Release: 4758-03
For Release: February 26, 2003

FRAUDULENT PRECIOUS METALS DEALERS INDICTED AND ARRESTED IN COMMODITY SCHEME

CFTC Lends Assistance to the United States Attorney for the District of New Jersey in Criminal Action for Defrauding Investors

WASHINGTON, D.C. -- The U.S. Commodity Futures Trading Commission (CFTC) welcomed the announcement by U.S. Attorney Christopher Christie of the arrest and indictment of Charles Paul “Chip” Hoffecker and Charles Edward Myers on one count of conspiracy to commit mail and wire fraud, and six counts of mail fraud. According to last week's indictment, Hoffecker and Myers defrauded investors in precious metals, heating oil, and other commodities through Amitex Services, Ltd., Inc., a Bahamian corporation, and Global Investment Services, Inc., a domestic corporation with offices in Atlanta, Georgia.

The CFTC’s Division of Enforcement provided significant assistance to the Office of the U.S. Attorney, the Federal Bureau of Investigation, and the U.S. Postal Inspectors in the investigation leading to this indictment. The CFTC congratulates its fellow law enforcement authorities for launching this important action.

Media Enforcement Contact:

Daniel Nathan, Chief, Office of Cooperative Enforcement
CFTC Division of Enforcement

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