Des Moines – Iowa Insurance Commissioner Doug Ommen issued an order approving a settlement with True Bullion LLC DBA Gold Silver International Exchange DBA GSI Exchange LLC (“GSI Exchange”) on October 23, 2023 that permits 14 Iowans who had bought precious metals from GSI Exchange to elect to receive refunds totaling approximately $788,000. Clients electing to receive this refund will be required to return precious metals to GSI Exchange, which will essentially unwind their transactions.
“Today’s settlement benefits the 14 Iowa clients as it requires GSI Exchange to return money to those who elect to participate in the deal,” Iowa Insurance Commissioner Doug Ommen said. “These Iowans were not provided important information when purchasing from GSI Exchange and I’m pleased there was an outcome where that is remedied and the consumers can be made whole.”
The settlement is the result of the coordinated work of state securities regulators from Alabama, Arkansas and Texas, who filed actions that generally alleged that GSI Exchange was acting as an unregistered investment adviser and not disclosing information material to the “spread,” or markup, paid by clients.
Clients residing in Iowa that purchased precious metals from GSI Exchange before July 22, 2021, will be eligible for refunds and will receive instructions and other relevant information from GSI Exchange. The Iowa Insurance Division’s Securities Bureau is available at 515-654-6600 or securities@iid.iowa.gov to address any questions relevant to the process.