Alexander Spellane and Fisher Capital

Introduction

We, as investigative journalists, have conducted an in-depth examination of Alexander Spellane, the CEO of Fisher Capital, a Los Angeles-based precious metals retailer. Our investigation focuses on allegations of fraudulent activities, personal and professional profiles, open-source intelligence (OSINT), undisclosed business relationships, scam reports, red flags, legal proceedings, adverse media, customer reviews, and bankruptcy details. This report aims to provide a comprehensive overview of the risks associated with investing in Fisher Capital, with a particular emphasis on consumer protection, financial fraud, and reputational concerns. We incorporate official documents, media reports, and customer feedback to present a balanced and authoritative analysis, concluding with an expert opinion on the matter.

Background on Alexander Spellane

Alexander Spellane, also known as Alexander Overlie, is the CEO and principal of Fisher Capital LLC and AMS Consulting Solutions LLC, both operating under the Fisher Capital brand. Described as a young, self-made entrepreneur, Spellane reportedly made his first million dollars before the age of 30 without attending college. His public profiles, including his LinkedIn page, highlight his success in growing Fisher Capital from a team of 20 to over 50 employees in just over a year. Spellane has been featured in media outlets as “America’s Youngest Gold Expert” by Success Magazine and has spoken at conservative events like Turning Point USA alongside figures such as Charlie Kirk and Tucker Carlson.

Spellane’s interest in precious metals reportedly began with his father’s coin collection, which sparked a passion that led him to abandon a music career to focus on the industry. His personal website, alexanderspellane.com, and Fisher Capital’s website emphasize his leadership and the company’s rapid growth, including its acquisition of the New York Times office in Los Angeles to accommodate its expanding operations.

Fisher Capital: Company Overview

Fisher Capital is a California-based precious metals retailer specializing in gold and silver investments, including Individual Retirement Accounts (IRAs). The company markets itself as conservative-owned and operated, appealing to investors who share similar values. According to its website, Fisher Capital helps high-net-worth individuals diversify their portfolios with precious metals, offering government-minted coins stored in licensed depositories. The company also donates to military-based charities and is a member of reputable precious metals industry organizations.

Under Spellane’s leadership, Fisher Capital has positioned itself as one of America’s fastest-growing precious metals retailers, as noted by Forbes. However, the company’s practices have come under scrutiny due to serious allegations from the Commodity Futures Trading Commission (CFTC).

CFTC Charges: Allegations of Fraud

In April 2023, the CFTC filed a civil enforcement action against Alexander Spellane, Fisher Capital LLC, and AMS Consulting Solutions LLC in the U.S. District Court for the Eastern District of New York. The agency alleges that Spellane and his companies defrauded hundreds of elderly investors out of over $30 million by selling them gold and silver coins at prices significantly higher than their market value—often double or triple the actual worth. The CFTC press release details how Fisher Capital used high-pressure telephonic sales tactics to persuade conservative investors, particularly those of retirement age, to liquidate their investment accounts and purchase precious metals.

The CFTC claims that Fisher Capital’s salespeople were instructed to gain trust by falsely claiming to be Christian and conservative, even when they were not, and misrepresented affiliations with popular conservative media programs. The coins were marketed as rare or collectible, with promises of significant returns, but were allegedly worth far less than what investors paid. The agency further alleges that the company induced investors to transfer funds into self-directed IRAs, resulting in substantial losses to their retirement savings.

The CFTC is seeking restitution for the victims, civil monetary penalties, permanent registration bans, and injunctions against further violations of the Commodity Exchange Act (CEA) and CFTC regulations. Ian McGinley, the CFTC’s Director of Enforcement, described Spellane and his companies as “wolves in sheep’s clothing,” accusing them of deliberately targeting vulnerable elderly investors under the guise of protecting their financial future.

Fisher Capital has denied the allegations, stating in an emailed response to Reuters that it “sincerely disagrees with the allegations stated in the CFTC lawsuit” and plans to “vigorously defend ourselves and protect the rights of our clients’ autonomy of making their own fiscal choices.” The company also claimed it never targeted specific demographics or sold precious metals for unethical gain.

