Dallas, TX – September 25, 2020 – Lucas Asher, also known as Lucas Thomas Erb and Luke Asher, faces charges of fraud in connection with a $185 million scheme targeting elderly investors nationwide. The Commodity Futures Trading Commission (CFTC) and 30 state regulators filed a joint civil enforcement action in the U.S. District Court for the Northern District of Texas against Asher, Simon Batashvili, and their companies, TMTE, Inc. (d/b/a Metals.com), Chase Metals, LLC, and Chase Metals, Inc. (collectively “Metals.com”), and Barrick Capital, Inc.
The complaint alleges the defendants executed an ongoing fraudulent scheme, soliciting over $185 million from investors to purchase gold and silver bullion at fraudulently inflated prices. Tower Equity, LLC, has been named as a relief defendant in the case.
On September 22, 2020, Judge David C. Godbey issued a restraining order, freezing the assets of all defendants and the relief defendant. The court authorized the CFTC and state regulators to inspect relevant records and appointed a receiver to take control of Metals.com, Barrick, Tower Equity, and the personal assets of Asher and Batashvili. All entities and individuals are based in Los Angeles, California.
This case marks the largest joint enforcement action in CFTC history with state regulators and is a direct result of a 2018 information-sharing agreement between the CFTC and the North American Securities Administrators Association (NASAA). The agreement facilitates collaboration between the CFTC and state/provincial securities regulators across the United States, Canada, and Mexico.
“This historic joint effort…is an important step toward rooting out fraud across the country,” stated CFTC Chairman Heath P. Tarbert. CFTC Director of Enforcement James McDonald emphasized the importance of collaboration with state authorities, and NASAA President Lisa Hopkins highlighted the commitment to investor protection through joint regulatory efforts.
The investigation was conducted in parallel with state securities regulators. Penalties and restitution amounts will be determined by the court. The case is being prosecuted in the Northern District of Texas.
Source: CFTC.gov
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