BOCA RATON, Fla., July 9, 2014 (GLOBE NEWSWIRE) -- Silver Law Group (www.silverlaw.com), is pursuing claims against multiple precious metals firms for allegedly selling precious metals (gold, silver, platinum, palladium, etc.) using false and misleading claims of easy profits with little risk. We have recently filed a lawsuit in federal court on behalf of an investor against South Florida-based Amerifirst Management LLC ("Amerifirst Management") for its role in an alleged fraudulent precious metals investment scheme. The newly-filed lawsuit parallels a similar lawsuit being prosecuted by the U.S. Commodity Futures Trading Commission (CFTC) against Amerifirst Management and several of its corporate executives, including Scott Piccininni and John D'Onofrio.
According to both lawsuits, Amerifirst Management served as a clearing firm for a network of introducing broker-dealers who solicited retail customers to invest in financed precious metals transactions. Plaintiffs allege they were promised that investing in precious metals is safe and would provide substantial returns and little risk of loss of their principal. An identical allegation was made by the CFTC in its lawsuit for violations of the federal commodities laws. As both lawsuits allege, the precious metals firms solicited and accepted funds from individuals without revealing to them the truth behind the investments, including the fact that the customers would be charged exorbitant and deceptive fees and commissions. According to David Silver, Partner and Co-Founder of Silver Law Group, Amerifirst Management was a key player in an investment scheme that saw nearly 65 percent of the money invested by a husband and wife depleted by fees and commissions to Amerifirst Management and the introducing brokerage firm -- thus leaving the investors' ability to profit, or simply break-even on the investments, virtually non-existent.
Silver Law Group is a nationally recognized securities and investment fraud law firm. We represent institutional and retail investors worldwide to attempt to recover improper investment losses. We handle investment fraud and class action litigation on a contingency fee basis. The firm's members have extensive experience in arbitration before FINRA, NFA, and AAA and have litigated hundreds of cases in state and federal courts. Scott Silver, Managing Partner of Silver Law Group, routinely serves as counsel to receivers and trustees in matters focused on recovering investors' losses.
Silver Law Group is representing investors involved in unsuitable precious metals transactions and is investigating our clients' allegations and attempting to recover their investment losses in legal proceedings. The firm also maintains an informative website for precious metal investors at www.preciousmetalfraud.com. If you wish to discuss this press release or have any information about our investigation of precious metal investments, contact Scott Silver, Managing Partner of Silver Law Group, at (800) 975-4345 or ssilver@silverlaw.com. We represent clients nationwide from our headquarters in South Florida and have satellite offices in New York City and Washington, D.C. For more information on recovering your investment losses, please visit www.silverlaw.com.
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