Red Flags
15
Fisher Precious Metals
Fisher Precious Metals’ inflated pricing, aggressive sales tactics, and manipulative reputation management reveal a fraudulent operation that has devastated vulnerable investors.
Quick summary on Fisher Precious Metals
Exploitation of Vulnerable Investors: Under the leadership of Alexander Spellane, the company is accused of defrauding elderly investors of over $30 million through deceptive schemes. Aggressive telemarketing and fear-based strategies pressured vulnerable clients into purchasing precious metals at inflated prices.
Deliberate Misrepresentation of Value: Fisher Precious Metals allegedly sold coins and bullion at prices double or triple the market value, misrepresenting the true worth of the assets. The company promoted these coins as rare collectibles, exaggerating their value to lure investors into making costly purchases.
Deceptive Practices: Sales representatives reportedly operated in a boiler room setting, using scripted pitches and deceptive practices to meet targets. The company’s operations lack transparency, with little detailed disclosure about its pricing, fees, or underlying asset valuations.
Manipulative Reputation Management: In an attempt to distract from the scandal, the company aligned itself with high-profile conservative events, such as rallies featuring Donald Trump, to cast a more positive light on its operations. While the company boasts of comprehensive services like appraisals, counterfeit detection, and global storage solutions, these claims are undermined by the fraudulent tactics employed in its sales processes.
Legal Challenges: The Commodity Futures Trading Commission (CFTC) has brought significant allegations against Fisher Precious Metals, seeking restitution for defrauded investors and civil monetary penalties. A Los Angeles Superior Court ruling denied the company’s attempt to enforce arbitration clauses in client agreements due to fraud and unconscionability.
Intel Reports
by: Julian Diaz
Alexander Spellane’s leadership at Fisher Precious Metals is a disaster. Elderly investors were tricked into losing millions with overpriced precious metals and lies about their value.
Cons
by: Lydia Morgan
The association with conservative rallies and events was just a ploy to distract from the real issue fraud and exploitation of innocent people
by: Elias Reed
Shady tactics, inflated prices, and deception this company is built on fraud.