HELENA, Mont. (NMB) – Commissioner of Securities and Insurance Troy Downing approved over $340,000 in restitution payments to victims of Metals.com. The victims, ranging in age from 60 to 77, received payments of $14,676 to $50,000.
In January 2022, Commissioner Downing settled with Metals.com over allegations the company manipulated and lied to investors. The settlement allowed the Montana victims, who collectively invested more than $2.9 million in precious metals, to apply to the Montana Securities Restitution Assistance Fund (SRAF). The SRAF is a fund unique to Montana to help victims of securities fraud.
Commissioner Downing awarded payments to all eligible Montana Metals.com victims that applied to the SRAF. Victims who are no longer Montana residents are ineligible to apply. Victims who have not yet applied have two years to do so. The SRAF is funded by fees collected from the securities industry and contributions from bad actors – there is no cost to Montana taxpayers.
The following list includes the victim’s location and award amount.
County Award Amount
Yellowstone $29,232.32
Yellowstone $17,751.28
Flathead $28,494.71
Lake $50,000
Lake $25,775.44
Lake $25,775.44
Deer Lodge $14,676.80
Gallatin $50,000
Silver Bow $50,000
Silver Bow $50,000
CSI is a criminal justice agency that regulates, licenses, investigates complaints, and prosecutes bad actors in the securities industry. They team can be reached at 444-2040 or by going to CSIMT.gov.
Courtesy of CSIMT
