Olympia – The Washington State Department of Financial Institutions (DFI) is advising Washington residents who invested through the Metals.com, Tower Equity, Chase Metals, and Barrick Capital that they must make all claims for restitution by April 30, 2021.
DFI, 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. DFI accused the defendants of perpetrating a fraudulent precious metals investment scheme. The case is significant, as it allegedly involves 1,600 investors and more than $185 million in customer funds. DFI has reason to believe more than 45 Washington residents invested in excess of $3 million in these schemes.
“We want any Washington resident who may have been victimized in this scheme to be afforded the restitution they deserve,” DFI Director Charlie Clark said. “So often, it’s impossible to recover funds for fraud victims. It’s encouraging to have this opportunity to have money returned to Washington residents.”
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 gathering and organizing the defendants’ assets. The Court also appointed Mr. Crawford as relief defendant for the benefit of defrauded clients.
The Receiver will begin administering the claims process. As part of the process, he will be sending correspondence, instructions, and a claim form. In the coming months, the Receiver will submit the claims to the court for approval to start distributing the remaining money to defrauded clients. 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 e-mail at email@example.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.