Monex Precious Metals
Monex Precious Metals is a privately held firm based in Newport Beach, California which sells gold, silver and other precious metals to consumers as investment vehicles. The firm traces its origins to Louis E. Carabini in 1967. The firm also operates as Monex Deposit Company and Monex Credit Company from the same address.
In 1974, the Securities and Exchange Commission brought an action against Pacific Coast Coin Exchange, which later became Monex, claiming the firm had engaged in sham sales of silver coins on margin. The firm settled the case without admitting wrongdoing, but promised to obey the law in the future. In 2004, the firm was the target of class action lawsuit alleging that it misled clients. The firm settled in 2009 with payments of as much as $150,000 to litigants. In 2008 the firm was the subject of a case filed by the IRS claiming the firm used “abusive” tax shelters.