1. Stocks continue to roll off recent highs, while metals catch a bid
    Dismiss Notice
  2. Good Thu Morning! Gold is up 6.6 to 1252, and Silver is up 17 to 16.55. Crude is up 26 to 4279. The USD is flat at 9721
    Dismiss Notice
  3. Week of 6/10/2017 Closing prices & Chg Over Last Wk---- Gold $1271.40-- DOWN 8.80 Silver $17.22-- DOWN 30 Oil $45.83-- DOWN 1.83 USD $97.01 -- UP 37 TICS
  4. "Spreading the ideas of freedom loving people on matters regarding high finance, politics, constructionist Constitution, and mental masturbation of all types"
    Dismiss Notice

CFTC Charges California Resident Hannes Tulving,

Discussion in 'PM Dealer Feedback' started by southfork, Sep 18, 2015.



  1. southfork

    southfork Mother Lode Found Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    13,005
    Likes Received:
    10,229
    Trophy Points:
    113
    Nothing like being late to the party is there? When will they charge crimex??

    http://www.cftc.gov/PressRoom/PressReleases/pr7228-15


    September 11, 2015

    CFTC Charges California Resident Hannes Tulving, Jr., through his company, The Tulving Company, Inc., with Misappropriation and Fraudulent Solicitation in a $17.8 Million Precious Metals Scheme
    At Least 381 Customers Nationwide Allegedly Defrauded in the Scheme
    Washington, DC — The U.S. Commodity Futures Trading Commission (CFTC) today filed a civil Complaint against Defendants Hannes Tulving, Jr. of Newport Beach, California, and his company, The Tulving Company, Inc., charging them with fraudulent solicitation and misappropriation in connection with the precious metals markets. Neither Defendant has ever been registered with the CFTC.

    In its enforcement action, the CFTC alleges that the Defendants fraudulently offered contracts of sale of commodities in interstate commerce, namely, contracts for the sale of gold, silver, platinum, and palladium bullion and coin (precious metals). In offering these contracts, the Defendants obtained and misappropriated at least $17.8 million from at least 381 customers located throughout the United States for the purchase and sale of precious metals, according to the Complaint.

    In their solicitations, the Defendants allegedly made false and fraudulent representations, including that The Tulving Company was a highly reputable, stable, and established precious metals firm that delivered precious metals to customers; that it bought and sold in excess of $2.1 billion in precious metals from 1999 through March 2013; and that precious metals were shipped quickly to customers after placement of orders and receipt of customer funds. These representations were false, according to the Complaint.

    The Defendants allegedly purchased and sold little or no precious metals with the funds they collected from customers. Instead, according to the Complaint, the Defendants defrauded customers by lying to them and misappropriating their funds for improper and unauthorized uses, including for the Defendants’ own financial benefit.

    To conceal their fraud, according to the Complaint, the Defendants made false and/or deceptive statements, including falsely representing that (1) customers owned specific amounts of precious metals when, in fact, they did not, (2) customers holdings in precious metals had significant value when, in fact, the non-existent holdings had no value whatsoever, and (3) customers were realizing profits from their investments when, in fact, no profit whatsoever had been realized.

    In its continuing litigation, the CFTC seeks restitution to defrauded customers, disgorgement of ill-gotten gains, a civil monetary penalty, permanent registration and trading bans, and a permanent injunction against future violations of federal commodities laws, as charged.

    CFTC Division of Enforcement staff members responsible for this case are Luke B. Marsh, Richard Foelber, Dmitriy Vilensky, and Paul G. Hayeck.

    * * * * * *

    CFTC’s Precious Metals Customer Fraud Advisory

    The CFTC has issued several customer protection Fraud Advisories that provide the warning signs of fraud, including the Precious Metals Fraud Advisory, which alerts customers to precious metals fraud and lists simple ways to spot precious metals scams.

    Customers can report suspicious activities or information, such as possible violations of commodity trading laws, to the CFTC Division of Enforcement via a Toll-Free Hotline 866-FON-CFTC (866-366-2382) or file a tip or complaint online.

