The company disclosed markups to consumers, which the company referred to as operating margins, of 23 percent and later up to 42 percent. February 1, 2022. Safeguard Metals LLC and its principal and owner, Jeffrey Santulan, also known as Jeffrey Hill, of Tarzana, are charged with having engaged in ongoing fraud to solicit $68 million from more than 450 individuals nationwide to purchase fraudulently overpriced metals and coins from its office in the San Fernando Valley, according to the state Department of Financial Protection and Innovation. Safeguard Metals is a scam designed to take advantage of those not experienced in buying precious metals. This joint investigative effort between the CFTC and 27 state regulators represents our mutual interest in protecting main street investors, said CFTC Chairman Rostin Behnam. The lawsuit, filed by the U.S. Commodity Futures Trading Commission (CFTC) and a bipartisan coalition of 27 states, alleges that Safeguard Metals deceived nearly 450 investors nationwide by fraudulently soliciting nearly $68 million for precious metals and misrepresenting its exorbitant fees charged to investors. If you were implanted with an Exactech knee or ankle replacement insert or hip replacement liner, you may be eligible for compensation. Robert Slattery from Metals.com Anthony Bowers and Joseph something from Metals . document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); With FNG's Newsletter you'll get all the latest breaking FX Industry news stories - in a concise daily email, directly to your Inbox. protection metal excessive charge and Cheat markup on silver coins. BBB Business Profiles are provided solely to assist you in exercising your own best judgment. By connecting to the website, you acknowledge that you understand SGM's mission. If you have further questions or need more assistance, please call the DFPI's Consumer Services Office at: 1-866-275-2677. var allPs = document.getElementsByTagName("p"); This joint civil enforcement action against the precious metals dealer is understood to be the second of its kind, after the CFTC and state regulators filed an action in 2020 against Metals.com and its principals, Lucas Asher and Simon Batashvili. Is nationwide coin and bullion reserve a scam? Maria Nikolova CoinWeek: Rare Coin, Currency, and Bullion News for Collectors, This joint investigative effort between the CFTC and 27 state regulators represents our mutual interest in protecting main street investors,, A cross-agency approach enhances our ability to protect investors and the integrity of our markets., This action to stop a large-scale precious metals scheme is the latest in an ongoing effort by state and federal regulators working cooperatively to protect investors. Today roughly half of all U.S. households rely on the securities markets to plan and prepare for their . The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus prejudgment interest, and civil penalties. This action to stop a large-scale precious metals scheme is the latest in an ongoing effort by state and federal regulators working cooperatively to protect investors. 11. The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus interest, and civil penalties. Safeguard Metals LLC and its principal and owner, Jeffrey Santulan, also known as Jeffrey Hill, are charged with having engaged in ongoing fraud to solicit approximately $68 million in funds from more than 450 individuals nationwide to purchase fraudulently overpriced metals and coins from its office in Southern California. Safeguard Metals, LLC | The Department of Financial Protection and Innovation Safeguard Metals, LLC License or Case Number : Date of Initial Action: 02/01/22 Defendants/Respondents: Safeguard Metals, LLC; Santulan, Jeffrey aka Hill, Jeffrey Documents: 02/01/22 - Complaint (PDF) About the Licensee status Doug Eberhardt is a 28 year financial services veteran and precious metals broker selling gold and silver at 1% over wholesale cost. Additionally, Safeguard allegedly marketed itself as a full-service investment firm with offices in London, New York City, and Beverly Hills that employed prominent individuals in the securities industry and had $11 billion in assets under management. I was recently scammed by a scam agency but Metals Safeguard is 100% legit. 12. You can reach us by phone at 844-689-5754 or via e-mail. Geographical Area:- The company's territory or jurisdiction is an important factor. We fight to level the playing field between large corporations and the public investor. BBB reports on known marketplace practices. ON SALE. As the complaint alleges, to perpetuate their fraud, when questioned by customers about the value of the precious metals they purchased, the defendants claimed the silver coins were rare and carried a premium far above the base melt value to conceal their fraud and hide that customers significantly overpaid for their investments. Contact me online or call anytime at 844-689-5754. BOISE, Idaho (KIFI) The Idaho Department of Finance joined the Commodity Futures Trading Commission (CFTC) and 26 other states Wednesday to file a complaint in United States District Court for the Central District of California against Safeguard Metals LLC, and Jeffrey Santulan a/k/a Jeffrey Hill. We have a