Elemetal Moves Forward With Exclusive Domestic Focus, Concludes South American Gold-Imports Probe

DALLAS, March 19, 2018 /PRNewswire/ -- Elemetal, LLC ("Elemetal") announced today that it has concluded its part in a U.S. Government investigation of the South American gold trade, and continues moving forward with its exclusively domestic-focused business.

Elemetal began its precious metals business over a decade ago as a domestic operation, and views the U.S. market as its strongest market.  

In 2016, the U.S. Government contacted Elemetal as part of its investigation of the South American gold trade. Elemetal has fully cooperated (and continues to cooperate) in this investigation. It voluntarily instructed its indirect subsidiary NTR Metals Miami, LLC ("NTR Miami") to cease all operations in several involved South American countries in 2016, and subsequently in all South American countries, while the Government's investigation was ongoing and evidence came to light of misconduct of three NTR Miami employees. Elemetal's cooperation and own internal investigation assisted the Government in its criminal investigations, including securing the guilty pleas of these three NTR Miami employees.

Elemetal wholeheartedly condemns the shocking behavior of these former NTR Miami employees in South America. Elemetal, however, also accepts full responsibility for its employees, the employees of its subsidiaries, and the failure of its international anti-money laundering program to prevent the misdeeds of the employees operating in South America. Elemetal has now brought to a close its involvement in the Government's investigation by acknowledging its failure to establish and maintain an effective anti-money laundering program, and accepting the associated financial consequences. The Government's investigation did not involve either U.S.- or Canadian-sourced metals purchased, sold or acquired by Elemetal or its affiliates.

Elemetal is pleased to have this matter resolved, and looks forward to continuing to serve the precious metals needs of its 20,000 domestic clients.

"We believe Elemetal's return to a domestic-only focus enables us to serve our United States clients better than ever," said Bill LeRoy, Elemetal's Chief Executive Officer.  

SOURCE Elemetal, LLC