NY-AG v. Metals.com

Metals.com allegedly defrauded seniors across New York and the rest of the nation by soliciting more than $185 million and by charging exorbitant fees for overpriced precious metals. The lawsuit charges TMTE Inc. (also known as Metals.com, Chase Metals Inc., and Chase Metals LLC), Barrick Capital Inc., and Tower Equity LLC, along with the individuals Simon Batashvili and Lucas Asher with targeting elderly investors through traditional and social media and defrauding them into transferring funds from their traditional individual retirement accounts (IRA) into self-directed IRAs. The defendants misrepresented that metals purchased from the defendants were a safe and conservative investment. According to NY-AG, the defendants charged undisclosed and excessive fees on precious metals sold to investors that resulted in instant and substantial losses.

Summary generated from official New York Attorney General press release