NDBF COVID-19 Consumer and Industry Guidance

Please find the Department's Consumer and Industry guidance here or access them under the "About" section.

Metals.com Receivership

Metals.com Receivership

Monday, March 15, 2021

FOR IMMEDIATE RELEASE

CONTACT Mike Cameron, Securities Bureau Counsel

Phone 402-471-2171

Email mike.cameron@nebraska.gov

 

Metals.com, Tower Equity, Chase Metals, and Barrick Capital Receivership Claim Deadline of April 30, 2021

March 15, 2021 (LINCOLN, NE) – The Nebraska Department of Banking and Finance (NDBF) and the Office of the Nebraska Attorney General, 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 complaint alleges that the defendants perpetrated a fraudulent precious metals investment scheme that involved at least 1,600 investors and more than $185 million in customer funds, including $600,000 from Nebraska investors. 

The United States District Court for the Northern District of Texas entered an injunction and a restraining order freezing the assets of the defendants.  It also appointed Kelly Crawford as Receiver – an official responsible for marshalling assets of the defendants for the benefit of investors.  

The Receiver will begin administering the claims process and returning money to investors.  As part of the process, he will be sending correspondence, instructions, and a claims form.  Investors must complete and return their claims forms to the Receiver to participate in the claims process and request a return of money.  The deadline to return the claim form is April 30, 2021

“NDBF and the Office of the Nebraska Attorney General continue to fight to protect senior citizens and other victims,” said NDBF Deputy Director Claire McHenry.  “We are committed to holding bad actors accountable for their actions and pursuing relief for victims of illegal scams.  We are therefore encouraging investors to promptly begin working with the Receiver to request a return of funds.” 

Investors should direct questions about the claims process to the Receiver.  They can contact the Receiver at kelly.crawford@solidcounsel.com or 214-706-4213.  The Receiver also maintains a website that provides information about the claims process, and it is accessible at https://www.metalsandbarrickcapitalreceivership.com.

NDBF can also provide additional information and explanation relating to the allegations of fraud, the lawsuit, the receivership, and the claims process. Please contact NDBF at 402-471-2171.  

###

 

3.15.21 Consumer Advisory - Metals.com Receivership Claim Deadline.pdf