DENVER —The Colorado Division of Securities (the “Division”), other state regulators, and the Commodity Futures Trading Commission (CFTC) recently filed a joint civil enforcement action against Metals.com, Tower Equity, Chase Metals, Barrick Capital and other associated parties. The defendants are accused of perpetrating a fraudulent precious metals investment scheme allegedly involving 1600 investors and more than $185 million in customer funds.
The United States District Court for the Northern District of Texas entered an injunction and a restraining order freezing the assets of the defendants. It also appointed Kelly Crawford as Receiver – an official responsible for taking control of the assets of the defendants and distributing funds back to defrauded investors.
The Receiver will begin administering the claims process and returning money to defrauded investors. As part of the process, the defrauded investors must complete and return their investor confirmation forms to the Receiver to participate in the claims process and request a return of money. THE DEADLINE TO RETURN THE INVESTOR CONFIRMATION FORM IS APRIL 30, 2021.
“The Colorado Division of Securities is committed to holding bad actors accountable and pursuing relief for Coloradans who have been defrauded,” said Colorado Securities Commissioner Tung Chan. “We encourage all investors defrauded by this scam to promptly contact the Receiver and complete the confirmation form to request a return of funds before the April 30th deadline.”
Defrauded investors should direct questions about the claims process to the Receiver. Contact the Receiver by electronic mail at firstname.lastname@example.org or by telephone at 214-706-4213. The Receiver also maintains a website that provides information about the claims process at https://www.metalsandbarrickcapitalreceivership.com.
You can find a copy of the Investor Confirmation Form along with additional information at the Division’s website at https://securities.colorado.gov/metalscom-claims-process. The Division can be reached by telephone at 303-894-2320 or electronic mail at dora_SecuritiesWebsite@state.co.us.
About the Division of Securities:
The Division of Securities exists to protect investors and maintain confidence in the securities market, while avoiding unreasonable burdens on the marketplace by licensing securities professionals, enforcing securities law violations, and helping Coloradans become more informed investors.