Customer Reviews and Public Perception

Despite the CFTC’s allegations, Fisher Capital maintains a strong public image through customer reviews. On Trustpilot, the company has a perfect 5-star rating based on 176 reviews, with customers praising its knowledgeable staff, smooth account setup process, and alignment with conservative Christian values. One reviewer noted, “Jake and Nicholas made this experience wonderful… It was so reassuring that they were conservatives and that this company exudes and aligns with my conservative Christian values.” Another customer described Fisher Capital as a “trustworthy company” that helped protect their assets during turbulent times.

The Better Business Bureau (BBB) profile for Fisher Liberty Gold, associated with Alexander Spellane, lists an A+ rating with no customer complaints recorded since its accreditation in November 2021 (BBB Profile). This positive feedback contrasts sharply with the CFTC’s charges, raising questions about whether customers are fully aware of the ongoing legal proceedings or if the alleged fraud affected only a subset of clients.

The absence of negative reviews on platforms like Trustpilot and the BBB is notable, but it could indicate selective review management or a lack of awareness among customers about the allegations. Given the severity of the CFTC’s claims, the overwhelmingly positive reviews should be approached with caution.

Risk Assessment

Consumer Protection Risks

The CFTC’s allegations highlight significant risks for consumers, particularly elderly investors who may be more susceptible to high-pressure sales tactics and deceptive marketing. The claim that Fisher Capital sold coins at inflated prices suggests that investors may have lost substantial portions of their retirement savings. This case underscores the importance of verifying the legitimacy of investment firms and understanding the true market value of precious metals before investing. The CFTC has issued a Precious Metals Fraud Advisory to warn consumers about such scams and provides resources for reporting fraud, including a hotline (866-FON-CFTC) and an online complaint form.

Scam Reports

The CFTC’s civil enforcement action is a major red flag, indicating potential fraudulent activity by Fisher Capital. The detailed nature of the charges, supported by cooperation from the Financial Industry Regulatory Authority (FINRA) and the Mississippi Secretary of State, lends credibility to the allegations. While Fisher Capital denies the claims, the involvement of a federal regulatory body suggests that investors should exercise extreme caution. The lack of negative customer reviews does not negate the seriousness of the allegations, as it may reflect limited public awareness or selective feedback.

Criminal Reports

No criminal convictions or records are publicly available for Alexander Spellane. The CFTC’s action is a civil proceeding, not a criminal case, but the allegations are severe and could lead to further regulatory scrutiny or legal consequences if proven true. The absence of criminal charges does not diminish the potential impact of the civil case on Spellane’s and Fisher Capital’s operations.

Financial Fraud Investigation

The CFTC’s investigation into Fisher Capital’s practices highlights the need for robust oversight in the precious metals industry. The allegations of deceptive sales tactics and misrepresentation of product value underscore the risks of investing with unregistered or poorly regulated firms. Investors should verify a company’s registration status with regulatory bodies like the CFTC or FINRA, using tools like FINRA’s BrokerCheck, to ensure compliance and transparency.

Reputational Risks

The CFTC’s charges pose significant reputational risks for Alexander Spellane and Fisher Capital. The company’s positive public image, bolstered by glowing customer reviews and media appearances, could be severely damaged if the allegations are substantiated. The case has already garnered attention from major news outlets, potentially eroding trust among current and prospective clients. Spellane’s personal brand as a young, successful entrepreneur may also suffer, particularly given his high-profile media presence.

Adverse Media Reports

The CFTC’s charges have been widely covered by reputable news outlets, portraying the case as a significant scandal in the precious metals industry. Key reports include:

• Reuters reported that the CFTC filed a civil enforcement action against Fisher Capital and Spellane for defrauding elderly investors out of $30 million.
• Citywire described the scheme as a “boiler room-style fraud” targeting retirees, noting that Fisher Capital’s salespeople used deceptive tactics to gain trust.
• Other sources, such as Gripeo and Intelligence Line, have echoed these allegations, emphasizing the targeting of vulnerable seniors.

