Gold, Silver, and other precious metals are considered commodities, and regulated by the CFTC. It’s a federal agency which handles regulating markets that pertain to commodities, trading them, and swaps trading. If you’re accused of precious metals fraud, you need a precious metal frauds lawyer, who understands the laws and can help you. If you’re suspected of this type of fraud, you could be charged under state and federal statutes depending on the type of scheme. In the event this happens, you need an attorney who understands precious metal frauds – who can help you when it comes to criminal, civil, or regulatory issues. Commodities laws are complex, and you need to ensure you have an attorney on your side who understands the the laws as they pertain to gold investment fraud, silver investment fraud, or other commodities.
Raiser & Kenniff, PC, is a New York criminal defense law firm that understands white collar crimes, and how impactful financial fraud cases can be. Our NYC investment fraud lawyers understand the commodities markets, the rules, and regulations. We are available to help you with any legal problems you face with the CFTC, or any other federal agency whose investigating you – or your alleged conduct. If you are being sued by disgruntled investment clients – we can help.
Precious metal fraud involves making false, or misleading, statements in the connection of the sale of commodities, or commodity options. Precious metal fraud schemes can range from promising clients that you’ll buy and store their metal – to embezzling funds for arranging loan agreements in which investors only pay a small % of the total purchase price of the precious metal. It’s common for many fraud claims to occur as a result of high promised returns, and low risks claimed.
Fraud schemes can involve sending advertising materials through the mail or the internet, in order make misrepresentations about future investments in commodities. Investors are frequently told that they’re being given confidential/secret information. They are told to store the commodity with the company advertising. It’s common for precious metal scams to involve tactics that give a sense of urgency – and the fact the client has to act now.
Raiser & Kenniff, PC, is a top rated NYC criminal defense law firm. We represent clients who are accused of federal and state crimes. Our firm was founded by two former prosecutors, and has been highly rated on organizations like Avvo, Super Lawyers, and others. Regardless of how the metal fraud occurs, it is a federal crime – especially if false statements are knowingly made, or when the investors funds are misappropriated.
Investors who suffer loses can file civil lawsuits in order to get compensation for damages. The CFTC can also take enforcement actions against you. In addition, federal and state agencies can launch criminal investigations if fraud is suspected. If you’re under investigation, your financial accounts can also be frozen as a part of the investigation.
As a part of the investigation, you can be charged with a criminal defense under 18 US Code Section 1348. This law code prohibits the participation in any scheme which is being done to defraud people when it comes to the value of a commodity in the future – or any option on a commodity for future delivery. This same section code also prohibits making false promises, false representations, or using any fraudulent pretenses, in order to obtain money or assets in connection with the purchase/sale of a commodity. If commodities fraud is done through the internet, or via mail, then you may also face mail or wire fraud charges in addition to the commodities fraud charge. Mail and wire fraud are federal crimes, which means there’s a penalty of jail time of 20-30 years. If the fraud was done in connection with a financial institution, the penalties can be worst.
If you’re facing jail time, or other investigations, we encourage you to speak to our precious metal fraud defense lawyers. Our attorneys have experience handling all forms of crimes, and offer a risk free consultation. Contact us today.
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