JACKSON, Miss – Secretary of State Michael Watson and the Mississippi Secretary of State's Office have announced investors who purchased retail precious metals from Lear Capital will receive compensation as part of Lear's bankruptcy plan.

State securities regulators investigated Lear for deceptive securities and commodities activities and misleading marketing at the time of the company's bankruptcy.

"Our Securities team continues to protect the interest of all Mississippi investors through its latest action on Lear Capital. Companies will be held responsible for deceptive and harmful practices in our state," said Secretary Michael Watson.

Under the terms of the bankruptcy plan, Lear will provide $5.5 million to be distributed to investors in Lear’s precious metals. Lear investors who filed a timely bankruptcy claim will receive refunds based on calculations determined by Lear’s bankruptcy plan. In addition, Lear will provide a pro rata distribution of the remaining funds to investors who did not file claims.

The Secretary of State's Office encourages investors to reach out with any questions regarding Lear Capital or other concerns with investments or financial professionals. The Securities Division may be reached at (601) 359-1334 or securities.customerservice@sos.ms.gov.
 
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ABOUT SECRETARY MICHAEL WATSON

Contact:
Elizabeth Holbert Jonson
press@sos.ms.gov | 601-927-8688

 
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