Page 23 - 期货和衍生品行业监管动态（2023年10月刊）

期货和衍生品行业监管动态

customers to purchase precious metals in self-directed individual retirement accounts,

and misappropriating customer funds and assets.

As the complaint alleges, the defendants received more than $7 million from over

100 people, mainly elderly and retirement-aged, since March 2018 in their ongoing

scheme, and have misappropriated most of those funds, in violation of the Commodity

Exchange Act (CEA) and CFTC regulations.

“This filing is another example of the CFTC working to protect customers from

fraud in the precious metals markets,” said Director of Enforcement Ian McGinley. “As

alleged, the defendants defrauded victims out of their hard-earned retirement savings

with deceptive claims of safe and secure precious metals investments through self-

directed IRA accounts, but in fact, they misappropriated most of the funds. There is no

room in the commodity markets for precious metals dealers who defraud their

customers,” McGinley continued.

CFTC Obtains Statutory Restraining Order

On September 20, U.S. District Judge Sam A. Lindsay entered a statutory

restraining order against the defendants, freezing their assets and giving the CFTC

immediate access to their books and records. In addition, the court scheduled a

preliminary injunction hearing for October 3, 2023 at 2 p.m.

In its continuing litigation, the CFTC seeks restitution to defrauded victims,

disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and

registration bans, and permanent injunctions against further violations of the CEA and

CFTC regulations, as charged.

Case Background

The complaint alleges beginning in March 2018, the defendants targeted elderly

and retirement-aged persons, soliciting them to purchase precious metals from Bright

Future, Oakhurst Metals, or Crown Bullion through self-directed IRA accounts. In their

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