CFTC $8mn Fine Metals Fraud

On Mar. 4, CFTC fined metals dealer $8mn for fraud investors.

  • Purported metals dealer Carlos Javier Ramirez, and companies Royal Leisure
    International and Gold Chasers solicited customers to purchase physical gold.


  • Ramirez, GCI and RLI obtained nearly $3mn in connection with the schemes.
  • As in a Ponzi scheme, defendants paid false profits to some of the customers.
  • Defendants misappropriated more than 90 percent of their customers’ funds.
  • As controlling person of GCI and RLI Ramirez is thus liable for their violations.


  • Pay restitution and civil monetary penalty, for fraudulently soliciting customers.
  • Ramirez and RLI to repay customers $1.9mn and pay a civil penalty of $5.9mn.
  • With GCI, repay to customers $761k and to a civil monetary penalty of $2.2mn.
  • Ban and permanent injunction prohibiting future violations of laws, regulations.