Alexander Spellane is the owner of Fisher Capital, and the CFTC (Commodity Futures Trading Commission) recently initiated a civil enforcement proceeding against him. It is alleged that he had committed a gold and silver investment fraud scheme aimed at elderly people.
The government claims that the Los Angeles-based valuable metals trader cheated hundreds of elderly people out of over thirty million dollars in gold and silver coins valued considerably lower than the defendants misled victims to think.
According to Fisher Capital’s claims after refuting all of the CFTC’s allegations, “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.”
In an emailed comment to Reuters, Fisher Capital contends the company never pursued a particular certain demographics or sold valuable metals for dishonest benefit as this case falsely implies. Reuters received a statement via email from the corporation.
According to the CFTC, Fisher Capital along with Spellane utilized extreme pressure area advertisements throughout telephone conversations to create concern regarding the security of conventional retirement accounts as well as savings accounts while defrauding the victims into buying severely expensive metals that were precious.
The CFTC requested the restoration of what it called ill-gotten gains, as well as civil financial consequences, repayment, perpetual register bans, & perpetual prohibitions barring subsequent breaches of the Commodity Exchange Act & CFTC guidelines.
Case Study
CFCT charges Alexander Spellane, Precious Metals Dealers in a Multimillion Dollar Scam Targeting the Elder People
The Commodity Futures Trading Commission (CFTC) disclosed that it has brought a civil enforcement proceeding in the United States District Court for the Eastern District of New York towards two associated gold and silver dealers in Los Angeles, California, Fisher Capital LLC as well as AMS Consulting Solutions LTD. Fisher Capital, in addition to Fisher Capital’s principal, Alexander Spellane, also known as Alexander Overlie, for committing a precious metallic elements fraud involving investments aimed at elderly people.
According to the dispute, Alexander Spellane defrauded dozens of elderly people out of over thirty million dollars in coins made of gold and silver that were valued considerably lower than what the accused led consumers to assume.
The CFTC seeks the restoration of ill-gotten earnings, criminal financial consequences, repayment, temporary registration restrictions, & perpetual prohibitions versus additional breaches of the Commodities Exchange Act (CEA) and CFTC rules in its ongoing case involving Alexander Spellane.
The Commodity Futures Trading Commission also wants Alexander Spellane barred from dealing with valuable metals or commodities holdings for the remainder of his life.
According to Ian McGinley, Director of Enforcement, Alexander Spellane was allegedly operating as leopards in sheep’s fur. The lawsuit alleges that Fisher Capital and Spellane intentionally cheated pensioners out of a considerable portion of their entire life savings beneath the pretense of assisting elders in protecting their golden years.
Safeguarding investors, especially senior & minority investors, continues to be a key component of the Division’s & CFTC’s mandate, and the agency is going to keep working hard to bring charges against those who rely on them.
Background of the Case
According to the lawsuit, Alexander Spellane defrauded hundreds of elderly people across the United States into investing over thirty million dollars in precious metals investments, mostly utilizing monies of clients’ pension funds.
According to the allegations, Fisher Capital solicited consumers through high-pressure telephone advertisements riddled with substantial deception, deceptive falsehoods, and misleading exclusions intended to develop confidence among older clients.
According to the dispute, Alexander Spellane & AMS Consulting Solutions the company misleadingly sold Fisher Capital as a wealth safeguarding committed whose objective was to preserve investors’ savings for retirement, leading clients to get the impression that Fisher Capital was going to provide reliable and secure expenditures that were truly in the greatest interests of its clients.
Fisher Capital, in truth, was a boiler room-style enterprise engineered by Spellane to defraud seniors of their pension assets. According to the allegations, Alexander Spellane & AMS Consulting Solutions LTD duped clients into liquidating existing savings accounts, transferring the profits to independent Personal Pension Financial Statements, and investing the earnings in the purchase of silver and gold coins.
A lot of clients’ investments were directed by Alexander Spellane & AMS Consulting Solutions LTD towards apparently unique, collector, or semi-numismatic objects at highly inflated rates which were frequently twice or even triple the current value on the market of the aforementioned coins.
Alexander Spellane is also accused of making false and deceptive claims to instill dread in consumers and terrify them into thinking that their retired assets would be suspended or confiscated in the case of the stock market’s fall.
Clients frequently forfeit the bulk of the monetary worth of the money they invested as they entered into deals with Fisher Capital because of the high & illegal price increases levied by Fisher Capital.
According to the complaint against him, whenever consumers inquired regarding the worth of the valuable metals that they bought, Alexander Spellane falsely convinced them that the silver and gold coins constituted while charging an extra cost considerably over the fundamental melt price. The tokens were worth far less than Alexander Spellane alleged.
Can you expose the broker trying to trick you?
FINRA offers the free web tool BrokerCheck, which allows users to check a broker’s credentials, registration, and employment history. The disclosure part of BrokerCheck includes information on client conflicts, disciplinary proceedings, and specific financial and legal issues on the broker’s record.
The CFTC acknowledges the Financial Industry Regulatory Authority (FINRA) & the Mississippi Secretary of State’s participation & cooperation.
Jacob Mermelstein, David W. MacGregor, Alben Weinstein, Lenel Hickson, Jr., and Manal M. Sultan are the four CFTC Department of Investigation employees who carried out this course of action.
