Minnesota seniors are urged to avoid precious metals investments

On Behalf of | Jun 26, 2019 | Consumer Fraud

The Minnesota Department of Commerce (DOC) recently issued a public warning intended specifically at senior citizens. In their statement, they warned them about cold callers who may try to reach out to them about a precious metals investment opportunity. DOC officials are warning that they’ve determined that it’s a scam.

This latest consumer warning was issued after the DOC became aware that individuals who work for Metals.com, a precious metals company, had been calling seniors throughout the country.

The callers apparently have attempted to convince seniors that their funds were no longer safe in their standard savings accounts. They then would advise them to invest their assets with them instead.

In their statement on June 10, DOC officials pointed out that Metals.com is not registered as a bullion dealer in Minnesota. They pointed out that they’re prohibited from doling out investment advice in the state since they’re not a registered corporation here either.

Officials in Texas filed an emergency cease and desist order request against the company on May 1. Minnesota officials followed up and did the same on May 16 when they first became aware of this scam.

They note that financial fraud schemers often take advantage of seniors because many have access to a significant amount of funds. They noted that they also tend to be more trusting and friendly than younger people.

Minnesota commerce officials noted in their statement that seniors should be careful not to fall for scare tactics used by callers. They point out that they should never transfer any savings into other types of investment accounts, especially if they don’t fully understand how they function. They also noted that if an offer seems too good to be true, then it likely is.

Seniors and other vulnerable people are often targeted by scammers hoping to take advantage of their situation for their own personal gain. If you have been defrauded into giving up your assets or benefits, then a consumer fraud attorney can advise you about whether you have a case.

FindLaw Network