CFTC Orders Off-exchange Precious Metal Trading Settlements

On April 8th, the CFTC ordered a settlement of over $940,000 against PGS Capital Wealth Management (in California), PGS Capital Credit, Inc. (in Nevada), and their owner Charles Victoria, and requires a joint payment of $462,727 and Rockwell Asset Management, Inc. (based in Florida) and its owner Frank O. Davies, and requires a payment of $477,210 in restitution. The three companies defrauded their customers by getting them involved in off-exchange precious metals trading. CFTC News Release.