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Did you know that as of January 1, 2024, the Corporate Transparency Act enacted by Congress requires many companies to report beneficial ownership information to the US Treasury Financial Crimes Enforcement Network (FinCEN)? Beneficial ownership information (BOI), as defined by FinCEN, is identifying information about the individuals who directly or indirectly own or control a company. Please review the BOI links on our website to see if you are required to report to FinCEN.

Mark Hammond

Attention Investors – Metals.com, Tower Equity, Chase Metals, and Barrick Capital Receivership Claim Deadline

Tue, 03/16/2021

Claim Deadline April 30, 2021

(Columbia, SC) - The Attorney General Alan Wilson and Secretary of State Mark Hammond, other state regulators, and the Commodity Futures Trading Commission recently filed a joint civil enforcement action against Metals.com, Tower Equity, Chase Metals, Barrick Capital, and other associated parties.  We accused the defendants of perpetrating a fraudulent precious metals investment scheme.  The case is significant—it allegedly involves 1,600 investors and more than $185 million in customer funds.

“Secretary Hammond and I continue to fight to protect senior citizens and other victims,” said Attorney General Wilson.  “We are committed to holding bad actors accountable for their actions and pursuing relief for victims of illegal scams.”  Secretary of State Hammond added, “We are encouraging defrauded clients to begin working promptly with the Receiver to request a return of available funds by submitting their claims.”

The United States District Court for the Northern District of Texas entered an injunction, and a restraining order freezing the assets of the defendants.  The Court also appointed Kelly Crawford as Receiver—an official responsible for marshalling assets of the defendants and relief defendant for the benefit of defrauded clients.

The Receiver will begin administering the claims process.  In the coming months, the Receiver will submit the claims to the court for approval to start distributing the remaining money to defrauded clients.  As part of the process, he will be sending correspondence, instructions, and a claims form.  Defrauded clients must complete and return their claims forms to the Receiver to participate in the claims process and request a return of the remaining, available money.  THE DEADLINE TO RETURN THE CLAIM FORM IS APRIL 30, 2021.

Defrauded clients should direct questions about the claims process to the Receiver. They can contact the Receiver by electronic mail at kelly.crawford@solidcounsel.com or by telephone at (214) 706-4213.  The Receiver also maintains a website that provides information about the claims process, and it is accessible at https://www.metalsandbarrickcapitalreceivership.com.

“State regulators are committed to making sure that any available funds are distributed to the victims,” said Wilson. “Secretary Hammond and I stand ready to assist defrauded investors as they navigate the claims process and request a return of money.”

State regulators caution that orders requiring repayment of funds to victims may not result in the recovery of money lost because the defendants may not have sufficient funds or assets. 

The Attorney General’s Office can also provide additional information and explanation relating to the allegations of fraud, the lawsuit, the receivership, and the claims process. The Securities Division of the Attorney General’s Office can be reached by telephone at (803) 734-0789 or electronic mail at sfulmer@scag.gov.

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