Three Indicted In Precious Metals Scam

Securities Lawyer 101 Blog

Manhattan District Attorney’s office has indicted Sean Robert Stropp , a/k/a “John Goldman,” a/k/a “Sean Roberts,”  Karl Spicer and Ricardo Garcia, for operating a precious metals scam through a company known as PMCO Services Inc. that claimed to sell precious metals.

The scheme resulted in millions of dollars of investor losses across the U.S. and Canada. The indictments include charges of Grand Larceny, Scheme to Defraud, violations of the Martin Act, and a violation of the General Business Law for failure to register with the New York State Attorney General as commodities brokers.

New York District Attorney Vance stated. “Three Sunshine State scammers are charged with using a phony Wall Street address to trick unsuspecting investors into purchasing precious metals on leverage …Because New York is the financial capital of the United States, some companies, like the one named in this indictment, seek to set up ‘virtual’ offices on Wall Street. The Manhattan District Attorney’s Office will continue to vigilantly protect investors against those who seek to use New York’s reputation as a means to defraud others.”