The U.S. Commodity Futures Trading Commission (CFTC) has ordered Florida resident Anthony Lauria and his Fort Lauderdale, Florida based company, Gold Coast Bullion, Inc., to pay nearly $10 million for committing illegal off-exchange precious metals fraud.
The CFTC Order states that Gold Coast Bullion used telemarketers to solicit customers to invest in financed precious metals transactions. According to the CFTC Order, Anthony Lauria and the Gold Coast Bullion telemarketers represented to investors that in order to purchase the precious metals, they needed to deposit about 25% of the total metal value, that Gold Coast Bullion would arrange for the investor to receive a loan for the remaining 75%, and the investor would pay a finance charge on the loan.
However, the CFTC found that Gold Coast Bullion never actually delivered any precious metals in connection with these investors’ transactions, yet Anthony Lauria and his company received commissions and fees of more than $2.6 million. Further, Gold Coast Bullion was not registered with the CFTC as a Futures Commission Merchant, as is required by law. Consequently, the CFTC has settled charges against Anthony Lauria and Gold Coast Bullion and jointly ordered them to pay restitution of nearly $6 million and a civil monetary penalty of $3.75 million.
For over 30 years, Attorney Robert Pearce has successfully defended clients involved in CFTC investigations and enforcement proceedings. In fact, he is currently involved in a number of CFTC investigations and defending clients who are involved in leveraged precious metals businesses. Mr. Pearce recently obtained a full dismissal of all claims made against his client in a leveraged precious metals arbitration proceeding.
Have you have been contacted by the CFTC or believe that you may be subject of an investigation? If so, call Robert W. Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce defends various entities and individuals who may be the subject of a CFTC investigation or enforcement action regarding their alleged involvement in commodities laws violations.
For over , Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to representing investors and financial industry professionals throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at email@example.com for answers to any of your questions about this blog post and/or any related matter.