Global Precious Metals Trading Company fraud

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The U.S. Commodity Futures Trading Commission sued a Florida-based precious metals firm and its owner, saying the two committed fraud when they accepted more than $800,000 from about nine U.S. customers and misappropriated nearly all the money, the CFTC said late Monday.

The agency said it filed a civil injunctive enforcement action in the U.S. District Court for the Southern District of Florida on Monday against Global Precious Metals Trading Company, LLC of Coral Gables, Florida, and its owner Michael Ghaemi, who resides in Miami, Fla. The CFTC said that since July 2011, Global Precious Metals Trading Company and Ghaemi “solicited and accepted more than $800,000 from approximately nine U.S. customers in connection with illegal off-exchange retail commodity transactions and then misappropriated virtually all of the customers’ funds.”
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More: http://www.kitco.com/reports/KitcoNews20130514DeC_1.html

Get a rope. :judge:
 
Everywhere you turn there is always somebody happy to relieve you of the burden of having money.
 
Yes, but it's example # 23423432 of why taking delivery of physical gold is a good idea.
 
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