CFTC v. Precious Metals Dealers and Their Owner (2023)

Alleged — pending

These are allegations. CFTC has filed an action; nothing in it has been proven, and the respondents have not been found liable. Everything described on this page is what the regulator alleges, not what a court has found. See our editorial policy.

Checked against the primary document on October 2, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In 2023, the Commodity Futures Trading Commission filed a civil action in the Eastern District of New York against Fisher Capital LLC, AMS Consulting Solutions LLC and principal Alexander Spellane, alleging they defrauded hundreds of elderly customers into putting more than $30 million into overpriced gold and silver coins, largely from retirement savings.

The record

Structured fields for this action, as recorded in our case library.
Agency	CFTC
Release number	8694-23
Date filed	2023-04-25
Court	U.S. District Court, Eastern District of New York
Status	filed
Asset class	commodities
Criminal parallel	No
Defendants	Fisher Capital LLC (entity) ; AMS Consulting Solutions LLC (entity) ; Alexander Spellane (individual)
Techniques

What was ordered

Civil penalty: —
Disgorgement: —
Prejudgment interest: —
Total relief: —
Alleged gain: —

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

the Commodity Futures Trading Commission announced this matter on April 25, 2023 as release 8694-23. The respondents named are Fisher Capital LLC, AMS Consulting Solutions LLC d/b/a Fisher Capital, and Fisher Capital's principal Alexander Spellane (also known as Alexander Overlie). The action was filed in the U.S. District Court for the Eastern District of New York.

As alleged, from about June 2020 the defendants used high-pressure telephone pitches to persuade hundreds of elderly people to move retirement savings into self-directed IRAs and buy "semi-numismatic" gold and silver coins at two to three times their market value. The release describes the firm as a "boiler room-type operation". Because what was sold was physical coins at a markup rather than shares, this library does not tag the matter as a boiler room, and no other technique in this taxonomy fits a precious-metals sales fraud, so it carries no technique tag.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

Timeline

2023-04-25 CFTC release published

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Record added September 10, 2026. If this matter has since resolved, been withdrawn or been dismissed, we want to know: submit a correction.