Investors lose millions buying overpriced gold, silver

NEST EGGS RAIDED To bankroll purchases, investors sold stocks, cashed in annuities or life insurance policies, and rolled over retirement funds from 401(k) accounts and IRAs, the complaint

says. The case was filed by the Commodity Futures Trading Commission and joined by 30 states: Alabama, Alaska, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho,

Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Michigan, Mississippi, Nebraska, Nevada, New Mexico, New York, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Washington, West

Virginia and Wisconsin. See more Health & Wellness offers > While a state-by-state breakdown is not in the complaint, there were 84 investors in Texas, 79 in Colorado, at least 60 in

Florida, about 25 in Michigan and 16 in Wisconsin, officials there said. In February, a Colorado couple bought gold coins from the defendants and later was badgered with 12 to 14 more calls

over three weeks, court documents say. On the calls the couple was told they should cash in stock holdings to buy more gold; that “stocks soon would be worthless” and “money would not be

spendable because of inflation.” In Colorado, Chan says because the defendants stoked fears as they touted precious metals as safe, “a perfect storm” ensued. “Be on alert for anything that

sounds too good to be true,” Chan advises. If someone pushes an investment and whips up fear or urgency, step back: “Take a beat, take a pause, and look for somebody you trust to discuss it

with them before you actually move your money." And if you already have been aggressively sold precious metals, contact your state's regulatory agency, she urges. THE ACCUSED The

civil enforcement action alleging a nationwide fraud scheme accuses two Los Angeles men, Lucas Asher and Simon Batashvili, and their companies with ripping off the mostly older investors.

Asher also used the names Luke Asher and Lucas Thomas Erb. The defendants were principals of TMTE Inc. and Barrick Capital Inc. The former firm also did business as Metals.com, Chase Metals

LLC and Chase Metals Inc. (Metals.com is no longer accessible on the web.) On Sept. 22, a federal judge entered a restraining order freezing the defendants’ assets. The judge also appointed

a receiver to take control of assets of the two men and their companies. The federal government and the 30 states pursuing the case want the judge ultimately to order the defendants to pay

restitution and civil penalties and give back ill-gotten gains. Attorneys for the men did not respond to requests for comment. Getty Images SEEKING A FORTUNE IN GOLD AND SILVER? DON'T

LOSE YOURS WHEN BUYING Carefully evaluate a possible purchase of precious metals including gold, silver, platinum or palladium, a rare, silvery-white metal resembling platinum. And by all

means, check out a prospective seller beforehand. To avoid fraud, take the advice of U.S. regulators. 1. BE WARY OF SALESPEOPLE WHO: * call themselves “metals dealers” or “merchants” and

cannot prove they are licensed by or registered with a government agency. * create a false sense of urgency by claiming a limited supply. “There are only two units left and the Asian market

is about to open, so I’d sign up today.” * offer a favor in return for one: “I’ll give you a break on my commission — half off — if you buy now.” 2. BE SKEPTICAL OF SALES PITCHES THAT: *

advertise on radio, TV or online. * dangle the prospect of wealth. “This gold purchase is guaranteed to rise — double what your current investments are doing.” 3. BE SURE TO DO YOUR HOMEWORK

FIRST: _AARP’s Fraud Watch Network can help you spot and avoid scams. Sign up for free Watchdog Alerts, review our scam-tracking map, or call our toll-free fraud helpline at 877-908-3360 if

you or a loved one suspect you’ve been a victim._