ST.PAUL, MN– The Minnesota Department of Commerce is warning Minnesotans about an investment scheme targeting elderly residents across the nation.
Metals.com is an unregistered California-based precious metals company that is cold-calling elderly residents to convince them that their money is not safe with registered brokers and investment advisers, and say it should be moved into precious metal investments.
The state of Texas issued an emergency cease and desist order against Metals.com on May 1, 2019. According to the order, representatives of Metals.com were targeting older adults, and advising them to sell their securities and invest in precious metals through a self-directed IRA.
One of the victims, an 80-year-old Dallas woman, liquidated $850,000 in retirement funds and invested with the company. According to the order, the woman was unaware that Metals.com was moving her money into a self-directed IRA.
Officials say Metals.com is not currently licensed as a bullion products dealer or investment advisor in the state of Minnesota, and as such, the Department of Commerce issued a cease and desist order on May 16, 2019 to prevent Metals.com from making any transactions involving bullion products or investments in the state.
Commerce offers the following tips for Minnesotans to protect themselves against financial exploitation:
If you believe you may have been the victim of a scam or fraud, you can contact the Commerce Department’s by clicking here(firstname.lastname@example.org), or by calling 651-539-1600 or 800-657-3602 (Greater Minnesota).