Gold Scams Target Older Investors
Financial Elder Abuse And Commodity Futures Trading Commission Whistleblower Cases
Unscrupulous gold and rare coin dealers target seniors in scams because seniors are likely to pick up a phone or respond to an email, and are eager to supplement retirement savings based on promises of big returns. Some get rich quick schemes involve investments in gold coins or bullion or other precious metals. The financial elder abuse litigators at Evans Law Firm, Inc. caution seniors to avoid gold and precious metal investments. According to a watchdog group, more than 10,000 seniors have been victims of fraudulent gold and rare coin investments, losing close to $300 million in total. These fraudulent transactions may constitute financial elder abuse under California law and may also be grounds for a Commodity Futures Trading Commission (CFTC) whistleblower suit for commodities law violations. The financial elder abuse and whistleblower/qui tam attorneys at Evans Law Firm can represent seniors in both types of actions against all persons responsible for gold investment fraud against them and pursue all available remedies for you. Call us today at (415)441-8669 and we can help.
Unscrupulous metal and coin traders exploit seniors in various ways. Deceptive marketing targets seniors with bullion or coins at near-dealer cost. Salespeople sell “special” opportunities that are not in the advertised offers that offer seniors even better investments. Markups and real values are hidden. Salespeople fail to explain how illiquid gold and rare coin investments can be, making the investments nearly impossible to unload. Precious metal traders may churn an elderly customer’s account or rig prices so that senior clients end up buying high and selling low through manipulation.
Whatever the fraud, these acts may constitute financial elder abuse under California law and state and federal securities and commodities violations that can be the bases for whistleblower cases. Cal. Welf. & Inst. Code § 15657; Cal. Corp. Code §§ 25400 et seq.; 17 CFR § 240.10b-5; 18 U.S.C. § 1348. Under California financial elder abuse law, senior victims are entitled to extra damages and attorneys’ fees and costs for bringing their action. Cal. Welf. & Inst. Code § 15657.7. Also, individuals who blow the whistle on commodities fraud may be eligible for a reward from the CFTC. 7 U.S.C. § 26(b). Last year alone, the CFTC awarded close to $15 million in whistleblower awards.
If you are a California senior who has suffered loss as a result of a fraudulent gold or rare coin scam or other fraudulent securities or commodities trade, call Ingrid M. Evans and the other financial elder abuse attorneys at Evans Law Firm at (415)441-8669. You may also have credible information for a whistleblower case. Our whistleblower attorneys represent whistleblowers in CFTC cases, Securities and Exchange Commission (SEC) cases for securities fraud (related to stocks, bonds, private placements and variable annuities for example), banking fraud under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (“FIRREA”), Internal Revenue Service (IRS) cases for tax fraud, particularly offshore tax avoidance schemes, and False Claims Act qui tam cases against corporations defrauding the government for payments or reimbursements.