Precious metals dealer charged in $61m fraud targeting elderly

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

Free Trial

Register for free to keep reading.

To continue reading this article and unlock full access to GRIP, register now. You’ll enjoy free access to all content until our subscription service launches in early 2026.

  • Unlimited access to industry insights
  • Stay on top of key rules and regulatory changes with our Rules Navigator
  • Ad-free experience with no distractions
  • Regular podcasts from trusted external experts
  • Fresh compliance and regulatory content every day
Register for free Already a member? Sign in