Elemental (NTR) shut down for money laundering

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Elemental (NTR) shut down for money laundering

Post by 4metals » March 30th, 2017, 9:49 pm

Got calls from a lot of my clients today and it seems to be true. If the gold buying stores are still open be careful. Don't leave without a settlement!
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Re: Elemental (NTR) shut down for money laundering

Post by everydayisalesson » March 30th, 2017, 11:10 pm

Why do people believe they can get away with anything?

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Re: Elemental (NTR) shut down for money laundering

Post by silversaddle1 » March 30th, 2017, 11:34 pm

I wonder if this even includes their e-scrap recycling location in Dallas?

I was just strating to put a load together to take to them.

Humm......

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Re: Elemental (NTR) shut down for money laundering

Post by Palladium » March 30th, 2017, 11:43 pm

Last i heard they were tangled up in this https://www.bloomberg.com/news/articles ... ing-scheme
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Re: Elemental (NTR) shut down for money laundering

Post by Lou » March 31st, 2017, 2:58 am

Like chemistry? Try http://sciencemadness.org/talk

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Re: Elemental (NTR) shut down for money laundering

Post by anachronism » March 31st, 2017, 3:27 am

silversaddle1 wrote:I wonder if this even includes their e-scrap recycling location in Dallas?

I was just strating to put a load together to take to them.

Humm......

Hehe sell it to me instead.
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Re: Elemental (NTR) shut down for money laundering

Post by justinhcase » March 31st, 2017, 4:10 am

He is quite evidently just a small timer manipulated as a middle man and hung out to dry.
It is well known that the flow of gold follows the cocaine trail back to the "Patron's" of this world.
They have no other way of explaining large amounts of income except saying they dug it up.
Mix your ill gotten gains in with the return from a moderate sized mine and you are good to go.
As long as they hand an ignorant low level operator over for prosecution now and again no one is the wiser that it is cleared at the highest level of government.
well at least the government south of the boarder ,north of the boarder it is just the black budget recipients that are quite keen.
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Re: Elemental (NTR) shut down for money laundering

Post by silversaddle1 » March 31st, 2017, 7:26 am

anachronism wrote:
silversaddle1 wrote:I wonder if this even includes their e-scrap recycling location in Dallas?

I was just strating to put a load together to take to them.

Humm......

Hehe sell it to me instead.
I'm afraid shipping would kill you on that!

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Re: Elemental (NTR) shut down for money laundering

Post by 4metals » March 31st, 2017, 11:14 am

Conor Dullaghan, a phD chemist and very bright guy, hired by OPM from Metalor and now in very high up in sales at Elemental, (actually he is the President of Elemental Refining) somehow he got wrapped up in this too. Maybe he can join the forum from prison.
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Re: Elemental (NTR) shut down for money laundering

Post by anachronism » March 31st, 2017, 11:28 am

silversaddle1 wrote:
anachronism wrote:
silversaddle1 wrote:I wonder if this even includes their e-scrap recycling location in Dallas?

I was just strating to put a load together to take to them.

Humm......

Hehe sell it to me instead.
I'm afraid shipping would kill you on that!
Not when I'm processing in the US it won't! :D :D Let me know your location via PM and I'll work out which site is closest.
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Re: Elemental (NTR) shut down for money laundering

Post by Palladium » March 31st, 2017, 12:29 pm

From what i understand Republic, NTR, and Metalor have all been involved in it. http://www.insightcrime.org/news-analys ... legal-gold

http://www.insightcrime.org/component/tags/tag/172-gold
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Re: Elemental (NTR) shut down for money laundering

Post by Lou » March 31st, 2017, 12:52 pm

Safe to presume most of the bulk gold exported out of South America is exploitation related. Human costs aside, the destruction and deforestation it causes is something else. Unfathomably so. Ecologically, the precious metals are not easy on the environment. I guess at least the PGMs redeem themselves as catalysts!

The whole "conflict free" and "responsibly sourced" ehhh, prove it... Oh wait, that's really really hard to do. Refine/melt the stuff once and it's over with. It's also really hard to set up locations all over the world to buy the stuff (smuggled or not) at a 0.4--2.5 % gross margin, have it shipped, insured refined and sold again and not have something to do with something bad. Like lying on assay or having the proceeds go to something that should keep a person up at night, in their mansion.

Frankly, what people do here, is more responsible in its sourcing than getting it out of the ground ever could be because people here are preventing it going back into the ground.

4metals,

I've only met Connor a few times but have talked to him over the phone. Is this shakedown worse than what happened to Metalor years back? Is he really arrested? I don't see how anyone (him for that matter) were flying down to La Paz and not knowing what was going on...
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Re: Elemental (NTR) shut down for money laundering

Post by 4metals » March 31st, 2017, 1:09 pm

I've only met Connor a few times but have talked to him over the phone. Is this shakedown worse than what happened to Metalor years back? Is he really arrested? I don't see how anyone (him for that matter) were flying down to La Paz and not knowing what was going on...
I have heard that he (Conor) is either in custody or likely to be there soon, second hand information though so who really knows. Haven't spoken to him since discussing a Miller setup with him when I was involved in Southeast Asia. He was into chemistry then. His move into sales is likely his downfall, even if it is only guilt by association.

