CFTC Accuses Delaware Precious Metals Dealer, Depository, and Their Owner of Ongoing Fraud

The Commodity Futures Trading Commission (CFTC) recently has filed a civil enforcement action against a precious metals dealer, Argent Asset Group LLC, and a precious metals depository, First State Depository Company, LLC, both of Wilmington, Delaware, and their owner, Robert Leroy Higgins of West Chester, Pennsylvania, charging them with fraud in connection with a multimillion-dollar precious metals scheme. 

According to the official press release, on September 29, U.S. District Court has signed an ex parte statutory restraining order freezing assets controlled by the defendants, preserving records, and appointing a temporary receiver. Besides, a status hearing is scheduled for October 11.

In continuing litigation against the defendants, the CFTC seeks restitution, disgorgement, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA) and CFTC regulations, as charged.