CFTC Says Fla. Co. Made $73M In Bogus Metals Transactions

Law360, New York (August 13, 2013, 7:13 PM EDT) -- The U.S. Commodity Futures Trading Commission charged a Florida company on Tuesday with orchestrating a scheme to take in $73 million by defrauding customers through illegal off-market precious metals transactions.

In a complaint before the U.S. District Court for the Southern District of Florida, the agency alleges that Worth Group Inc. and its principals claimed to sell gold, silver, platinum, and other precious metals to consumers nationwide, but failed to deliver the metals and instead used the funds to purchase metals derivatives via Worth-owned accounts....
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