US Court Orders $146M Penalty Over 500,000 Missing Silver Coins

Two precious metals firms and their owner, Robert Higgins, have been ordered by a US court to pay $146 million after over 500,000 American Silver Eagle coins went missing. The companies were accused of running a fraudulent scheme, promising to store the coins for customers but failing to do so. The court settlement includes restitution of $112.7 million and a $33 million penalty. The Commodity Futures Trading Commission (CFTC) found evidence of fraudulent silver leasing programs and misappropriation of funds and silver from customers. The missing coins were replaced with IOU slips.

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