Home » DFI issues order to protect public from precious metals fraud

DFI issues order to protect public from precious metals fraud

FRANKFORT, Ky. — On Sept. 6, the Kentucky Department of Financial Institutions (DFI) issued an emergency cease and desist order against TMTE Inc., also referred to as Metals.com, and affiliated parties.

The Order directs TMTE, a Wyoming corporation that sells precious metals through its website and phone solicitations, to immediately discontinue acting as an unregistered broker-dealer and investment adviser. It also requires TMTE, to cease and desist from engaging in fraudulent misrepresentations and omissions of material facts in its public communications and interactions with potential investors.

As set forth in the order, Metals.com and its agents have been persuading investors, many over the age of 60, to sell their currently held securities to fund the purchase of precious metals through its company. In addition to Metals.com, TMTE, also does business as Chase Metals LLC and Chase Metals Inc. The order also names company representatives Mark Benning, Matthew Joel, Sean Regan, and Anthony Bowers as individual respondents.

“DFI’s Securities Division is dedicated to providing reasonable regulation and consumer protection for the citizens of the Commonwealth. This action is an example of the Department’s effort to prevent and prosecute financial fraud,” said DFI Deputy Commissioner Marni Gibson. “DFI urges investors to ask questions and to conduct thorough research prior to making an investment with a company.”