Category Archives: Precious Metals

Texas Securities Regulators Require Metals.Com to Refund $10M

July 2019-Austin, Texas

The Texas State Securities Board (TSSB) issued a news release announcing that Metals.Com, has agreed to offer a full refund to some 84 Texas investors.

According to the release Metals.Com cold called Texas residents, mostly individuals age 65 to 90,  and told them that their money was not safe with conventional registered brokers in order to get them to move their funds into precious metals. The total amount to be refunded may exceed $10 million.

An 80 year old Dallas was convinced to move $850,000 of retirement assets from an IRA into precious metals sold by Metals.Com, according to the TSSB.

The order issued by TSSB requires Metals.Com to repay the full amount invested by the Texas victims.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

South Florida Men Named in Alleged Commodities Scam by Regulators

September 17, 2015

The U S Commodity Futures Trading Commission (CFTC) announced  the filing of an enforcement action in US District Court for the Southern District of Florida against:

  • Mintco LLC of Delray Beach, FL
  • Stuart Rubin of Ft. Lauderdale, FL
  • Richard Q. Zimmerman of Wellington, FL

The CFTC alleges in their complaint that since July 2011, Mintco, Rubin and Zimmerman have unlawfully solicited sales of precious metals such as gold, silver, platinum and palladium, from low net worth individuals using the Mintco website and cold calling.

According to the complaint, Mintco charged commissions and fees as high as 37.5% of the investment and failed to inform customers that in excess of 80% of customers failed to earn a profit on their investments.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Boynton Beach, FL Resident Pleads Guilty in Precious Metal Fraud Scheme

June 17, 2015-Palm Beach County Florida

Jeffrey Schuler, 54, of Boynton Beach, Florida pled guilty to one count of wire fraud, in connection with the operation of Fort Lauderdale based Liberty International Financial Services, which he operated with Christopher Anzalone.

Liberty employed brokers that solicited investors nationwide to purchase precious metals, such as gold, silver and palladium. Schuler falsely represented to the brokers that he was actually making precious metal trades for investors. In reality, few trades were made. Of the $4 million raised from investors, less that $200,000 was actually invested in precious metals.

Instead, according to the FBI press release, money was paid old investors (ponzi scheme) and to fund a substantial salary to Schuler.

He faces up to 20 years. Sentencing is scheduled for August 25, 2015.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Joseph P. Tufo Arrested on Alabama Securities Fraud Charges

December 23, 2014-Montgomery, Alabama

Robert Broussard, District Attorney for Madison County, Alabama and Joseph Borg, Alabama Securities Commissioner announced the arrest of Joseph P. Tufo of Concord, California for violations of the Alabama Securities Act.

Tufo is being held on a $60,000 bond and faces 20 years imprisonment for allegedly operating a unlawful trading in a gold commodities buy/sell/trade program.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

First Allied Securities Broker Herbert Kaye Sanctioned by Securities Regulator for Churning Account

September 15, 2014-Delray Beach, Florida-Herbert Leonard Kaye agreed to a fine of $25,000 and a four month suspension to resolve FINRA allegations that he made discretionary trades in a customer’s account without the customer’s prior written approval.

According to the FINRA findings, Kaye traded the account of a 73 year old widow, exercising discretion on over 2,000 trades in equities and exchange traded funds (ETFs), earning commissions and fees of $173,000.

In addition, FINRA found that Kaye recommended that the customer  invest $1.1 million, which was 36% of the account value, in gold and silver investments which resulted in a loss of $620,000. FINRA found this recommendation not suitable in light of the customer’s stated risk tolerance and investment objectives.

FINRA records indicate Kaye is not currently registered. He was previously registered with First Allied Securities from 5/2008-6/2013 .

Rex Securities Law , located in Boca Raton, FL, provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

561 391 1900