silver Archives - The Industry Spread

Federal Court Orders Precious Metals Dealer and Its Owner to Pay More than $2.3 Million for Fraud and Misappropriation in Gold and Silver Scheme

March 23, 2019

The Commodity Futures Trading Commission (CFTC) today announced that the U.S. District Court for the Southern District of New York entered an Order of Default Judgment (Order) and Permanent Injunction against Royal Metals Group, LLC (RMG), and its member, manager and part owner, Chelsea Gless (Gless) of Iowa (collectively, defendants) for fraudulent misrepresentations and the misappropriation of customer funds in a precious metals scheme.

Federal Court Imposes $15.7 Million Civil Penalty and Lifetime Trading Ban Against Precious Metals Dealer and his Company in CFTC Anti-Fraud Action

March 4, 2019

The Commodity Futures Trading Commission (CFTC) announced today that Judge Robert J. Conrad Jr. of the U.S. District Court for the Western District of North Carolina entered a Supplemental Consent Order (Supplemental Order) against Defendants Hannes Tulving, Jr. (Tulving) of Newport Beach, California, and his company The Tulving Company, Inc., finding that they fraudulently solicited customers in connection with precious metals transactions, misappropriated customer funds, and concealed their fraud with false statements that the customer accounts were profitable.