The Precious Metals Client Scam Alert from the CFTC
The CFTC has published various customer protection statements, including the Precious Metals Fraud Advisory, which warns clients about precious metals scams and outlines straightforward methods to identify valuable metals frauds.
Clients and other people can use a toll-free number, 866-366-2382, to submit reports of unusual behavior or data, like probable infractions of trading in commodities rules, to the Department of Compliance. In addition, they can make concerns via the Internet or call the CFTC Whistleblower Center.
Whistleblowers are entitled to take home from ten percent to thirty percent of the financial penalties received by the CFTC Consumer Protection Fund, which is funded by monetary penalties given to the CFTC by CEA offenders.
What is CFTC?
The Commodity Futures Trading Commission (CFTC) is an autonomous government organization that oversees the derivatives needs in the United States, notably contracts for futures, choices, or exchanges.
Its objectives include promoting fair and productive markets. It helps in protecting shareholders from manipulating others, unfair trade practices, and cheating. In 1974, the Commodity Futures Trading Commission Act was enacted.
Five panelists serve on panels dedicated to agriculture, energy, and environmental markets, global markets, market risk, & technology. A group that was focused on collaboration between the CFTC & the Securities and Exchange Commission (SEC) is dormant. The panels’ participants include particular industries, investors, futures markets, commodity transfers, customers, and charitable organizations.
The Commodity Exchange Act, introduced in 1936 and revised numerous times subsequently, governs the trading of underlying commodity futures contracts in the United States. It sets the legal framework that governs the CFCT functions.
The CFCT has the authority under the act to create regulations that are made available in Act 17, Chapter I of the Code of Federal Regulations.
Fake PR – Alexander Spellane, CEO of Fisher Capital, meets Donald Trump throughout the momentous USA Actions Summit
The 2023 Momentum Action Summit was hosted in West Palm Beach, Florida, and the event proved to be a powerful meeting of conservative groups in America. Alexander Spellane, CEO of Fisher Capital Group, was one of the summits’ most powerful attendees.
Alexander Spellane claims that he is a well-known personality in the US gold and silver sector, and his business is one of the nation’s most rapidly expanding gold and silver sellers.
Its dedication to liberalism is exemplified by the company’s continuous sponsorship of groups like Turning Point USA, which promote candid discussions about right beliefs among young adults.
According to Alexander Spellane & his organization, they are among some of the most renowned names of Diamond Sponsors for the 2023 Point of Action Summit.
Alexander Spellane claims that he had the pleasure of meeting Former President Donald Trump at the Conference, bringing them two prominent brains in the Republican environment in an unexpected but fantastic twist of circumstances.
Trump & Spellane agree on various political shifts throughout different fronts. Being a Christian-owned firm, the company continually shows that conservatism can affect commercial practices, aligning with a lot of the ex-leaders thoughts.
In addition to combining their knowledge in entrepreneurial & commercial abilities, these socially conservative powerhouses continue to embody a compelling case for the strength and value of free expression, as well as an intentional choice of embracing Fisher Capital’s basic philosophy.
Fisher Capital managed to expand its goals to encourage traditionalism, particularly among those who are younger, by offering major assistance to this event.
As per the statement given by Spellane, the Fisher Capital additionally served as the Diamond Sponsor of that year in the Turning Point USA Fest, which drew a people of 15,000 sympathizers to Phoenix, Arizona.
Alexander Spellane was excited to represent Fisher Capital at the 2023 Turning Point Action Summit with the vice presidents such as Donovan Strydom and Nick Durst.
In particular, in the context of traditionalism, Fisher Capital Ltd. gatherings such as the annual Summit offer an opportunity to highlight the ideas that the company promotes.
According to the fake PR team, Fisher Capital’s owner, Alexander Spellane, maintains its steady expansion pattern.
Who is Alexander Spellane?
Alexander Spellane is the chief executive officer of Fisher Capital, a gold and silver merchant which assists high-net-worth clients in diversifying their financial portfolios. Although not attending university, Alexander made his initial million dollars at he reached the age of thirty. He has prioritized directing his staff under their backs, helping customers, as well as giving back to his surroundings.
Conclusion
Alexander Spellane is an established figure in the US metals market. He is the owner of Fisher Capital, a precious metals corporation. Fisher Capital has become one of the most rapidly expanding gold and silver sellers in the United States. Alexander Spellane believes that the corporation always respected its older clients.
As a result, the law enforcement agency contends that the Los Angeles-based valuable metals broker defrauded numerous elderly individuals out of over $30 million in gold and silver coins priced considerably less than the accused led consumers to believe.
As well as the charges that have been made against Fisher Capital, yet they have refuted all of the CFTC’s claims and mentioned on the client’s behalf that, the company truly disapproves of the accusations mentioned in the CFTC complaint and strategies to vigorously argue for ourselves while preserving our clients’ independence regarding independent monetary decisions.
This is what happens when you blindly trust any company.
It is really hard for those people who invested in the Fisher capital.
What a liar. He belongs to bars. CFTC needs to take more action against him.
Thank you. Finally getting a detailed report of Alexander’s lawsuit.
This case is the perfect example of the fraud and government incompetence that they’re unable to expose these fraudsters.
The firm is facing numerous allegations, and I don’t think this company is reliable for investment.