United States - FTC Action Results in $24 Million Settlement with Precious Metals Dealers

The promoters of a bogus investment scheme have agreed to a  $24 million settlement to resolve FTC charges that they conned consumers into buying precious metals on credit without clearly disclosing significant costs and risks. Under the settlement agreements, all of the defendants are permanently banned from marketing any investment opportunities, and one of them is banned from marketing precious metals investments. In addition, each of them is permanently prohibited from misrepresenting or failing to disclose material terms about any goods or services they offer consumers in the future. They are also barred from disclosing or otherwise benefiting from customers' personal information, and from failing to dispose of this information properly.