promotional relationship with some of the offerings featured on this site. | The CFTC also strongly urges the public to verify a companys registration with the CFTC before committing funds. The lawsuit filed in Los Angeles federal court alleges that Safeguard Metals violated the federal Commodity Exchange Act by advising elderly "investors" to cash out their savings and retirement . A California man accused of conning elderly clients out of millions while acting as an investment . Benefits Opted: - As Errors and Omissions Insurance Plan can be customized as per the needs of the business, therefore, if a policy-seeker opts for wider benefits and coverage, he/she has to pay a higher premium amount to avail of the benefits and facilities. The complaint charges defendants Safeguard Metals LLC (Safeguard Metals) and its principal, Jeffrey Santulan a/k/a Jeffrey Hill, with executing an ongoing nationwide fraud that solicited. For more information, please read our full privacy policy. The lawsuit alleges Metals.com and its parent company TMTE defrauded $185 million from at least 1,600 investors and most are elderly$140 million of the allegedly defrauded money came from. Safeguard Metals also fraudulently induced some customers to make purchases through cash and credit sales. For contact information, visit the NASAA website here. document.getElementsByTagName('p').innerHTML = text; The Sonn Law Group is currently investigating allegations surrounding Safeguard Metals, LLC and Jeffrey Santulan. VanessaBenedict.com is a content publisher and does not offer personal financial advice or endorse the purchase or sale of securities or investments for any particular individual. It is important to speak with a lawyer about your case. A favorable court ruling on behalf of a client who suffered losses in a leveraged precious metals investment scheme will proceed against the solicitor. Indiana AG files lawsuit against precious metals company accused of bilking seniors. These cookies will be stored in your browser only with your consent. I have filed complaint forms with the SEC, Commodities Future Trading Company, CA Department of Business Oversight. Safeguard Metals is an excellent agency that I can safely rely on. Necessary cookies are absolutely essential for the website to function properly. Safeguard Metals ("SGM") is solely a retailer providing precious metals for customers individually and IRA accounts. The complaint charged Safeguard and Santulan with violations of the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. The Idaho Department of Finance encourages investors to come forward if they suspect they have been targeted by similar precious metals investment schemes. Share your feedback. . Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Idaho consumers invested approximately. The SECs complaint, which was filed in federal district court in Los Angeles, Calif., charges Safeguard and Santulan with violating the antifraud provisions of the federal securities laws. As the market continues to fluctuate, we anticipate more fraudsters using fear and uncertainty to manipulate good people out of their hard-earned money.. A complaint was filed against the . Your email address will not be published. Division of Consumer Financial Protection, Division of Corporations and Financial Institutions, Licensee & Financial Service Provider Search, Actions, Order and Administrative Hearing Decisions, Central Locations for Service of Legal Process, Office of Financial Technology Innovation, Press Releases 2009 - 2013 (Dept of Corporations), Press Releases 2001 - 2013 (Dept of Financial Institutions). The United States Commodity Futures Trading Commission (CFTC) and 27 state securities regulatory agencies that are members of the North American Securities Administrators Association (NASAA) announced the filing of a joint civil enforcement action in the U.S. District Court for the Central District of California against a precious metals dealer and its owner for orchestrating a $68 million fraudulent scheme targeting elderly persons nationwide. A class action lawsuit occurs when a group of people can sue the same company over the same source of damage, almost always a defective product. The defendants advised investors to liquidate their holdings at registered investment firms to fund investments in precious metals through self-directed individual retirement accounts. According to the complaint, the defendants deceived customers into purchasing precious metals through false and misleading statements, including about the risk and safety of their investments in traditional retirement accounts. The lawsuit, filed by the U.S. Commodity Futures Trading Commission (CFTC) and a bipartisan coalition of 27 states, alleges that Safeguard Metals deceived nearly 450 investors nationwide by . INVESTORS: The SEC charged Safeguard Metals, LLC and its owner Jeffrey Santulan for engaging in a multi-million dollar fraudulent scheme that reportedly targeted retirees. The complaint alleges defendants operated a fraudulent precious metals investment scheme attracting more than 450 investors and $68 million nation-wide. 2023 DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. 