The organization of North American securities regulators recently had their annual conference. The organization is known as NASAA.
During
the conference presentation and panel discussion, it was reported that much
attention was paid to self-directed IRA’s. The regulators believe that SDIRA’s
are being used in conjunction with investment “scams.” It was reported that the
regulators are anxious to work with federal legislators, but it was unclear as
to what the proposed legislative solution to the alleged problem would be.
In
conjunction with the discussions, the regulators referenced the precious metals
industry. Our firm has worked with stakeholders in the precious metals industry
for over a decade. Many of those industry players take compliance and ethical
business practices very seriously. We also represent precious metals industry
stakeholders when they are contacted by or receive a subpoena from a regulator.
It was reported that state regulators opened more than 80 investigations of
offerings related to SDRIA’s last year and brought 53 enforcement actions as
well. The results of these investigations and actions were not, however,
reported.
