FTC Sends More Than $2.4 Million in Refunds to Consumers Harmed by Investment Scam

The Federal Trade Commission has sent more than $2.4 million in refund checks to just over a hundred consumers harmed by the Premier Precious Metals scheme, which bilked millions of dollars from investors, including many senior citizens.

In February 2014, the defendants were permanently banned from selling any investment opportunities under a settlement with the FTC. They conned consumers into buying precious metals on credit without clearly disclosing significant costs and risks, including the likelihood that consumers would subsequently have to pay more money or lose their investments.

Affected consumers will recover nearly 70 percent of the amount they lost. Consumers who receive checks from the distribution should cash them within 60 days of the mailing date. The FTC never requires consumers to pay money or to provide information before refund checks can be cashed.

For information about investing in precious metals, read the FTC’s Message sent, message received: Precious metal marketers agree to FTC settlement, Investing in Gold?, Investing in Bullion and Bullion Coins, and Investing in Collectible Coins.

The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 2,000 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s website provides free information on a variety of consumer topics. Like the FTC on Facebook, follow us on Twitter, and subscribe to press releases for the latest FTC news and resources.