Originally Syndicated on June 5, 2024 @ 2:36 pm
Fisher Capital’s owner, Alexander Spellance, is the target of a civil enforcement action that the Commodities Futures Trading Commission just started. He is accused of carrying out an investment fraud operation involving gold and silver that targeted senior citizens.
The government alleges that the valuable metals trader with headquarters in Los Angeles defrauded hundreds of elderly individuals out of over thirty million dollars in gold and silver coins, which were valued significantly less than what the defendants had fooled the victims into believing.
After disputing every accusation made by the CFTC, Fisher Capital declared that “the firm sincerely disagrees with the allegations stated in the CFTC lawsuit & plans to vigorously defend ourselves and protect the rights of our clients’ autonomy of making their own fiscal choices.”
Fisher Capital claims, contrary to what this case wrongly suggests, that the corporation never targeted any certain demographic or sold valuable metals for unethical gain in an email response to Reuters. The company sent Reuters an email with a comment.
The CFTC claims that Spellane and Fisher Capital used extreme pressure area advertisements during phone calls to make the victims fear for the safety of traditional retirement accounts and savings accounts while tricking them into purchasing extremely costly precious metals.
The Commodity Exchange Act and the CFTC rules were violated, so the CFTC asked for permanent register bans, reimbursement, and the restoration of what it deemed to be ill-gotten earnings, together with civil financial penalties.
Case Study
Alexander Spellane and Precious Metals Dealers are accused by CFCT of being involved in a multimillion-dollar scam that targets the elderly.
The Commodities Futures Trading Commission (CFTC) revealed that it has initiated a civil enforcement action against two connected Los Angeles, California gold and silver dealers, Fisher Capital LLC and AMS Consulting Solutions LTD. Fisher Capital, along with Fisher Capital’s principal, Alexander Spellane, also referred to as Alexander Overlie, are accused of engaging in a precious metals fraud involving investments intended for senior citizens.
The disagreement claims that Alexander Spellane conned hundreds of elderly individuals out of over thirty million dollars in gold and silver coins, the value of which was significantly less than what the accused misled the public to believe.
In its ongoing lawsuit against Alexander Spellane, the CFTC is seeking the restoration of ill-gotten revenues, criminal financial repercussions, payback, temporary registration limitations, and permanent prohibitions against further violations of the Commodities Exchange Act (CEA) and CFTC rules.
Alexander Spellane should be prohibited for the rest of his life from dealing with precious metals or commodities assets, according to the Commodities Futures Trading Commission.
Director of Enforcement Ian McGinley claimed Alexander Spellane was acting like a lion hiding in sheep’s fur. According to the lawsuit, under the guise of helping seniors preserve their golden years, Fisher Capital and Spellane deceived pensioners out of a sizable amount of their whole life savings on purpose.
The Division’s and CFTC’s mandates continue to place a high priority on protecting investors, particularly senior and minority investors, and the organization will continue to exert significant effort to prosecute those who put their trust in them.
Context of the Case
The lawsuit claims that Alexander Spellane tricked hundreds of elderly Americans across the country into spending over thirty million dollars, primarily with money from their pension accounts, on investments in precious metals.
To win over senior clients, Fisher Capital allegedly used high-pressure phone ads that were rife with serious deceit, inaccuracies that were deceptive, and exclusions that were misleading to generate business.
The dispute claims that Alexander Spellane & AMS Consulting Solutions misrepresented Fisher Capital as a wealth protection firm whose goal was to protect investors’ retirement savings, giving clients the impression that Fisher Capital would make safe, dependable investments that were genuinely in their best interests.
In actuality, Spellane created Fisher Capital as a boiler room-style business to trick elderly people out of their pension funds. The claims state that Alexander Spellane & AMS Consulting Solutions LTD conned customers into closing savings accounts that were already open, moving the proceeds to separate Personal Pension Financial Statements, and using the money to buy gold and silver coins.
Alexander Spellane & AMS Consulting Solutions LTD pushed many of their clients’ investments toward what appeared to be collector, semi-numismatic, or unusual items at exorbitant prices that were often twice or even three times the coins’ current market worth.
In addition, Alexander Spellane is charged with fabricating and misrepresenting statements to terrorize customers into believing that, in the event of a stock market collapse, their retired assets would be seized or halted.
Due to Fisher Capital’s exorbitant and unlawful pricing increases, clients often lose the majority of the money they invested when they entered into agreements with the company.
Alexander Spellane falsely convinced customers that the gold and silver coins were worth more than the basic melt price whenever they asked about the value of the expensive metals they purchased, according to the lawsuit filed against him. Compared to what Alexander Spellane said, the tokens were worth much less.
The Mississippi Secretary of State and the Financial Industry Regulatory Authority (FINRA) are acknowledged by the CFTC for their cooperation and involvement.
