Precious metals company to refund more than $10 million to Texas investors in settlement with state
A precious metals company that's accused of scamming older Texans has agreed to refund millions of dollars as part of a settlement with the Texas State Securities Board, according to an order issued Monday.
Metals.com will reimburse 84 Texas investors, but the company is not admitting fault in the settlement. The total in refunds is expected to total more than $10 million but could be higher if additional people come forward, the state securities board said.
"I would not be surprised if it's significantly more," enforcement director Joe Rotunda said. He said some Texans invested as much as $1 million with the firm.
Metals.com and its employees are not registered with the state or the Securities and Exchange Commission to provide investment advice, Rotunda said. As part of the settlement, the company agreed to not act as an investment adviser in Texas, according to the signed order. It can continue to sell precious metals.
Read more: https://www.dallasnews.com/business/economy/2019/07/01/precious-metals-company-refund-10-million-texas-investors-settlement-state
