Fort Lauderdale, FL – January 26, 2015 – Anthony Lauria and his company, Gold Coast Bullion, Inc. (GCB), were hit with charges by the U.S. Commodity Futures Trading Commission (CFTC) today for a fraudulent precious metals scheme. Lauria, operating out of Fort Lauderdale, Florida, is accused of conducting illegal, off-exchange transactions and operating as an unregistered Futures Commission Merchant (FCM).
The CFTC’s order mandates that Lauria and GCB jointly pay $5,940,124.16 in restitution, alongside a $3.75 million civil monetary penalty. Furthermore, both Lauria and GCB are permanently banned from registering with the CFTC and engaging in any future trading activities.
According to the CFTC, from January 2012 to February 2013, GCB functioned as a telemarketing firm targeting retail customers with financed precious metals transactions. Lauria directly solicited customers and oversaw other telemarketers involved in the sales process. The firm allegedly enticed customers with promises that they only needed to deposit 25% of the metal’s value, with GCB arranging financing for the remaining 75%, subject to finance and service charges.
The CFTC asserts these transactions were illegal as they were conducted off-exchange and without proper registration. GCB is accused of accepting funds and extending credit to customers without being a registered FCM. Crucially, the CFTC alleges that GCB never delivered any precious metals to customers, yet collected over $2.6 million in commissions and fees.
The scheme involved GCB contacting AmeriFirst Management LLC (AML) to execute customer orders, then issuing false trade confirmations. AML also reportedly did not deal in physical metals, instead managing exposure through derivatives and book entries. The CFTC previously sued AML and its principals in July 2013, resulting in a consent order requiring over $35 million in penalties and restitution in July 2014.
The CFTC advises potential victims that recovering lost funds through restitution orders is not guaranteed, as wrongdoers may lack sufficient assets. The agency stated it will continue to pursue cases to protect customers and ensure accountability in the commodities market.
Source: CFTC.gov
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