Over half a million silver coins just vanished – now the metals dealer behind the 'fraudulent' scheme must pay $146 million
The vault where precious metals dealer Robert Higgins claimed to be storing over half a million of his clients' silver coins was found by investigators to be empty – except for little boxes of paper IOUs.
The coins are made of 99.9% silver and minted by the US Treasury – making them a popular alternative investment among Americans. But clients who bought coins through Higgins's firms may not have owned any at all – as it remains unclear whether they ever existed in the first place. Higgins ran a"fraudulent and deceptive scheme", and was ordered to pay $113 million to clients and $33 million in penalties, according to the CFTC. His two companies must cease trading and he is banned from the industry for life.
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