And yes this is much more serious than what happened at Metalor 20 years ago. Metalor survived it, this will likely break elementals back.
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Re: Elemental (NTR) shut down for money laundering

Post by Topher_osAUrus » March 31st, 2017, 2:27 pm

So what happens to the illegal gold the authorities seize?

I seriously doubt that they throw bullion bricks back into the forrest. Im sure it just sit as evidence until prosecution, but then..?
If it just sits there, thats sad. But, if it goes into funding the government agencies that bust the illegal metal trade, I think that is almost just as bad as the offenders.

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Re: Elemental (NTR) shut down for money laundering

Post by 4metals » March 31st, 2017, 4:27 pm

Elemental did a lot of legitimate business as well, from a lot of small and medium sized refineries and independant gold buyers. Many of them still have metal "in the system" either as unsettled lots or in pool accounts. Lets hope for their sake that the legit businesses are paid what they are owed.

Although I know a few horror stories from customers and acquaintances who lost huge sums of money when Handy went under. That a very long time ago let's hope we don't see a repeat of that here.

If they keep busting money laundering schemes like this before long the cartels will have to accept credit cards for drug deals! Then we will see the big banks going down the same road as some of the big refineries have gone down.
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Re: Elemental (NTR) shut down for money laundering

Post by justinhcase » March 31st, 2017, 10:04 pm

We will have to keep an eye out for that particular police auction.
That is one I wold like to have a bit of.
In the U.K.the police have to dispose of property that was to maintain transparency.
What strikes me about "Conflict Gold" is that most of the gold recovered in history was what would be considered illegal sources.
When a monarchy decided to invade and enslave a nation they had no problem decimating just about every country with resources.
So if you are honest just about every scrap of gold we have been churning over since the Egyptians is blood gold.
I do not see any real difference except quantity ,it just go's to show.
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Re: Elemental (NTR) shut down for money laundering

Post by Geo » March 31st, 2017, 10:09 pm

It didn't seem to effect the local buyer closest to me. It may be a case of "the devil is in the details". The article says "elemental" and NTR switched to "elemetal". A web search of "Elemetal Direct" does not pull up any kind of news articles related to this. I was at Elemetal in Franklin Tn. today to sell some PM's and Jim didn't say anything to me about it.
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Re: Elemental (NTR) shut down for money laundering

Post by justinhcase » March 31st, 2017, 10:39 pm

Geo wrote:It didn't seem to effect the local buyer closest to me. It may be a case of "the devil is in the details". The article says "elemental" and NTR switched to "elemetal". A web search of "Elemetal Direct" does not pull up any kind of news articles related to this. I was at Elemetal in Franklin Tn. today to sell some PM's and Jim didn't say anything to me about it.
Why would he.
I should think It is not the kind of thing one would bring up in casual conversation with a client .
" Hi,Ya.How are You" ..."Nice day"...."Did You have a nice drive."...."don't mind the chaps in wind breakers"..."O and by the way we may be involved in a convoluted plot to buy undervalued blood gold from a cartel controlled smuggling ring"
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Re: Elemental (NTR) shut down for money laundering

Post by 4metals » April 1st, 2017, 9:39 am

The trouble is Elemental lost its bank credit due to the action by the feds and no one is buying their gold so their cash on hand will dry up quickly. Plus with the old mushroom factory shut down, where will they refine the gold they buy? I think the stores will fold shortly if all the reports are true.
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Re: Elemental (NTR) shut down for money laundering

Post by Lou » April 1st, 2017, 11:01 am

I think the concern is that there's a suspicion top level on down complicity regarding these materials that can be traced back to tax evasion at the countries of origin (due to miscategorization of dore into materials that do not have a tax consequence), large scale rainforest destruction (amongst other ecological impacts), and of course the ever present hand of narcoterrorists that have their hands not just in gold, but in silver, copper and a variety of other mineralogical resources.

My guess is the SA director of operations probably rolled over on the rest of the people. Willful blindness is not an acceptable defense.

I know when Metalor was raided (pre-conor), the FBI came with guns!
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Re: Elemental (NTR) shut down for money laundering

Post by Topher_osAUrus » April 1st, 2017, 12:57 pm

Lou wrote: I know when Metalor was raided (pre-conor), the FBI came with guns!
Yeah, the federal government doesn't mess around with laundering..at all.

My wife used to work at a card hall, it was all legal, and had licenses for 5+ years. There was rumor that drugs and money laundering were going on, as well as a couple other things.. Well, one saturday night, 50+ officers went in raid style. FBI, KBI, sheriff, state troopers, kansas gaming commission,...all of them with assault weapons busted in and that was the end of that.

Come to find out, all they got was one bookie, who wasn't affiliated with the poker room. They arrested all of the players and a couple of the people working, save my wife. ...guess it pays to be pretty sometimes.. Or they felt bad that while she was in handcuffs, her alarm went off to pump milk for our infant at home with me.

