Metals.Com, Tower Equity, Chase Metals, and Barrick Capital Receivership Claim Deadline for Investors Is April 30, 2021

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ADVISORY: Attorney General Frosh Urges Clients of Precious Metals Companies to File Claim Before Deadline

BALTIMORE, MD (March 24, 2021) –
Maryland Attorney General Brian E. Frosh, 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. The defendants are accused of perpetrating a fraudulent precious metals investment scheme. The case allegedly involves 1,600 investors and more than $185 million in customer funds. The United States District Court for the Northern District of Texas entered an injunction and a restraining order that froze the assets of the defendants and appointed a Receiver to marshal assets of the defendants for the benefit of defrauded clients.

In the coming months, the Receiver will submit the claims to the court for approval to start distributing the remaining money to defrauded clients. As part of the process, the Receiver will be sending correspondence, instructions, and a claims form. In order to participate in the claims process and request a return of the remaining available money, defrauded clients must contact the Receiver to obtain claims forms. The deadline to return the claim form to the Receiver is April 30, 2021.

“We are very pleased to be able to offer restitution for customers of these companies,” said Attorney General Frosh. “To recoup funds that may have been lost, defrauded investors must return a claim form to the Receiver. My office stands ready to assist defrauded investors as they navigate the claims process, and we will continue to pursue enterprises that cheat seniors and others who rely upon them to invest and protect their savings.”

Defrauded clients should direct questions about the claims process to the Receiver by email at kelly.crawford@solidcounsel.com or by telephone at 214-706-4213. Information about the claims process is available in the FAQs on the Receiver's website at https://www.metalsandbarrickcapitalreceivership.com.

The Securities Division of the Maryland Attorney General’s Office can also provide additional information and explanation relating to the allegations of fraud, the lawsuit, the receivership, and the claims process. The Securities Division can be reached by telephone at 410-576-6360 or email at securities@oag.state.md.us.

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