Skip to Primary Navigation

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

Get full access, free for a month

This is a Premium article. Start your 28-day free trial to continue reading and access all content on GRIP – no payment details required.

What’s included:

  • Every new article, plus our 5,000+ archive
  • Daily regulatory insight and guidance
  • Exclusive interviews and in-depth analysis
  • Coverage of industry-leading events and conferences
  • All podcasts and videos, featuring industry experts
  • The full set of Rules Navigator tools
  • An ad-free experience