State Orders Defunct Firm to Cease and Refrain
A defunct Tustin precious metals company and six company officials are the target of a cease and refrain order issued last week by the California Department of Corporations.
Continental Precious Metals Ltd., formerly located at 161 Fashion Lane, allegedly induced investors across the country to buy credit contracts for silver, gold, platinum and coins, according to the order issued by Franklin Tom, state corporations commissioner. “By the time we found out about them, they had just about flown the coop,” said Gloria Richards-Johnson, a corporations department counsel.
Richards-Johnson said an unknown number of investors invested between $5,000 and $45,000 with the company. She said the state does not know how much money the company collected before it closed. Continental charged its customers administrative fees, commissions and storage charges for metals that were apparently never delivered.
She said state investigators are trying to locate Ben Hooten, company president, and account executives Brian Smith, Ben Bodell, Carmen Freda, Jack Fishbeck and Jean Harris.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
