Lear Capital metal investors will be compensated, according to the Indiana Secretary of State

Indianapolis, Indiana – According to information released on Tuesday by representatives of the Indiana Securities Division, investors who bought retail precious metals from Lear Capital may be entitled to compensation under the company’s bankruptcy plan.

As part of its bankruptcy strategy, Lear will contribute $5.5 million to be disbursed to investors, according to a press statement from the Indiana Secretary of State’s office. According to calculations established by the plan, investors who submitted timely bankruptcy claims will be reimbursed, and the leftover monies will be given to investors who did not.

“Lear Capital urged investors to liquidate their traditional retirement savings and buy precious metals without proper fee disclosures, and because of those deceptive practices, the company racked up millions of dollars at investors’ expense,” Secretary of State Diego Morales said in the release. “The Securities Division is always looking out to protect Hoosiers from harmful and deceptive business practices.”

The corporation engaged in “deceptive business practices and violated investor protection laws,” according to officials, and these violations were remedied as part of the total bankruptcy settlement.