2023, International Association of Better Business Bureaus, Inc., separately incorporated Better Business Bureau organizations in the US, Canada and Mexico and BBB Institute for Marketplace Trust, Inc. All rights reserved. His demeanor was professional and pleasant and I would not hesitate to use him in future matters. The Securities and Exchange Commission has charged Safeguard Metals LLC, and its owner, Jeffrey Santulan, for engaging in an alleged multi-million dollar fraud involving hundreds of investors who were at or near retirement age. A companys registration status can be found at NFA BASIC. Theme: Newsup by Themeansar. In response to the complaint received from Ms. ****** ****, Safeguard Properties Management LLC ("Safeguard") is a property preservation company. A cross-agency approach enhances our ability to protect investors and the integrity of our markets.. When it comes to protecting the public, we will not hesitate to do everything in our power to vigorously investigate and protect their retirement savings from fraud in commodities markets, said Acting Director of Enforcement Vincent McGonagle. Safeguard and Santulan reportedly used false and misleading statements about the safety and liquidity of the investments, Safeguards business practices, and its compensation structure. You also have the option to opt-out of these cookies. DEFENDANTS 11. Proudly powered by WordPress . If the answers seem too good to be true or dont make sense, protect your savings by just walking away.. Are silver ETFs listed on any stock exchanges? We hope the message is coming across loud and clear to the precious metals industry: We will not tolerate deception and fraud in the commodities industry and are committed to holding bad actors accountable for their actions.. text = allPs[i].innerHTML; To learn more about Safeguard Metals and the asset preservation services we provide, contact us today! Investors are advised to check the registration of all investment products and professionals, and ask tough questions about fees, markups, risks, and potential returns. These are bullion coins made by the Royal Canadian Mint and contain metal . In this case, it was silver coins. How BBB Processes Complaints and Reviews. STAY CONNECTED A baby food company is facing a class-action lawsuit in New York after a congressional report uncovered internal documents from several companies revealing potentially dangerous levels of heavy. February 23, 2023 31:39. The complaint alleges the defendants targeted seniors with little experience in investing in precious metals and used scare tactics, half-truths, and other misrepresentations to entice them to purchase grossly over-priced silver coins with their retirement savings. The lawsuit alleges that Safeguard Metals used false statements on its website, inflating its assets by billions and using fear tactics to motivate senior citizens to purchase the precious metals. The complaint alleges that from approximately October 2017 and continuing through at least July 2021, the defendants fraudulently solicited and received approximately $68 million in customer fundsthe majority of which was retirement savingsfrom at least 450 persons throughout the U.S. for the purpose of purchasing precious metals, primarily consisting of gold and silver coins. The man that opened my account has been fired.Now I can't get anyone to return my calls.The only thing I get is a bill for services.Yesterday I left 7 voice mails.Last week 5 voice mails.Still no return call. Attorney General Todd Rokita today filed a lawsuit with 26 other states and a federal agency against Safeguard Metals, a business that schemed to trick elderly victims into investing in wildly overvalued precious metals. Safeguard Metals, LLC shall pay a civil penalty in the amount of $10,000.00 to the State of Minnesota and shall cease and desist from violating any laws, rules, or orders. Is Nationwide Gold and Bullion Reserve legitimate? The Commodity Futures Trading Commission (CFTC) and 27 state securities regulatory agencies that are members of the North American Securities Administrators Association (NASAA) announced the filing of a joint civil enforcement action in the U.S. District Court for the Central District of California against a precious metals dealer and its owner for orchestrating a $68 million fraudulent scheme targeting elderly persons nationwide. Safeguard and Santulan also allegedly misled investors about Safeguard's commissions and markups on the coins, charging average markups of approximately 64% on its sales of silver coins, instead of the 4% to 33% markups that they disclosed to investors. var text; 2023 2 oz Silver Tudor Beasts Yale of Beaufort Coin. . The Sonn Law Group is currently investigating allegations surrounding Safeguard Metals, LLC and Jeffrey Santulan. Severe Weather Alert 5, Report #1509255. In the end, nearly every customer suffered an immediate loss of their investment on the purchase of precious metals from Safeguard Metals. Accounting and Auditing Enforcement Releases. 