Anyways, long short of it. The government wants their slice of the pie.

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Re: Elemental (NTR) shut down for money laundering

Post by 4metals » April 1st, 2017, 1:23 pm

Or they felt bad that while she was in handcuffs, her alarm went off to pump milk for our infant at home with me.
No fair, isn't it sexual discrmination to play the milk card? :mrgreen:
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Re: Elemental (NTR) shut down for money laundering

Post by justinhcase » April 1st, 2017, 1:48 pm

It warms the heart.
Even though the U.S. Government has up to ten Trillion dollar's worth of lost money in there own accountancy. Which one would assume would have to have been laundered in some way.
They still have the time to chase down a few million for other people.
The trick is to go to 1000 Colonial Farm Road in McLean, Virginia there are some very nice chaps there who can help you trade what ever you want as long as they have a taste and tell them in some round about way you are fighting the communists, then they will leave you alone and even back you up with AC-130's .
The lucky lady who was saved by a breast milk timer was probably asked for a few Ml, I have never seen them let any thing through with out a cut.
I doubt they restrain for the benefit of a youngster.
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Re: Elemental (NTR) shut down for money laundering

Post by modtheworld44 » April 1st, 2017, 2:06 pm

justinhcase wrote:It warms the heart.
Even though the U.S. Government has up to ten Trillion dollar's worth of lost money in there own accountancy. Which one would assume would have to have been laundered in some way.
They still have the time to chase down a few million for other people.
The trick is to go to 1000 Colonial Farm Road in McLean, Virginia there are some very nice chaps there who can help you trade what ever you want as long as they have a taste and tell them in some round about way you are fighting the communists, then they will leave you alone and even back you up with AC-130's .
The lucky lady who was saved by a breast milk timer was probably asked for a few Ml, I have never seen them let any thing through with out a cut.
I doubt they restrain for the benefit of a youngster
.

Hey Justinhcase

I really think you need to go back and reread Topher_osAUrus's last post again.IT's NOT OK to talk or make
a joke of the nature you did about a fellow members wife.I believe you owe an apology.


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Re: Elemental (NTR) shut down for money laundering

Post by 4metals » April 1st, 2017, 3:36 pm

I seriously doubt anyone meant to make a joke about Topher's wife, I certainly didn't, and I doubt Justin did either. If you are offended Topher I hope you will accept my apology, my comment was not intended to in any way reflect on your wife. I am sure she was not in a joking mood at the time being in handcuffs with all that was happening around her and then on top of that to have to explain what the alarm was for well, that is a situation a woman doesn't find herself in very often. It is a funny story, and that is all there is to it.
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Re: Elemental (NTR) shut down for money laundering

Post by Topher_osAUrus » April 1st, 2017, 4:01 pm

Hah. No offense at all guys.
Was merely giving a story relating to the thread subject.
And, I DO know there are plenty of "unique" folks out there who may have wanted a few gulps of it! :lol:
But, she had a female officer escort, and, in all honesty, I think one of the officers there knew her from high school, so she (coincidentally :roll: ) didn't get searched, and she was the only employee whose tips were not taken by the authorities.

It scared the living crap out of her, she barely slept for weeks. Only just recently, while at a coworkers wedding (from the poker hall), did she see a couple of the patrons that were arrested that night. They swapped some stories, some I had not even been privy to, and it could have been a much MUCH worse night. ...allegedly, they were after the owner of multiple car dealerships here locally, who has been accused of a great number of things, all MUCH worse than money laundering.

They say wichita is one of the worst areas for the child sex trade, I never believed it, until I heard stories shared at the event... I'll leave it at that, as I don't want to derail the thread any further.

But, if the government agencies went into the refineries, like they went into a legal poker room... I can only imagine how intensely scary that would be. They get very upset when you don't play by their rules...

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Re: Elemental (NTR) shut down for money laundering

Post by Lou » April 2nd, 2017, 5:48 pm

Lot of guns on premises at OPM. Don't know about Elemetal.
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Re: Elemental (NTR) shut down for money laundering

Post by 4metals » April 5th, 2017, 10:02 pm

Suspension of Warranting of Elemetal Refining, LLC (ELEM) Gold and Silver Brands

Unsubstantiated reports are now indicating that Scotia Bank has recalled its entire line of credit extended to Elemetal, and that Elemetal is currently in the process of shutting down operations entirely at its Jackson, Ohio facility (formerly known as Ohio Precious Metals) with all product being returned to Scotia Bank at the conclusion.
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Re: Elemental (NTR) shut down for money laundering

Post by 4metals » April 5th, 2017, 10:14 pm

Not all bad luck for Conor. This guy is the president of OPM (Elemental in Jackson Ohio)

https://patch.com/illinois/chicago/100- ... sold-ohare

Extra cash for legal fee's!
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Re: Elemental (NTR) shut down for money laundering

Post by FrugalRefiner » April 5th, 2017, 10:21 pm

I feel sorry for all the employees who just showed up and did their job every day. :(
Sometimes, no matter how well you do your job, there are forces beyond your ken that can cause your employer to close their doors. :cry:

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