Jupiter residents face $2.5 million order in metals scheme

preciousmetalsFederal officials announced Thursday a Jupiter firm and two principals must pay restitution of $1.25 million — plus another $1.25 million civil penalty — in connection with metals and commodity deals alleged to be illegal.

Worth Group Inc. of Jupiter, its owner and operator Andrew Wilshire and his sister Eugenia Mildner were accused of “defrauding retail precious-metals customers and engaging in illegal, off-exchange retail commodity transactions,” the U.S. Commodity Futures Trading Commission said.

The U.S. District Court for the Southern District of Florida entered a consent order.

Federal officials said the defendants “falsely represented that firm would purchase and store precious metals” in certain transactions, and in some cases charged “interest and storage fees when no when in fact no metal had been purchased.”

The defendants strongly opposed the allegations, a defense attorney said.

“The consent order is a settlement,” said attorney Matthew Menchel. “Worth, Mr. Wilshire, and Ms. Mildner vigorously opposed the allegations of the complaint. They are pleased that the consent order, which they consensually negotiated with the CFTC, resolves this matter so that they can carry on their business.”

 

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