Articles Posted in #Commoditiesfutures fraud

Royal Metals Group LLC and part owner Chelsea Gless of Iowa were charged with defrauding retail clients for false promises to deliver precious metal in return for funds. The Complaint also alleged that they obtained precious metals by fraud with promises of payment which were not made.

The Commodity Futures Trading Commission (CFTC) filed a civil enforcement action in the U.S. District Court for the Southern District of New York against Defendants Royal Metals Group, LLC (RMG), and its member, manager and part owner, Chelsea Gless of Iowa.  The CFTC’s Complaint charges Defendants with defrauding retail clients in connection with precious metals transactions and fraudulently obtaining more than $600,000 from those clients.

Director of Enforcement James McDonald, stated: “As this case shows, the CFTC is actively policing precious metals transactions and will vigorously enforce the anti-fraud provisions of the Commodity Exchange Act.  The CFTC will continue to fight to protect customers and to hold wrongdoers accountable.”