Investment Traps Exposed by Baker H. Kent;Puttonen Vesa;

Author:Baker, H. Kent;Puttonen, Vesa;
Language: eng
Format: epub
Publisher: Emerald Publishing Limited
Published: 2017-03-06T00:00:00+00:00

Hunter Wise Commodities

Between 2011 and 2013, Hunter Wise Commodities, three of its fully owned subsidiaries, and the individuals running the companies, Fred Jager and Harold Martin, Jr., orchestrated a massive precious metals fraud. The fraud was a multilevel marketing scheme in which so-called retail dealers served a sales function for Hunter Wise, soliciting customer accounts. The dealers advertised and claimed that they sold physical metals, including gold, silver, platinum, palladium, and copper, to retail customers on a financed basis, and forwarded customer funds to Hunter Wise, whose identity was not disclosed to the customers.

The dealers claimed to arrange loans for the purchase of physical metals, and told customers their metals would be stored in a secure depository. Customers were then charged exorbitant interest and storage fees. In reality, neither Hunter Wise nor any of its dealers purchased any precious metals or arranged any actual loans. The court order estimated that more than 3200, or greater than 90% of the retail customers, lost money in the fraud. In May 2014, a federal court in Florida ordered Jager, Martin, Hunter Wise Commodities, and its three fully owned subsidiaries to pay more than $108 million in restitution and civil penalties.64

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