Metals.Com Fraud Enforcement - Investor Claim Deadline

Alaska DBS - News and Alerts

Filed March 8th, 2021

Detected March 19th, 2026

Summary

The Alaska Division of Banking and Securities, along with other state regulators and the CFTC, filed a joint civil enforcement action against Metals.Com and associated parties for alleged fraud involving 1,600 investors and over $185 million. A receiver has been appointed to manage claims, with a deadline of April 30, 2021, for defrauded clients to submit their claims.

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What changed

The Alaska Division of Banking and Securities, in conjunction with other state regulators and the Commodity Futures Trading Commission, has announced a joint civil enforcement action against Metals.Com, Tower Equity, Chase Metals, and Barrick Capital. The action, filed in the United States District Court for the Northern District of Texas, alleges fraud affecting approximately 1,600 investors and involving over $185 million in customer funds. The court has issued an injunction and restraining order, freezing the defendants' assets and appointing a receiver to manage the claims process for defrauded clients.

Defrauded clients are strongly encouraged to work with the appointed Receiver, Kelly Crawford, to submit claims for potential recovery of funds. The critical deadline for returning the claim form to the Receiver is April 30, 2021. Investors who believe they have been defrauded should contact the Receiver directly or visit the provided website for instructions and claim forms. Failure to submit a claim by the deadline will likely preclude participation in the asset distribution process.

What to do next

Identify and contact defrauded clients who invested in Metals.Com, Tower Equity, Chase Metals, or Barrick Capital.
Instruct affected clients to contact the Receiver, Kelly Crawford, or visit the provided website for claim forms and instructions.
Ensure clients understand and meet the April 30, 2021 deadline for submitting their claims.

Penalties

The enforcement action involves freezing assets and appointing a receiver to return money to defrauded clients. Specific fines or penalties are not detailed in this notice, but the context implies significant financial repercussions for the defendants.

Source document (simplified)

For Immediate Release 21-006 ATTENTION INVESTORS: Metals.Com, Tower Equity, Chase Metals, and Barrick Capital Receivership Claim Deadline: April 30, 2021 Monday, March 8, 2021 (Anchorage) — The Alaska Division of Banking and Securities, other state regulators, and the Commodity Futures Trading Commission recently filed a joint civil enforcement action against Metals.com and other associated parties. The case is significant as it allegedly involves 1,600 investors and more than $185 million in customer funds. The United States District Court for the Northern District of Texas entered an injunction and a restraining order, freezing the assets of the defendants. It also appointed Kelly Crawford as Receiver (i.e., an official responsible for marshalling assets of the defendants for the benefit of defrauded clients). The Receiver will begin administering the claims process and returning money to defrauded clients. As part of the process, Mr. Crawford will be sending correspondence, instructions, and a claims form to defrauded clients. Defrauded clients must complete and return their claims forms to the Receiver to participate in the claims process and request a return of money. THE DEADLINE TO RETURN THE CLAIM FORM IS APRIL 30, 2021. “We encourage defrauded clients to promptly begin working with the Receiver to request a return of funds,” said Tracy Reno, Interim Director with the Division of Banking and Securities. Defrauded clients should contact the Receiver at kelly.crawford@solidcounsel.com or (214) 706-4213. The Receiver also maintains a website that provides information about the claims process: https://www.metalsandbarrickcapitalreceivership.com. The Division of Banking and Securities can be reached at securities@alaska.gov or (907) 269-8140. Information on the Joint Civil Enforcement Action referenced above can be found here: https://www.nasaa.org/55777/cftc-and-30-states-charge-los-angeles-precious-metals-dealers-in-ongoing- 185-million-fraud-targeting-the-elderly/ ### Media Contact: Tracy Reno, (907) 269-8140, tracy.reno@alaska.gov .