In September 2020 the CFTC and 30 state regulators filed a joint civil enforcement action in federal court in Texas. It was one of the largest coordinated precious-metals fraud cases the agency has brought.
The complaint names TMTE, Inc., doing business as Metals.com, along with Chase Metals, Barrick Capital and their principals Lucas Asher and Simon Batashvili. Regulators allege that from at least September 2017 the defendants solicited more than $185 million from at least 1,600 people across the United States, including more than $140 million in retirement savings.
The allegation: price, not metal
Customers received gold and silver. According to the complaint, the problem was what they paid for it: overcharges that averaged from 100% to more than 300% above the prevailing market price, on bullion the defendants allegedly priced with no relationship to the market.
The regulators say the scheme targeted elderly customers with little experience in precious metals, and that nearly every customer lost the vast majority of the money they deposited.
Where the case stands
These are allegations. The case has turned into a long legal fight, including over how far the CFTC's anti-fraud authority reaches in sales of physical precious metals. In a 2025 ruling, the Texas district court denied summary judgment to both sides, keeping the case alive and unresolved.
The CFTC has since pointed to this case in its joint warning to retirees (our checklist is here). Whatever the legal outcome, the numbers show how much retirement money can move through one sales operation before anyone steps in.
Three questions that would have changed the outcome
- What is the spot value of what I'm buying today? Check it independently while you're still on the phone.
- What would you pay me for it tomorrow? A huge buy/sell gap is the markup, stated honestly.
- Why does this have to happen through my IRA, and why now? Urgency protects the seller, not you.
Know someone over 65 considering a gold rollover?
Send them this article. In many of these cases, relatives only found out after the money had moved.