    Media Contact
     
    <SLV>, luckabuck, Krag and 2 others like this.
  2. offourse2

    offourse2 Seeker Seeker

    Joined:
    Jul 27, 2013
    Messages:
    107
    Likes Received:
    78
    Trophy Points:
    28
    Obviously they don't know what they are talking about, I read many times on this forum what a great person hannes was/is. Thank goodness for Luckabuck (sp?) were it not for his posts I would still probably be suffering heart and wallet ache.
     
    luckabuck, Ensoniq and gringott like this.
  3. sclariat

    sclariat New Member

    Joined:
    Apr 17, 2010
    Messages:
    10
    Likes Received:
    16
    Trophy Points:
    3
    I was warned by this site of him having problems. I took those on this site's advice, when I couldn't get my gold order on my own. I must have called them 20 times and wrote them several times, and even sent registered mail to them. I did as this site said and when through the CA State general office authorities and a month later we received our order. It was my understanding we were the last ones or one of the last ones to receive anything else from his company. I believe we had an order of about $22,000.

    AGAIN THANK YOU PEOPLE ON THIS SITE. Yes I know I am screaming as loud as I can for the Thank You.
     
    Krag, gringott, luckabuck and 2 others like this.
  4. luckabuck

    luckabuck Gold Member Gold Chaser

    Joined:
    Jun 20, 2013
    Messages:
    1,259
    Likes Received:
    1,003
    Trophy Points:
    113
    I hope that the Tulving supporters who called me a liar, a shill, a competitive bullion dealer, and many other inappropriate names read this article about their hero. Indeed, he turned out to be the crook that I said that he was.
     
  5. Ensoniq

    Ensoniq Midas Member Midas Member Site Supporter ++

    Joined:
    Apr 9, 2013
    Messages:
    5,716
    Likes Received:
    7,905
    Trophy Points:
    113
    Gender:
    Male
    Occupation:
    Free Marketeer
    Location:
    North Carolina
    What about jail
     
    luckabuck likes this.
  6. southfork

    southfork Mother Lode Found Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    13,005
    Likes Received:
    10,229
    Trophy Points:
    113
    Right after they arrest Lerner, Corzine and Clinton, oh forgot lerner and Corzine wont be charged, maybe Clinton. yah right
     
    Ensoniq and oldgaranddad like this.
  7. itsamess

    itsamess Silver Member Silver Miner

    Joined:
    Jan 4, 2013
    Messages:
    504
    Likes Received:
    395
    Trophy Points:
    63
    Actual complaint link
     
  8. goldielox1

    goldielox1 Seeker Seeker

    Joined:
    Jun 20, 2013
    Messages:
    453
    Likes Received:
    340
    Trophy Points:
    63
    When luckabuck initially posted his complaint, I was one of the few people that put the pieces together as to what was likely was going on.

    I found out about Tulvangs's first bankuptcy and predicted he would go bankrupt again due to not hedging his position and gambling on rising metal prices, many months before Tulvang actually shut his doors for the second time.

    I took a lot of heat from Zed and his unscrupulous pumpers as well as one of the mods on here.

    In the end I was vindicated and hearing that at least one person was able to get out in time made it worthwhile.
     
    Someone_else likes this.
  9. JayDubya

    JayDubya Gold Chaser Platinum Bling

    Joined:
    Apr 5, 2010
    Messages:
    3,937
    Likes Received:
    3,765
    Trophy Points:
    113
    luckabkuck, I sent you a PM. I think you might be interested in the contents.
     
  10. ttazzman

    ttazzman Midas Member Midas Member Site Supporter

    Joined:
    Apr 2, 2010
    Messages:
    4,388
    Likes Received:
    3,300
    Trophy Points:
    113
    Occupation:
    commercial/ industrial-construction/engineering/ma
    Location:
    mid-usa

    I am curious how you envision that rising prices help a unhedged company vs sinking prices causing bankruptcy.......personally i would see it just the opposite....
     
  11. anywoundedduck

    anywoundedduck Gold Member Gold Chaser

    Joined:
    Mar 31, 2010
    Messages:
    2,162
    Likes Received:
    1,916
    Trophy Points:
    113
    Occupation:
    Data Architect, Systems Engineer, Business Owner,
    Location:
    Kentucky
    Yes, perhaps, but you also need to account for the wine, women and songs.
     

Share This Page