The Federal Trade Commission has sent more than $2.4 million in refund checks to just over 100 consumers harmed by the Premier Precious Metals scheme, which bilked millions of dollars from investors, including many senior citizens.
The FTC said the defendants conned consumers into buying precious metals on credit without clearly disclosing significant costs and risks, including the likelihood that consumers would subsequently have to pay more money or lose their investments.
In February 2014, the defendants were permanently banned from selling any investment opportunities under a settlement with the FTC.
Affected consumers will recover nearly 70 percent of the amount they lost. Consumers who receive checks from the distribution should cash them within 60 days of the mailing date. The FTC never requires consumers to pay money or to provide information before refund checks can be cashed.