A precious-metals scheme used fear and Facebook to trick older conservatives out of their savings

[mahatmakanejeeves]

Source: Quartz, qz.com

SILVER MINING
A precious-metals scheme used fear and Facebook to trick older conservatives out of their savings
By Jeremy B. Merrill & Hanna Kozlowska November 18, 2019

While browsing through Facebook one day in 2017, a widow from Kentucky clicked on a series of links that led her to a signup form about buying silver. One of those Facebook pages, she told Quartz, appeared to be associated with Fox News. ... "I didn't really think anything about it or anything. It was asking if you wanted more information," said Cheryl, 71, who requested we not use her last name.
....

Eventually she agreed and, at the direction of the salesman, she said, she transferred $83,000 of her retirement savings into a self-directed Individual Retirement Account (IRA), a special kind of IRA that allows a broader range of investments, including precious metals. Then, with the salesman's help, her $83,000 was used to purchase silver coins from Chase Metals to be held in the IRA. Separately, she bought $60,000 worth of coins that she had delivered directly to her home.

Quartz obtained Cheryl's complaint about the company (1) to the Consumer Financial Protection Bureau through a Freedom of Information Act request, and interviewed her by phone.
....

Quartz found that Cheryl was one of dozens of elderly Americans who were caught in a web of companies, websites, Facebook pages, Facebook advertisements, and traditional ads apparently involved in selling overpriced metals to older conservatives. The effort was supercharged by Facebook's advertising tools--which were used to purchase at least 45 million ad impressions for at least $3 million.

Chase Metals, a sister brand called Metals.com, and their corporate parent, called TMTE, have drawn scrutiny from state regulators across the US, who accuse them variously of fraud or illegally offering investment advice. The company appears to have begun using the Metals.com name about two years ago and has mostly dropped the Chase Metals name. Quartz's investigation draws from interviews, video recordings, customers' documents, corporate filings, public records, crowdsourced Facebook ad data, and internal documents from Metals.com.
....

(1) https://www.documentcloud.org/documents/6543785-Complaint-via-FTC-FOIA.html

Read more: https://qz.com/1749695/facebook-ads-targeted-fox-news-fans-for-shady-silver-coin-scheme/

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Hat tip, Joe.My.God:

Elderly Fox Viewers Targeted In "Deep State" Scam
November 18, 2019

https://www.joemygod.com/2019/11/elderly-fox-viewers-targeted-in-deep-state-scam/

[SWBTATTReg]

1. I hope that they (authorities) nail these dipwads and convict every one of them...

Lots of people are getting nervous about the economic prospects being that the economy has been on a roll for 11 years +-. Also, low returns on CDs, savings deposits, etc. are causing people to look around and select other investments that may pay more. This metals scam preys on that fear. And the big problem is w/ this scam, is that a lot of these older investors can't easily replace these lost funds.

[aggiesal]

2. she told Quartz, appeared to be associated with Fox News ...

which means she watches Fox News and probably voted for Pendejo45.
Then she files a report with the Consumer Financial Protection Bureau.

Isn't that against (R)'s rules or laws?
They're not suppose to use government agencies that they don't agree with?

(D)'s try to implement protections (i.e. Regulations) and (R)'s vote against it.
Maybe Cheryl should understand how she votes!

[ffr]

4. +1 I don't see the downside to this. Imagine if every Rep had no money?

They'd have no voice, no power, and no opportunity to infect others with their toxic thoughts.

[olddad65]

3. Trump used plain old dishonesty to trick elderly conservatives out of their minds.

[AtheistCrusader]

5. If you're paying more than the melt value of the metal, it better have some special sentimental

value specific to you, or you're playing with highly speculative, likely to vanish 'value', and-or being taken for a ride.

Even the melt value is speculative, as everyone will discover the first time Planetary Resources or another group lands a meteorite with significant quantities of whichever rare metal/earths.

[ProfessorGAC]

6. Likely Suckered...

...by talk or market and bank collapses because dems are so mean to MOTUS.
Then, hey if markets tanks, precious metals will skyrocket and she'll be rich.
No surprise.
She's a sucker enough to get her info from Faux.

[Turbineguy]

7. These criminals

were taught by republicans. Prey on the gullible.

[machoneman]

8. Good! Now that they are broke, and I do hope it's millions of suckers, they can survive....

on Democratically instituted programs like SS, Medicare or Medicaid and suffer the good consequences of our porgams!

Eat it, losers!

[Delphinus]

9. Oh my ...

I feel sorry for them. How can anyone exploit seniors?

[mahatmakanejeeves]

10. Easy. There's money in it. NT