LANSING - With gold prices reaching record highs, investors are increasingly turning to gold-related investments. The Office of Financial and Insurance Regulation (OFIR) today reminded Michigan investors to beware of gold investment scams and to be cautious about jumping onto the gold bandwagon.
“The soaring price of gold has sparked a modern-day gold rush among investors, but it’s still the Wild West out there,” OFIR Commissioner Ken Ross said. “Michigan consumers should give OFIR a call before they invest in any fool’s gold.”
In 2009, OFIR put an end to a gold and silver mine investment scam run by John Missitti of Flint. Missitti, through the company GetMoni.com, solicited Michigan investors at so called “free lunch” seminars and sold them fraudulent promissory notes that in some cases exceeded $100,000. OFIR determined that Missitti and GetMoni.com were not licensed to sell securities products in Michigan and the products sold were not registered with the state.
In Missitti’s investment scam, he enticed investors into investing in several gold and silver extraction mining operations. Missitti actually put silver bullion on the table at a free lunch seminar, but no other silver or gold ever existed.
Before entering into an investment, Michigan consumers are encouraged to contact OFIR and the agency can run a check on any investment firm, professional or product. OFIR can be reached at (877) 999-6442 or online at: www.michigan.gov/ofir.
A copy of OFIR's cease and desist order against Missitti and GetMoni.com can be found at: http://www.michigan.gov/documents/dleg/GetMoni.Com_Inc._a_Nevadat_299964_7.pdf.