Precious Metals Firm Red Rock Secured Hit with $56M Penalty for Fraud
A federal court has ordered Red Rock Secured LLC, CEO Sean L. Kelly and senior salesperson Anthony “Tony” Spencer to pay over $56 million after defrauding customers in a nationwide precious metals investment scam. The Commodity Futures Trading Commission announced that Judge R. Gary Klausner of the U.S. District Court for the Central District of California entered a consent order on April 23rd finding the defendants liable for fraudulent misrepresentations and unlawful investment advice referenced to the sales of precious metals.