The defendants “swindled tens of millions from the victims, who were targeted for their politically conservative and Christian leanings,” said CFTC Chairman Heath Tarbert.
Currently, regulators are unsure as to how much funding will be available for compensation to the victims.
The court freezes the defendants’ assets
On September 22, Judge David Godbey of the Northern District Court of Texas entered a restraining order freezing the assets of the defendants and the relief defendant. The order allowed regulators to inspect all relevant records. The court also appointed a receiver to take control of Metals.com, Barrick, and Tower Equity, as well as the assets of Asher and Batashvili.
In a phone call, Asher denied having any involvement in Metals.com, saying “I think it’s a mistaken identity. I don’t believe I have done anything wrong, so I hope to resolve this.” His proposed accomplice Batashvili has declined to comment on the case.
Metals.com is reportedly based in San Diego and claims it is “a recognized world leader in industrial metals marketing and sales throughout the nation and around the globe.” The other firm implicated in the complaint, Berrick Capital Inc. says it works with investors to set up “real estate individual retirement accounts.”
