The following is a release from Commissioner of Securities and Insurance-Office of the Montana State Auditor:
Helena, Mont.- 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.
“Victims of securities fraud are often left emotionally and financially devastated. Thanks to the Securities Restitution Fund ─ promoted by this agency ─ and the hard work of our team, we were able to offset losses to protect Montana victims.” Commissioner Troy Downing said, “The Securities Restitution Fund has made all the difference in the world for these Montanans. While some states have similar programs, ours uses no taxpayer dollars and is one of the most robust in the nation ─ providing larger awards quickly and with minimal red tape.”
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.
“Receiving these funds from the Securities Restitution Fund has been tremendously helpful….
