February 21, 2019

Precious metals dealer Hannes Tulving, Jr. and The Tulving Company, Inc., have been ordered to pay a civil monetary penalty of $15.7 million, having been charged with fraudulent solicitation and misappropriation in 2015.  Between 2013 and 201, defendants fraudulently held themselves out as a reputable dealer in gold, silver, platinum, and palladium bullion and coins, soliciting more than $150 million in funds from 381 people.  Tulving then misappropriated funds for unauthorized uses and failed to purchase or deliver the metals to customers.  In 2016, Tulving was sentenced to 30 months in prison.  CFTC

Tagged in: Financial and Investment Fraud, Fraud in CFTC-Regulated Markets, Misrepresentations, Ponzi Schemes,