A press release from the Texas State Securities Board has alerted people to the allegedly fraudulent activity of the company Chase Metals, which operates Metals.com. The board issued an emergency cease-and-desist order against the company after it allegedly convinced an 80-year-old woman to transfer $850,000 in retirement savings to the company to purchase precious metals like gold and silver.
According to state officials, the company is not registered to provide investment advice. Complaints against the company described how it cold called elderly people and urged them to invest in precious metals. Evidence against the company indicates that its Facebook ads specifically targeted retirees with conservative political views, especially those who watched Fox News. These advertising messages warned people that the government would seize or freeze their retirement assets. Ads directed people to websites like FoxInsiders.com.co that created a false impression that the gold and silver investments were affiliated with the news network.
People who clicked through to the website viewed content meant to reinforce its fake association with Fox News. It offered a bonus to viewers of Sean Hannity, one of the network’s on-air personalities. Authorities in multiple states have taken action against Chase Metals. Investigations by regulators have uncovered at least 130 senior citizens who lost money buying into the fake investments in precious metals.
The law views the selling of goods or services under false pretenses to be fraud. A person harmed by a fraudulent business or individual might have the right to pursue damages from the responsible party. Consulting an attorney may inform a person about applicable laws and how to file a lawsuit. A legal evaluation may help a person calculate the full extent of financial damages. An attorney might collect additional evidence that makes illegal conduct clear within court filings.