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Deadline set for defrauded investor claims in precious metals case


Iowa Insurance Commissioner Doug Ommen announced that Iowa investors who were defrauded by Metals.com, Tower Equity, Chase Metals or Barrick Capital have until April 30 to file a claim with the court-appointed receiver to try to recover at least a portion of their lost funds. Ommen joined 29 other states and the Commodity Futures Trading Commission in filing a consolidated nationwide enforcement action last fall to halt a fraudulent precious metals scheme that had solicited $185 million from at least 1,600 seniors and other investors. The receiver will begin administering the claims process and returning money to defrauded clients. As part of the process, the receiver is sending correspondence, instructions and a claims form to investors. More information about the claims process can be found on the receiver website. The Iowa Insurance Division can also provide additional information and explanation relating to the allegations of fraud, the lawsuit, the receivership and the claims process.

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