Precious Metals Investment Company In Florida Investigated By Federal Trade Commission
Three separate precious metals investing businesses are being looked into by the Commodity Futures Trading Commission. 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. People have invested personal loans just to lose money.
American Precious Metals LLC lawsuit
In Lake Worth, Fla., there is a company called American Precious Metals LLC. The business used telemarketers to call and pressure customers into purchasing gold, silver, platinum and palladium investments. With a huge down payment, the company would store physical metals and finance the purchase for the consumer. In exchange, the company promised several hundred percent returns on the customer's investment. The business offered short-term loans for investments in precious metals that never really existed in the company though. The business also never registered with the FTC or CFTC as an investment business. The company violated the Telemarketing and Consumer Fraud and Abuse Prevention Act and did not follow precious metal regulation. Now the business doesn't have access to its assets. They were all frozen.
Precious metals costing more
Precious metal investment scams have become more prevalent lately. This is because there has been an increase in the precious metals price tags. There has been a huge increase in gold prices in the last year. They have gone to over $1,500 from being at $1,200. This is not just for gold. Other precious metals have also been increasing. Some of this increase is from the truth that precious metals are considered a "safe haven." You can never go wrong investing in it. Some industry watchers have warned that gold and precious metals are getting close to bubble status, with prices that have expanded beyond their "real" value.
Guarding yourself when investing
Investing can be an activity fraught with dangers. Investing tools simply do not exist. If you would like to invest in precious metal, purchase it and store it without help from any person. Go to the Better Business Bureau if you are going to invest, not matter how you do it. You need to also never invest in any precious metals business that you cannot independently verify with the FTC or Commodity Futures Trading Commission.
American Precious Metals LLC lawsuit
In Lake Worth, Fla., there is a company called American Precious Metals LLC. The business used telemarketers to call and pressure customers into purchasing gold, silver, platinum and palladium investments. With a huge down payment, the company would store physical metals and finance the purchase for the consumer. In exchange, the company promised several hundred percent returns on the customer's investment. The business offered short-term loans for investments in precious metals that never really existed in the company though. The business also never registered with the FTC or CFTC as an investment business. The company violated the Telemarketing and Consumer Fraud and Abuse Prevention Act and did not follow precious metal regulation. Now the business doesn't have access to its assets. They were all frozen.
Precious metals costing more
Precious metal investment scams have become more prevalent lately. This is because there has been an increase in the precious metals price tags. There has been a huge increase in gold prices in the last year. They have gone to over $1,500 from being at $1,200. This is not just for gold. Other precious metals have also been increasing. Some of this increase is from the truth that precious metals are considered a "safe haven." You can never go wrong investing in it. Some industry watchers have warned that gold and precious metals are getting close to bubble status, with prices that have expanded beyond their "real" value.
Guarding yourself when investing
Investing can be an activity fraught with dangers. Investing tools simply do not exist. If you would like to invest in precious metal, purchase it and store it without help from any person. Go to the Better Business Bureau if you are going to invest, not matter how you do it. You need to 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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