CFTC says 12 firms sell phantom metals

[jeff of pa]

The CFTC is cracking down on firms playing up demand for metals during these uncertain economic times.
The U.S. Commodity Futures Trading Commission announced Wednesday, it filed a civil injunctive enforcement action in the U.S. District Court for the Southern District of Florida against 12 firms and their executives for fraudulently marketing illegal, off exchange retail commodity contracts.
The firms and individuals are: Hunter Wise Commodities, LLC; Hunter Wise Services, LLC; Hunter Wise Credit, LLC; Hunter Wise Trading, LLC; Lloyds Commodities, LLC; Lloyds Commodities Credit Company, LLC; Lloyds Services, LLC; C.D. Hopkins Financial, LLC; Hard Asset Lending Group, LLC; Blackstone Metals Group, LLC; Newbridge Alliance, Inc.; United States Capital Trust, LLC; Harold Edward Martin, Jr.; Fred Jager; James Burbage; Frank Gaudino; Baris Keser; Chadewick Hopkins; John King; and David A. Moore.

Fool’s gold? CFTC says 12 firms sell phantom metals - Financial Mines - Connecticut News

 

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Treasure of Victoria Peak - Grab it through Amazon!

[Marchas45]

Just Goes To Show Jeff "If You Don't Hold It, You Don't Own It.

 

[Jason in Enid]

I'm confused, are they in trouble for playing up the demand, or are they in trouble for selling items they don't hold?

 

[Marchas45]

I would say. Not Having The Gold, Selling It and Charging For Storage. Lol

 

[jeff of pa]

Selling Paper without anything to back it

 

[usandthem]

Hang 'em!