TDCI Securities Division Issues Investor Claim Notice Regarding Metals.com, Tower Equity, Chase Metals and Barrick Capital ReceivershipClaim Deadline April 30, 2021
NASHVILLE – The Tennessee Department of Commerce & Insurance’s (TDCI) Securities Division, other state regulators and the Commodity Futures Trading Commission recently filed a joint civil enforcement action against Metals.com, Tower Equity, Chase Metals, Barrick Capital and other associated parties. The defendants are accused of perpetrating a fraudulent precious metals investment scheme. The case is significant and is believed to involve approximately 1,600 investors and more than $185 million in customer funds.
The United States District Court for the Northern District of Texas entered an injunction and a restraining order freezing the assets of the defendants. The Court appointed Kelly Crawford as Receiver – an official responsible for marshaling assets of the defendants for the benefit of defrauded clients. The Receiver will begin administering the claims process and returning money to defrauded clients.
As part of the process, he will be sending correspondence, instructions and a claims form. Defrauded clients must complete and return their claims forms to the Receiver to participate in the claims process and request a return of money. The deadline to return the claim form is April 30, 2021.
“State securities regulators continue to fight to protect senior citizens and other victims,” said Elizabeth Bowling, the Assistant Commissioner of TDCI’s Securities Division. “We are committed to holding bad actors accountable for their actions and pursuing relief for victims of illegal scams. We are therefore encouraging defrauded clients to promptly begin working with the Receiver to request a return of funds.”
Defrauded clients should direct questions about the claims process to the Receiver. They can contact the Receiver by emailing firstname.lastname@example.org or calling 214-706-4213. The Receiver also maintains the following website that provides information about the claims process: metalsandbarrickcapitalreceivership.com.
If you have recently invested with any of these companies, you might be a victim of investment fraud. For more information on this joint effort, please refer to the original issued release.
TDCI’s Securities Division can also provide additional information and explanation relating to the allegations of fraud, the lawsuit, the receivership and the claims process. The Securities Division can be reached by emailing Securities.email@example.com or calling 615- 741-5900.
“State securities regulators are committed to making sure that any available funds are distributed to the victims,” said Bowling. “Our office is ready to assist defrauded investors as they navigate the claims process and request a return of money.”