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May 16, 2023

Fund misled investors in gold, silver sales, SEC says

“The defendants used fear and lies to defraud investors out of millions of dollars from their hard-earned retirement savings,” said Antonia M. Apps, director of the SEC’s New York Regional Office. The charges were case was filed in Los Angeles.

Red Rock Secured LLC, a California investment firm, its CEO, and two former senior account executives convinced hundreds of investors to sell their securities in retirement accounts to buy gold and silver coins at markup prices far greater than what the defendants had promised, the Securities and Exchange Commission alleged Monday.

“As our complaint alleges, the defendants used fear and lies to defraud investors out of millions of dollars...

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