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Precious metals dealer charged in $61m fraud targeting elderly

Stack of gold coins
Photo: Getty Images

Hundreds of investors were tricked into selling retirement funds to invest in a precious metals scheme that included far greater markups than promised.

The precious metals dealer Red Rock Secured LLC (Red Rock), its owner and CEO Shade-Johnson Kelly, and senior account executive Anthony Spencer have all been charged by the CFTC and state regulators in California and Hawaii for operating a $61.8m nationwide fraud scheme.

According to the