CFTC Orders Metals Cos. To Pay $4.7M Over Fraudulent Sales

Law360, Miami (July 29, 2013, 6:06 PM EDT) -- The U.S. Commodity Futures Trading Commission issued an order Monday filing and settling charges against two Miami companies and their owner for conducting fraudulent off-exchange financed transactions in precious metals with retail customers, and imposing a combined $4.7 million in penalties.

Pan American Metals of Miami LLC, Pan American Metals of Miami Beach Inc., and owner and principal William J. Hionas were charged for engaging in the illegal dealings between July 2011 and at least April 2012, in violation of the Dodd-Frank Wall Street and Consumer...
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