Arizona AG receives $2.8 million judgment against precious metals dealer

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(Source: AP Images) (Source: AP Images)

A court recently ordered a precious metals dealer to pay $2.25 million in consumer restitution and $560,000 in civil penalties after Arizona Attorney General Mark Brnovich obtained a $2.8 million judgment against the dealer.

Keith Bresee, the owner of Liberty Precious Metals and Bresee Group, is accused of operating a precious metals scam out of Maricopa and Yavapai counties.

The Attorney General’s Office filed a consumer fraud lawsuit in 2016 against Bresee and his companies.

[RELATED: Former precious metals broker accused of fraud, theft]

According to the lawsuit, Bresee accepted millions of dollars in prepayments from clients who wanted to invest in metals. He took the prepayments but did not buy the precious metals as promised.

A total of 19 victims invested in Bresee. Many of the victims,  who are in their 50’s, took money from their retirement savings to invest.

Instead of purchasing the metals, Bresee is accused of using the clients’ money to fulfill other investment obligations to previous customers and pay his business and payroll expenses.

When Bresee closed his businesses and filed for bankruptcy in 2015, consumers discovered their orders would not be fulfilled.

According to the judgment, Bresee falsely told some consumers that their precious metals, mostly gold, had been purchased and were safely stored at a secure facility.

The $2.8 million judgment was obtained after Bresee voluntarily waived his right to a bankruptcy and withdrew his answer to the State’s lawsuit. The judgment also prohibits Bresee from selling precious metals to Arizona consumers and operating an Arizona business that sells precious metals.

Bresee faces one count of fraudulent schemes and artifices and 20 counts of theft.

If you believe you have been the victim of consumer fraud, you can file a consumer complaint by contacting the Attorney General’s Office in Phoenix at (602) 542-5763, in Tucson at (520) 628-6648, or outside the Phoenix and Tucson metro areas at (800) 352-8431. Consumers can also file complaints online by visiting the Attorney General’s website at

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