CFTC Says Fla. Precious Metals Co. Ran Ponzi Scheme

Law360 (July 16, 2020, 9:29 PM EDT) -- The Commodity Futures Trading Commission on Thursday sued a now-defunct company that claimed to invest in leveraged precious metals, accusing it of swindling customers out of nearly $900,000 in a Ponzi-style scheme in which company executives pocketed the money.

The commission said in a Florida federal court complaint that Alista Group LLC and three men running the company set up an aggressive campaign that involved cold-calling potential customers and encouraging them to invest in leveraged precious metals. That effort brought in $890,500 from 19 customers, according to the complaint.

But instead of investing that money in customer accounts, the Alista trio set...

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