FTC, CFTC file for closure of, restitution by American Precious Metals

Mineweb reports a U.S. federal judge has shut down precious metals telemarketer American Precious Metals for allegedly bilking consumers out of more than $37 million.

The editorial is quoted as saying,

Both the Federal Trade Commission (FTC) and the Commodity Futures Trading Commission (CFTC) Tuesday filed charges against Florida-based American Precious Metals and its principals, accused of bilking more than $37 million from customers for physical bullion sales, including $23 million through its leveraged precious metals program.

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