Precious Metal Marketers Agree to $4.7M FTC Settlement

Law360, New York (August 22, 2013, 6:02 PM EDT) -- The Federal Trade Commission said Thursday that Florida telemarketers behind an allegedly fraudulent investment scheme used to con nearly $5 million from elderly consumers have been banned from selling precious metals and fined $4.7 million.

Matthew Meyer and Francis Zofay, who allegedly owned and operated Boca Raton, Fla.-based Sterling Precious Metals LLC, sold precious metals to consumers nationwide through an investment scheme in which telemarketers would promise consumers, including senior citizens and retirees investing their retirement savings, that they could earn large profits quickly and safely...
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