entered against TMTE Inc., known as Metals.com, two senior executives, and a saleswoman
May 7 Securities Commissioner Travis J. Iles denies May 6 request by Metals.com to stay the emergency order
May 14 State Office of Administrative Hearings sets Aug. 28-29 to hear Metals.com’s challenge to the order
July 1 Metals.com agrees to Order with rescission offer to 84 Texas investors and to strengthen company compliance and training
July 12 Colorado Securities Commissioner issues Consent Cease and Desist Order naming Metals.com, TMTE Inc., Chase Metals, and Access Unlimited Inc.
July 30 Georgia Commissioner of Securities enters Emergency Cease and Desist Order against Metals.com, Walter Vera, Athena Hunter, and Samara Mills, and levies a $500,000 fine against the named parties
Aug. 8 Alabama Securities Commission enters Cease and Desist Order against TMTE Inc., Metals.com, Chase Metals, and four agents of Metals.com
Sept. 6 Kentucky Department of Financial Institutions enters Emergency Cease and Desist Order against TMTE Inc., Metals.com, Chase Metals, and four sales representatives of Metals.com
Nov. 1 Missouri Commissioner of Securities enters Cease and Desist Order against TMTE Inc., Metals.com, and Walter Vera for allegedly misleading 13 Missouri residents into investing $1.4 million in gold and silver. Vera and Metals.com ordered to show cause why they should not have to pay restitution plus interest, civil penalties, and investigation costs of $1.4 million.
Dec. 3 The Enforcement Division of the Massachusetts Securities Division filed an administrative complaint against TMTE Inc. a/k/a Metals.com, Chase Metals LLC, TEM Inc., and Access Unlimited LLC for acting as an unregistered investment adviser and engaging in fraud in connection with the sale of gold and silver coins to Massachusetts residents.