First American Currency was put into receivership.

A federal judge signed a preliminary injunction prohibiting the Laguna Hills precious metals firm from selling illegal, off-exchange futures contracts and appointed attorney John Cotton to serve as permanent receiver. The company sold about $3 million worth of metal on credit each month for several years to customers across the country. But government officials searched its offices Dec. 5, seized its records and found no inventory of precious metals. Cotton said there appears to be a "$1.1-million shortfall" of funds to meet customer obligations.

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