Markets Wired

A federal court has granted the Federal Trade Commission’s request for a lien on the Florida home of Sam J. Goldman, the operator of an alleged precious metals scam that conned senior citizens.

For the first time, the FTC obtained a court order requiring the sale of a defendant’s Florida home to pay a fraud judgment. Goldman has surrendered his home to a court-appointed receiver who will sell it and pay the Commission $428,604.95, which the FTC traced directly from the fraud.

The order follows court settlements reached in 2012, in which Goldman and other defendants in the American Precious Metals scheme agreed to pay more than $24.3 million to resolve FTC charges that they lured investors without disclosing significant costs and risks, including the likelihood that they would have to pay more money or lose their investment.

To learn about investing in precious metals, read Investing in Gold, Investing in Bullion and Bullion Coins and Investing in Collectible Coins.

The Federal Trade Commission works to promote competition, and protect and educate consumers. You can learn more about consumer topics and file a consumer complaint online or by calling 1-877-FTC-HELP (382-4357).  Like the FTC on Facebook, follow us on Twitter, read our blogs and subscribe to press releases for the latest FTC news and resources.