Deadline to Submit Claim in Receivership Proceeding Against
Metals.com, Tower Equity, Chase Metals, and Barrick Capital
by April 30, 2021


State securities regulators and enforcement agencies, along with 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. They accused the defendants of perpetrating a fraudulent precious metals investment scheme. The case allegedly involves 1600 investors and more than $185 million in customer funds. More information can be found via the links below.

https://www.cftc.gov/PressRoom/PressReleases/8254-20

https://www.nasaa.org/55777/cftc-and-30-states-charge-los-angeles-precious-metals-dealers-in-ongoing-185-million-fraud-targeting-the-elderly/


On September 22, 2020, the United States District Court for the Northern District of Texas entered an injunction and a restraining order freezing the assets of the defendants. It also appointed Kelly Crawford as Receiver - an official responsible for marshalling assets of the defendants and relief defendant for the benefit of defrauded clients.  This Receiver will begin administering the claims process.

The Receiver will submit claims to the court for approval to start distributing the remaining 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 the remaining, available money. THE DEADLINE TO RETURN THE CLAIM FORM IS APRIL 30, 2021.

Defrauded clients should direct questions about the claims process to the Receiver. They can contact the Receiver by electronic mail at kelly.crawford@solidcounsel.com or by telephone at (214) 706-4213. The Receiver also maintains a website that provides information about the claims process, and it is accessible at https://www.metalsandbarrickcapitalreceivership.com.

The Securities Division of the Louisiana Office of Financial Institutions can also provide additional information regarding to the allegations of fraud, the lawsuit, the receivership, and the claims process.  We can be reached for more information at (225) 925-4512 or Toll-free at 1-877-516-3653 or through its website at www.ofi.la.gov.


Updated March 17, 2021