To embed, copy and paste the code into your website or blog: On September 22, 2020, the CFTC along with 30 state securities regulators filed a historic joint enforcement action against two precious metals dealers and their companies for perpetrating a $185 million scheme to defraud over 1,600 persons nationwide. The scheme, which targeted the vulnerable elderly population in particular, induced the victims to purchase gold and silver bullion at inflated prices averaging from 100% to 300% over the spot price. CFTC, Alabama Securities Commission, et al. v. TMTE, Inc. a/k/a Metals.com, et al, (20-cv-2910) (N.D.Tex. Sept. 22, 2020). The joint enforcement action is the largest joint filing in CFTC history with state regulators, and the first resulting from a 2018 information sharing agreement between the CFTC and the North American Securities Administrators Association, which represents state and provincial securities regulators in the United States, Canada, and Mexico. While the CFTC often partners with other federal agencies to investigate potential fraud in the commodities markets, this case shows that joint investigations by the CFTC and state securities regulators are a similarly formidable force.