Federal court grants FTC lien on Florida home in alleged precious metals scam

By Mark Iandolo | May 22, 2017

MIAMI (Legal Newsline) — The Federal Trade Commission (FTC) announced May 18 that a federal court has granted its request for a lien on the Florida home of Sam J. Goldman, the alleged operator of a precious metals scam conning senior citizens.

In 2012, the FTC reached a settlement with Goldman and additional defendants after the American Precious Metals scheme purportedly duped senior citizens out of thousands of dollars. According to the FTC, the defendants purportedly lured investors without disclosing significant costs and risks, including the likelihood that the investors would have to pay more money or lose their investment. To settle the allegations, the defendants agreed to a $24.3 million penalty.

This is the first time the FTC has obtained a court order that mandates the sale of a defendant’s Florida home to pay a fraud judgment. The FTC will receive $428,604.95 after the sale of the home, which will be conducted by a court-appointed receiver who took the home from Goldman.

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