PHOENIX (Legal Newsline) – A court has ordered Liberty Precious Metals LLC and Bresee Group LLC owner Keith Bresee to pay $2.25 million in consumer restitution and $560,000 in civil penalties for consumer fraud.
Arizona Attorney General Mark Brnovich announced Jan. 29 he obtained a $2.8 million settlement against Bresee stemming from a 2016 consumer lawsuit he filed against the precious metals company owner, who operates out of Maricopa and Yavapai counties.
The suit claims Bresee accepted millions of dollars in prepayments for investments in metals such as gold from consumers he had solicited at investment seminars he held at hotels in Arizona. Bresee allegedly failed to purchase the metals, yet he told customers that he had their investments safely stored at a facility.
Allegedly, Bresee's customers found out their orders were not filled when he filed for bankruptcy in 2015 and closed his business. After Bresee voluntarily waived his right to bankruptcy and withdrew his answer to the state's lawsuit, Brnovich obtained a default judgement.
The settlement also includes prohibiting Bresee from selling precious metals to consumers in the state and from operating a business in Arizona that sells precious metals.
Arizona consumers who have been a victim of consumer fraud should contact the Arizona Attorney General's Office at 602-542-5763 in Phoenix or at 520-628-6648 in Tucson. Those outside of the Phoenix and Tucson areas should call 800-353-8431. Consumers can also go to www.azag.gov/complaints/consumer to file a complaint.