Hollywood “boiler room” sold $2 million in fake precious metals; two arrested

The Broward County State Attorney’s Office is prosecuting the case. Frade and Quinones are accused soliciting investors through their Hollywood-based company, Integrated Market Capital Investments, doing business as Midas Asset Exchange in Hollywood. After making the investment with Midas Asset Exchange, investors typically received account statements showing the alleged purchase of metals. Investors claimed that Frade and Quinones led them to believe that the metals listed on the account statements would be stored for them in a vault or other safe place until such time as they desired to sell. The investigation revealed that only a small portion of investor money was used to trade possessory rights to precious metal inventory, and none of it was used to purchase or store the physical metals.
For the original version including any supplementary images or video, visit http://www.miamiherald.com/2013/06/17/3456139/hollywood-boiler-room-sold-2-million.html

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