No additional adverse media reports beyond the CFTC case were found, but the existing coverage is substantial and damaging. The lack of other negative media may reflect Fisher Capital’s efforts to maintain a positive public image or the recency of the allegations.

OSINT and Personal Profiles

Open-source intelligence (OSINT) reveals a carefully curated public image for Alexander Spellane. His LinkedIn profile and Fisher Capital’s website highlight his entrepreneurial success, including growing the company and acquiring prominent office space. His personal website, alexanderspellane.com, further promotes his achievements, such as being named “One of America’s Youngest Gold Experts.” None of these sources mention the CFTC allegations, creating a discrepancy between Spellane’s public persona and the regulatory scrutiny he faces.

Spellane’s media appearances, such as on Inside South Florida, portray him as an expert in precious metals, discussing the benefits of gold investments. His appearance in Denver in support of MyPillow CEO Mike Lindell during a defamation trial, as reported by Distractify, suggests alignment with conservative figures, which may bolster his appeal to certain investors but does not directly relate to the fraud allegations.

Undisclosed Business Relationships

No publicly available information indicates undisclosed business relationships or associations involving Alexander Spellane or Fisher Capital. However, the CFTC’s complaint notes that Spellane operated under AMS Consulting Solutions LLC, suggesting multiple entities under his control. This raises questions about the transparency of his business operations, but no specific undisclosed relationships were identified through OSINT.

Bankruptcy Details

No bankruptcy filings for Alexander Spellane or Fisher Capital were found in public records. This does not rule out the possibility of such filings, but they are not readily available through standard search methods.

Other Notable Activities

Spellane’s public activities include speaking engagements and media contributions. He has appeared on platforms like Ticker News and The LOCAList SD, as noted on his IMDb profile, and has been published in Success Magazine. His involvement with conservative events and figures, such as his appearance at Turning Point USA and support for Mike Lindell, aligns with Fisher Capital’s conservative branding but does not directly impact the fraud allegations.

Conclusion: Expert Opinion

As experts in financial fraud and investment scams, we view the allegations against Alexander Spellane and Fisher Capital with significant concern. The CFTC’s charges, if proven true, indicate a deliberate scheme to exploit vulnerable elderly investors through deceptive sales practices and inflated pricing. The targeting of seniors, who often rely on retirement savings, is particularly egregious and underscores the need for robust consumer protections in the precious metals industry.

While Fisher Capital maintains a positive public image through glowing customer reviews and an A+ BBB rating, the absence of negative feedback does not negate the severity of the CFTC’s allegations. The company’s perfect Trustpilot score and lack of BBB complaints may reflect selective review management or limited customer awareness of the legal proceedings. The contrast between the company’s public persona and the regulatory scrutiny highlights the importance of looking beyond surface-level information when evaluating investment opportunities.

We strongly advise investors to approach Fisher Capital with caution due to the ongoing CFTC investigation and the potential for significant penalties and reputational damage. Precious metals can be a valuable addition to a diversified portfolio, but only when purchased from reputable dealers with transparent practices and regulatory compliance. Investors should verify a company’s registration status, seek independent financial advice, and be wary of high-pressure sales tactics or promises of guaranteed returns.

This case also underscores the broader issue of protecting vulnerable populations from financial exploitation. The CFTC’s efforts to combat such fraud, supported by resources like its Precious Metals Fraud Advisory and whistleblower program, are critical steps toward safeguarding investors. We urge potential investors to conduct thorough due diligence and prioritize firms with a proven track record of integrity.

In conclusion, while Alexander Spellane and Fisher Capital present themselves as successful and trustworthy, the CFTC’s allegations raise serious red flags that cannot be ignored. Investors must weigh the risks carefully and consider the long-term implications of engaging with a company under such scrutiny.