Global Precious Metals accused of fraud in suit

State and federal authorities are investigating a Chicagocommodity firm that's accused of using bogus silver investments tobilk some 220 investors out of an estimated $5 million.

Global Precious Metals is the target of a consumer fraud lawsuitbrought in Cook County Circuit Court by the Illinois AttorneyGeneral, and an investigation by the Illinois Department ofSecurities. Postal inspectors have executed a federal search warrantat the firm's 555 W. Jackson offices as well, law enforcement sourcessaid.

In the lawsuit, which also targets company President Paul P.Skowron, Global employees are accused of promising large returns tocustomers who were charged steep …