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Wisconsin joins nationwide action against $185 million precious metals scheme

Published: Sep. 30, 2020 at 3:01 PM CDT
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MADISON, Wis. (WMTV) - The state Department of Financial Institution and Department of Justice will join a nationwide action Wednesday to stop a fraudulent precious metals scheme that has cost Wisconsinites about $2.7 million.

The DFI and DOJ have reported that 16 state residents invested the $2.7 million in precious metals through Metals.com. Many of the investors lost over half of their retirement savings due to the prices they were charged.

Attorney General Josh Kaul denounced the website and its partners, saying they must be held accountable.

“In this case, a fraudulent precious metals scheme targeted seniors and their hard-earned retirement saving,” Kaul said. “DOJ and DFI worked together with other states and the federal government to enforce protections for investors.”

The scheme has solicited $185 million from at least 1,600 seniors and other investors across the country.

Wisconsin joined the Commodity Futures Trading Commission and 29 other states to file a complaint with the U.S. District Court for the Northern District of Texas. The complaint alleges that Metals.com and Barrick Capital Inc. solicited millions of dollars by grossly inflating the prices of the metals.

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