Reported by Reuters

The Commodity Futures Trading Commission (CFTC) on Tuesday filed a civil enforcement action against Fisher Capital and its owner, Alexander Spellane, alleging it perpetrated a precious metals investment fraud targeting older adults.

The Los Angeles-based dealer of precious metals defrauded “hundreds of elderly persons into investing more than $30 million in gold and silver coins worth far less than the defendants led victims to believe,” the agency said.

The CFTC said Fisher Capital and Spellane used high-pressure sales pitches over the telephone to instill fear about the safety of traditional retirement and savings accounts, and deceived victims into purchasing grossly overpriced precious metals.

Read full report: https://finance.yahoo.com/news/us-cftc-charges-fisher-capital-043229021.html