State alleges precious metals dealer misled investors

BOSTON (AP) — Securities regulators in Massachusetts have filed a complaint against a precious metals dealer they say convinced at least six investors to liquidate their retirement accounts and buy gold and silver coins, resulting in a $1.7 million total decline in investments.

Secretary of the Commonwealth William Galvin said Tuesday his securities division alleges TMTE, Inc., also known as, collected markup fees of up to 63% on the transactions and the market value of the coins was substantially lower than the previously-held securities.

The complaint seeks a fine, an order requiring TMTE to pay restitution, and a ban on similar investment offers. in a statement called the allegations “unwarranted” and said Galvin’s complaint appears to contain allegations that have been discredited or dismissed or are based on invalid legal theories.