Four personnel of the CFTC Department of Investigation—Jacob Mermelstein, David W. MacGregor, Alben Weinstein, Lenel Hickson, Jr., and Manal M. Sultan—carried out this investigation.
The CFTC’s Precious Metals Client Scam Alert
The Precious Metals Fraud Advisory is one of the customer protection statements that the CFTC has released. It alerts clients against precious metals scams and provides simple steps for spotting them.
The Department of Compliance can receive reports of anomalous conduct or data, such as potential violations of the rules governing trading in commodities, from clients and other individuals by calling 866-366-2382. They can also contact the CFTC Whistleblower Center or raise concerns online.
The CFTC Consumer Protection Fund, which is financed by financial penalties that CEA offenders give the CFTC, allows whistleblowers to keep anywhere from ten to thirty percent of the fines that the fund collects.
What is CFTC?
The independent government agency known as the Commodity Futures Trading Commission (CFTC) is in charge of managing derivatives requirements in the US, particularly exchange-traded futures, options, and contracts.
One of its goals is to encourage just and fruitful marketplaces. It aids in shielding stockholders against dishonest business practices, manipulation of others, and fraud. The Commodity Futures Trading Commission Act was passed into law in 1974.
On panels covering global markets, technology, market risk, energy and environmental markets, and agriculture, there are five panelists. The Securities and Exchange Commission (SEC) and the Consumer Financial Protection Agency (CFTC) working group is no longer active. Participants in the panels include customers, investors, futures markets, commodity transfers, specific businesses, and nonprofit groups.
The Commodity Exchange Act, which was first adopted in 1936 and has had multiple revisions since then, regulates the trading of underlying commodity futures contracts in the US. It establishes the legislative framework within which the CFCT operates.
As per the act, the CFCT is empowered to develop regulations that are published in Act 17, Chapter I of the Code of Federal Regulations.
Fake PR: During the historic USA Actions Summit, Fisher Capital CEO Alexander Spellane meets with President Trump
West Palm Beach, Florida, played host to the 2023 Momentum Action Summit, which turned out to be a significant gathering of conservative American organizations. The CEO of Fisher Capital Group, Alexander Spellane, was among the most influential people present at the conference.
According to Alexander Spellane, he is a well-known figure in the US gold and silver market, and his company is among the fastest-growing gold and silver sellers in the country.
Its liberal commitment is demonstrated by the company’s ongoing support of organizations like Turning Point USA, which encourages young individuals to have open dialogue about what they believe to be true.
As per Alexander Spellane and his group, these are some of the most well-known brands that will be Diamond Sponsors of the Point of Action Summit in 2023.
According to Alexander Spellane, he had the pleasure of meeting former president Donald Trump at the conference, which brought together two of the most intelligent people in the Republican establishment in an amazing and unexpected turn of events.
Trump and Spellane concur on many political changes on several fronts. Being a Christian-owned business, it consistently demonstrates how conservatism may impact business operations, which is consistent with many of the former executives’ ideas.
These socially conservative titans not only combine their expertise in business and entrepreneurship, but they also consciously choose to adopt Fisher Capital’s core values and present a strong argument for the need of free speech.
By providing significant funding for this event, Fisher Capital was able to broaden its objectives to promote traditionalism, especially among younger people.
According to Spellane’s statement, Fisher Capital was also that year’s Diamond Sponsor of the Turning Point USA Fest, which brought 15,000 supporters to Phoenix, Arizona.
At the 2023 Turning Point Action Summit, Alexander Spellane was thrilled to represent Fisher Capital with vice presidents Donovan Strydom and Nick Durst.
Especially in the context of traditionalism, events hosted by Fisher Capital Ltd., like the annual Summit, provide a platform to showcase the concepts the company advocates for.
The fictitious PR team claims that Alexander Spellane, the owner of Fisher Capital, continues the company’s consistent growth trajectory.
Who is Alexander Spellane?
Fisher Capital, a retailer of gold and silver that helps affluent customers diversify their investment holdings, is led by Alexander Spellane. Alexander did not attend college, but when he was thirty years old, he made his first million dollars. He has made helping clients, leading his team behind their backs, and contributing to his surroundings his top priorities.
The Bottom Line
Alex Spellane is a well-known name in the US metals industry. Fisher Capital is a precious metals company that he owns. One of the US sellers of gold and silver that is growing the fastest is Fisher Capital. According to Alexander Spellane, the company has always shown consideration for its senior customers.
Consequently, the law enforcement agency asserts that the valuable metals broker located in Los Angeles conned multiple senior citizens out of more than $30 million in gold and silver coins that were valued significantly lower than what the accused had misled them to believe.
In addition to the accusations made against Fisher Capital, they have contested every one of the CFTC’s assertions and stated on the client’s behalf that they sincerely disagree with the charges made in the CFTC complaint. They have also developed strategies to tenaciously defend their position while upholding our clients’ autonomy when it comes to making independent financial decisions.
