It was pitched as the perfect investment for uncertain times for at least 60 families. A safe, secure, and fully insured way to make their money grow, backed by the timeless value of silver. They were promised guaranteed returns and, above all, peace of mind. The “Silver Lease Program,” run by Ross Baldwin and his company National Coin Broker (NCB), had a slick website, professional brochures, and what appeared to be ironclad insurance policies.
There was just one problem. It was all a lie.
The entire program, which solicited millions of dollars in cash and silver from the public between 2014 and 2019, was, in the court’s own words, a “complete fiction”. There was actually no secure vault storing investors’ precious metals. The promised dividends weren’t from a legitimate business; they were just funds shuffled around in a deceptive scheme.
How the Scam Worked: A Masterclass in Deception
The pitch for the Silver Lease Program was brilliantly simple. Investors could either send in their own silver or give NCB money to buy it for them. In return for “leasing” this silver to NCB—which claimed it needed the physical metal to fill large orders for a “bullion bank”—investors were promised a handsome “guaranteed cash dividend” of 3.9% to 5%.
To seal the deal, Baldwin and NCB hammered home one word: safety.
Their website, silverlease.com, made bold, impossible-to-miss claims: “There is no other investment available to you that is guaranteed, insured and gives the return on investment that our Silver Lease Program does”. Another line assured potential victims, “You will never have to worry about the loss of your investment”.
To add a personal touch, promotional brochures featured a glowing testimonial from a satisfied customer named “Emily D”. But like everything else about the program, she wasn’t real. Baldwin later admitted under oath that Emily D was just “a marketing thing”. The entire operation was a house of cards, built on a foundation of audacious lies. The most shocking of all? Baldwin himself confessed to investigators that he had never actually seen any of the silver supposedly being stored for the program’s investors.
The Insurance Fraud: Lies Built on Top of Lies
Perhaps the most cynical part of the scheme was how Baldwin created the illusion of security. He knew investors needed to feel their money was safe, so he set out to get what looked like legitimate insurance policies. The catch? He did it by lying to the insurance companies, too.
Baldwin provided false information to two different insurance brokers to secure multi-million dollar policies. He lied about his role in a partner company and, crucially, concealed the fact that one of his co-defendants had a prior federal conviction for bank fraud.
With these fraudulently obtained policies in hand, Baldwin’s operation could then issue official-looking “Evidence of Insurance” and “Confirmation of Insurance” documents to each investor. These certificates were customized with the investor’s name, the value of their silver, and even an individualized “vault number,” making the fictional enterprise seem utterly real and secure.
As Baldwin told an insurance broker, it was important to get these documents to investors “right away…so [they] feel comfortable”. He wasn’t just taking their money; he was manufacturing a false sense of comfort to keep the scheme going.
The Bigger Picture: Preying on Fear
The Silver Lease Program is a classic example of a precious metals scam that preys on the public’s financial fears.
In a world of volatile stock markets and complex financial instruments, the idea of owning something tangible and “safe” like silver is incredibly appealing. Scammers like Ross Baldwin exploit this appeal, wrapping their fraudulent schemes in the language of security, guarantees, and insurance.
This case is really exposes the anatomy of these deceptions while rustling my jimmies.
They thrive on a lack of transparency and the creation of a polished, professional facade. By hiding his partner’s criminal history and fabricating “proof” of insurance, Baldwin built a fantasy world where investors felt their money was safer than it would be in a real bank. This case is a brutal reminder that in the world of investing, the loudest promises of safety often hide the greatest risks.
A Reckoning: Accountability and an Enduring Warning
The legal system has finally caught up to Ross Baldwin. In addition to the criminal conviction where he pleaded guilty to wire fraud and other charges, this civil settlement brings another layer of accountability.
He is now permanently banned from the commodities industry.
He can never again solicit funds, trade, or hold any position that would allow him to defraud investors in this way. He has also been ordered to pay back every penny he stole– over $6.9 million in restitution to his victims. While it’s uncertain how much of that money the victims will ever see, the order gives them the legal right to pursue it.
Most importantly, unlike in many civil settlements where defendants “neither admit nor deny” wrongdoing,
Baldwin had to admit to everything. He cannot deny the facts of his fraud. The lies have been laid bare, and the truth is now a matter of public record.
That’s a rarity for stories published on this website where evildoers are typically allowed to just pay a teeny weenie fine without ever admitting to have done anything wrong.
Real Solutions: The Power of Skepticism
While the courts have brought a measure of justice, the real solution lies in preventing these schemes from succeeding in the first place. The Silver Lease Program was littered with red flags that should serve as a warning to all investors.
The biggest red flag of the lot promise of a “guaranteed” return. There is no such thing as a gauranteed return!! Any investment that promises high returns with no risk is almost certainly a scam.
Remember kids: if something sounds too good to be true, it is. The best defense against the next Ross Baldwin is a healthy dose of skepticism and the courage to walk away from any promise that seems too perfect.
All factual claims in this article are sourced from the United States District Court for the Southern District of New York Consent Order in Commodity Futures Trading Commission v. Ross Baldwin and National Coin Broker, Inc., Case No. 21-cv-5707-LJL, filed September 12, 2025.
💡 Explore Corporate Misconduct by Category
Corporations harm people every day — from wage theft to pollution. Learn more by exploring key areas of injustice.
- 💀 Product Safety Violations — When companies risk lives for profit.
- 🌿 Environmental Violations — Pollution, ecological collapse, and unchecked greed.
- 💼 Labor Exploitation — Wage theft, worker abuse, and unsafe conditions.
- 🛡️ Data Breaches & Privacy Abuses — Misuse and mishandling of personal information.
- 💵 Financial Fraud & Corruption — Lies, scams, and executive impunity.
