Menzgold has blamed the current suspension by the Security and Exchanges Commission (SEC) for their inability to dividends to customers.
Reacting to comments by the SEC that although they have suspended their operations but haven’t stopped them from paying dividends to clients, the company says they find the comments “surprising”.
“We find this position rather surprising as it shows a clear dearth in the SEC’s understanding of our Gold Vault Market product and raises the question of the basis upon which they decided to shut it down,” the gold trading firm said in a statement.
“The Gold collectibles offered for trade by patrons of our Gold Vault Market Product are subjected to our quality controls and traded for profit which is shared as Extra Value with the product owner or trader.
“Any act, order or instruction therefore, designed or decreed to forbid Menzgold from trading makes it impossible to generate any revenue whatsoever out of which Extra Values are charged and paid to those entitled,” the company explained.