NY-AG v. Lear Capital

Lear Capital and Kevin DeMeritt allegedly defrauded nearly 1,000 New Yorkers out of approximately $10 million. According to NY-AG, Lear Capital persuaded investors to invest tens of millions in precious metals while fraudulently charging undisclosed commissions, up to 33 percent, on more than $43 million in sales. Lear Capital also appears to have perpetrated its scheme while not being registered as a commodity broker-dealer, commodity investment advisor, or a telemarketer.

Summary generated from official New York Attorney General press release