The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Alexander Spellane, also known as Alexander Overlie, and his companies, Fisher Capital LLC and AMS Consulting Solutions LLC d/b/a Fisher Capital, alleging a $30 million precious metals investment fraud targeting elderly individuals nationwide. The case was filed in the U.S. District Court for the Eastern District of New York.
According to the CFTC complaint, between June 2020 and the present, Spellane and Fisher Capital allegedly defrauded hundreds of elderly investors into purchasing overpriced gold and silver coins using funds from their retirement savings. The firms are accused of employing high-pressure sales tactics, material misrepresentations, and deceptive omissions to build trust with victims and induce them into investing.
The CFTC alleges that Fisher Capital falsely presented itself as a wealth protection firm dedicated to safeguarding retirement savings, while operating as a “boiler room” operation designed to extract funds from elderly customers. Investors were purportedly persuaded to liquidate existing retirement accounts, transfer the funds to self-directed IRAs, and then invest in grossly inflated precious metals – often at prices two to three times the prevailing market value.
The complaint details how defendants allegedly stoked fears of economic collapse to pressure customers into believing their investments were secure. The CFTC seeks the return of ill-gotten gains, civil monetary penalties, restitution for victims, permanent registration bans, and permanent injunctions against further violations of the Commodity Exchange Act (CEA) and CFTC regulations. The agency also aims to permanently bar Spellane and Fisher Capital from trading precious metals or commodity interests.
“As alleged, the defendants operated as wolves in sheeps’ clothing,” said Ian McGinley, Director of Enforcement at the CFTC. “Under the guise of helping seniors to protect their retirement nest eggs, the complaint alleges that Fisher Capital and Spellane systematically fleeced retirees out of a significant chunk of their life savings.”
Source: CFTC.gov
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