Product Reviews

Thanks Jennifer. We are looking forward to working with you. We will be in touch

Your account has been created

Beware of telemarketers selling precious metals

Consumer Reports News: March 29, 2012 01:53 PM

The Federal Trade Commission has taken action to stop a telemarketing operation that in the past two years, took in almost $9 million from senior citizens by getting them to buy precious metals on credit, according to the FTC.

The FTC charges that Premier Precious Metals, Rushmore Consulting Group, PPM Credit, and the companies' owner Anthony J. Columbo, promised that investing in precious metals would mean big profits fast. The operation did not clearly disclose the full cost and risk, including the likelihood that consumers would subsequently have to pay more money or lose their investment, the FTC alleges.

According to the FTC, most of the customers lost money, and equity in their investments was drained by the fees and commissions at the start of their transactions, as well as by the accumulation of fees and interest on the leveraged portion of their accounts.

If you or someone you know have been a victim of fraud targeting seniors, there is a hotline that launched this past year for seeking help. The number specifically to report financial abuse is 888-303-3297. For more, read our advice on preventing financial elder abuse.

FTC Takes Action Against Bogus Precious Metals Investment Scheme

Maggie Shader

E-mail Newsletters

FREE e-mail Newsletters! Choose from cars, safety, health, and more!
Already signed-up?
Manage your newsletters here too.

Money News


Cars Build & Buy Car Buying Service
Save thousands off MSRP with upfront dealer pricing information and a transparent car buying experience.

See your savings


Mobile Get Ratings on the go and compare
while you shop

Learn more