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TX Securities Board Shuts Down “True Bullion” Scheme

By July 21, 2021July 30th, 2021Investment Fraud

The Texas State Securities Board (“TSSB”) has issued a cease and desist order against True Bullion LLC dba GSI Exchange, ordering the company to immediately shut down its illegal operations in the state.

As detailed in the TSSB’s Cease and Desist Order:

  1. Respondents GSI Exchange and Anderson are engaging in an illegal nationwide advisory scheme involving more than 450 investors and more than $32 million of investor funds.
  2. As part of the illegal nationwide advisory scheme, Respondents GSI and Anderson are advising investors to liquidate securities and use the proceeds to purchase precious metals.
  3. Respondents are gouging investors, charging a fraudulent spread of as much as 30 percent or more on the front-end of the transactions.
  4. As a result, trust records reflect investors have lost as much as 39% of their principal investment.
  5. The Securities Commissioner is entering this emergency cease and desist order to protect the public from immediate and irreparable harm.

The Order further notes that neither Anthony Anderson, the principal of GSI Exchange, nor that company are registered or have filed notice to provide investment advice in the state, which is required by state securities law.

Investors in True Bullion LLC can contact the TSSB at and visit its website at

Fishman Haygood’s team of investment fraud lawyers represent investors who have suffered losses in fraudulent investment scheme. If you believe that you may be invested in a fraudulent product, we may be able to help.

Please contact us to discuss your possible claim.

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