CFTC Settles Leveraged Precious Metals Suit for $38M in Restitution and Penalties [Impacting Seniors]
In an article published on March 8, 2023, in the Daily Business Review, Aaron Cohn explains a significant national settlement providing millions in restitution to victims of a leveraged precious metals trading program.
“Unfortunately, way too often, the victims in these schemes are unsophisticated investors, seniors and others seeking preservation of capital, who put their trust in someone presenting themselves as a professional,” said Cohn. “The CFTC has been working to shut down the remaining unlawful leveraged precious metals programs for a while.”
The case weas between the Commodity Futures Trading Commission (CFTC) and Monex Deposit Co. in a matter where precious metals were sold but did not meet the legal threshold of “actual delivery.” Monex was ordered to pay $33 million in restitution to victims and $5 million in penalties.
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