CFTC and FTC v. American Precious Metals, et.al. Updates.

Gold, Silver, Platinum and Palladium Fraud Litigation and Arbitration Attorney, Russell L. Forkey, Esq.

As you are aware, both the Federal Trade Commission and the Commodity Futures Trading Commission have filed actions against American Precious Metals, LLC. and named individuals in the United States District Court for the Southern District of Florida.  Our interest relative to these federal actions is based upon the fact that this firm has a number of current actions proceeding against American Precious Metals, LLC and a number of alleged associated persons.  As part of representing these clients, we are monitoring the federal proceeding.  Consequently, we thought that we would share certain public information with the reader.

There was a hearing that took place on in federal court in Boca Raton, Florida on Tuesday, May 24, 2011.  The most significant thing that took place, at the hearing, was that all of the parties to the Federal Trade Commission matter agreed to the entry of a Stipulated Preliminary Injunction, which appointed a receiver to take over the business and operations of American Precious Metals.  If you would like to see a copy of the 26 page order, please follow the highlighted link.

Update:  September 24, 2011:

Since the filing of both the FTC and CFTC enforcement actions against American Precious Metals and certain individuals and the entry of the Stipulated Preliminary Injunction was entered in the FTC matter, there have been a number of significant events that have transpired.

The CFTC matter has been stayed, by the court, until the court rules on a motion to dismiss that has been filed by the defendants.  To review a copy of the order entered by the court, follow the highlighted link.

Conversely, the FTC matter is moving  forward. If you would like to review a copy of the FTC Complaint, please follow the highlighted link.

Since our first post, the court has entered an order setting pretrial deadlines and a specially set trial.  Subsequently, the parties filed what is referred to as Rule 26 Disclosures.  Thereafter, the FTC filed a request to amend the complaint to join an additional party and a motion for summary judgment, with attachments, which are awaiting court action.  A representative declaration attached to the motion for summary judgment is highlighted above.

If you have any questions concerning this matter, please feel free to contact us.