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CFTC Brings Charges on $2.5 Million Precious Metals Fraud 

June 14, 2017

"A Florida couple and their company, North American Asset Management, LLC (NAAM), have been ordered to pay more than $1.6 million in penalties for alleged illegal, off-exchange precious metals transactions and registration violations.

The U.S. Commodity Futures Trading Commission said Tuesday that Judge Jose E. Martinez of the U.S. District Court for the Southern District of Florida granted the CFTC’s motion for a final default judgement against the company and its owners Alexi Bethel and Steven Labadie, who also control and manage NAAM.

From March 2012 through at least March 2013, NAAM solicited retail customers to engage in leveraged, margined, or financed precious metals (including gold and silver) transactions and it received through its employees, in aggregate, $2.5 million in addition to at least $648,759 in commissions from such customers, the judgement states."

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