The U.S. Attorney`s Office in the Southern District of Florida said Wednesday that it had agreed with RMC on a non-prosecution contract after "an investigation focused on money laundering and violations of the Bank Secrecy Act." The government`s material view of the Elemetal Appeal Agreement provided that refinery failures in the event of a LL failure ranged from August 2012 to November 2016. During this period, Elemetal maintained a written directive from the MRL and has a designated compliance officer, but was "deliberately" successful in adapting its AML program to the risks to which it was exposed. For example, in April 2019, Republic Metals Corporation entered into a "non-prosecution agreement" with the USDA in Operation Arch Stanton, which involved the three former employees of NTR Metals Miami, which is now dissolved.  Unlike RMC, Elemetal pleaded guilty in March 2018 to failing to maintain an adequate amL program and, as part of its plea, Elemetal accepted a $15 million forfeiture, a five-year suspended sentence and a five-year ban on the purchase of precious metals outside the United States, and also agreed to implement a court-approved compliance and ethics program and to recruit a full-time compliance director with at least five years of AML compliance experience with a bank financial institution or broker/dealer, who would report directly to the company`s supreme executive. In addition, three refinery employees pleaded guilty to conspiracy to lay money and were sentenced to between 72 and 90 months in prison. Goldrefinerie Republic Metals Corporation ("RMC"), based in Miami, entered into a non-prosecution agreement with the U.S. Attorney`s Office for the Southern District of Florida ("Office") after cooperating with an investigation into money laundering and Bank Se Actcrecy violations in the gold import and refining industry. Under the agreement, RMC agreed to continue to participate in ongoing investigations and to improve its anti-money laundering and compliance programs. Walter Luhrman founded Jackson Precious Metals, a precious metals refinery in Jackson, Ohio, in 1974. In the 1990s, he ran into financial difficulties and sold it to Alan Stockmeister, a Jackson native who owned many local businesses, including the local newspaper.
Stockmeister would rename the Ohio Precious Metals refinery. Stockmeister said success was not defined in dollars and profits, but in terms of job creation for the Appalachia Ohio area.