INDIANAPOLIS — Officials with the Indiana Securities Division announced Tuesday that investors who purchased retail precious metals from Lear Capital are eligible to receive compensation as part of the business’s bankruptcy plan.

According to a news release from the office of the Indiana Secretary of State, Lear will provide $5.5 million to be distributed to investors as part of its bankruptcy plan. Investors who filed a timely bankruptcy claim will receive refunds based on calculations determined by the plan and the remaining funds will be distributed to investors who did not file claims.

“Lear Capital urged investors to liquidate their traditional retirement savings and buy precious metals without proper fee disclosures, and because of those deceptive practices, the company racked up millions of dollars at investors’ expense,” Secretary of State Diego Morales said in the release. “The Securities Division is always looking out to protect Hoosiers from harmful and deceptive business practices.”

Officials said in the release that the company used “deceptive business practices and violated investor protection laws,” actions of which were resolved as part of the overall bankruptcy settlement.