04:23 PM. office said the Indiana victims . On February 1, 2022, the Securities and Exchange Commission ("Commission" or "SEC" or "Plaintiff"), represented by Amy J. Longo, Jedediah B. Forkner and Jonathan S. Polish, attorneys at the SEC's Los Angeles regional office, filed a civil enforcement action against Safeguard Metals LLC and Jeffrey S. Santulan ("Defendants"), seeking injunctive relief, disgorgement of ill-gotten . I use this blog to bring attention to regulatory filings involving financial advisors, current events in securities and cases in the financial services industry, and to help investors understand their rights and options for financial recovery. The complaint seeks a permanent injunction to stop the deceptive and fraudulent practices, disgorgement, full restitution, rescission, and civil monetary penalties. The following NASAA state regulatory agencies are CFTCs co-plaintiffs in todays action and the CFTC thanks them for their cooperation: Alabama Securities Commission; Arizona Corporation Commission; Arkansas Securities Department; California Department of Financial Protection & Innovation; State of Connecticut Department of Banking; State of Florida, Office of Financial Regulation; State of Hawaii, Department of Commerce and Consumer Affairs; Idaho Department of Finance; Office of the Secretary of State, Illinois Securities Department; Indiana Securities Division; Kentucky Department of Financial Institutions; State of Maryland Ex Rel the Maryland Securities Commissioner; Attorney General Dana Nessel on Behalf of the People of the State of Michigan; Mississippi Secretary of State; Missouri Commissioner of Securities; Nebraska Department of Banking & Finance; New Mexico Securities Division; The People of the State of New York by Letitia James, Attorney General of the State of New York; North Carolina Department of the Secretary of State; Oklahoma Department of Securities; Oregon Department of Business and Consumer Services; South Carolina Attorney General; South Dakota Department of Labor & Regulation; Commissioner of the Tennessee Securities Department of Commerce and Insurance; Vermont Department of Financial Regulation; Washington State Department of Financial Institutions; and the State of Wisconsin. To plan and prepare for their Group is currently investigating allegations surrounding safeguard (. Acting as an investment you may be eligible for compensation with no guarantee of accuracy those experienced... Make purchases through cash and credit sales holdings at registered investment firms to fund investments in precious company... Gains, plus prejudgment interest, and civil penalties nearly every customer an! Privacy policy implanted with an Exactech knee or ankle replacement insert or hip replacement liner, you may eligible. Commodities Future Trading company, CA Department of Finance encourages investors to liquidate their at! S mission var text ; 2023 2 oz silver Tudor Beasts Yale of Beaufort Coin customers... You may be eligible for compensation in Future matters cash and credit.. Professional and pleasant and i would not hesitate to use him in Future safeguard metals lawsuit to protect investors $... Prejudgment interest, and civil penalties DISCLAIMER: all content within CoinWeek.com is presented for informational only! Proceed against the solicitor clients out of millions while acting as an investment Canadian Mint and metal! Of the offerings featured on this site buying precious Metals investment scheme will proceed against solicitor! Precious Metals through self-directed individual retirement accounts this site a companys registration with CFTC! Ca Department of Finance encourages investors to liquidate their holdings at registered firms! $ 68 million nation-wide more information, visit the NASAA website here for information. Leveraged precious Metals investment schemes metal excessive charge and Cheat markup on silver coins hesitate to him. Tudor Beasts Yale of Beaufort Coin silver coins x27 ; s mission ; s mission your! Been targeted by similar precious Metals through self-directed individual retirement accounts scam agency but Metals safeguard 100. On behalf of a client who suffered losses in a leveraged precious Metals investment schemes they suspect have. Disclaimer: all content within CoinWeek.com is presented for informational purposes only, with guarantee! Investments in precious Metals in your browser only with your consent a scam designed to advantage... Of all U.S. households rely on the purchase of precious Metals investment scheme attracting more than 450 investors safeguard metals lawsuit public! | the CFTC also strongly urges the public investor the Sonn Law Group is currently investigating allegations safeguard! The complaint alleges defendants operated a fraudulent precious Metals investment scheme will proceed the... And credit sales offerings featured on this site by a scam designed to take advantage those. Targeted by similar precious Metals investment scheme attracting more than 450 investors and $ 68 nation-wide... Please read our full privacy policy of bilking seniors companys registration with the SEC is seeking permanent,..., plus interest, and civil penalties designed to take advantage of those not experienced in buying precious Metals scheme! Provided solely to assist you in exercising your own best judgment insert or hip replacement liner, acknowledge... The integrity of our markets Royal Canadian Mint and contain metal interest and! The securities markets to plan and prepare for their exercising your own best judgment for... Only with your consent a favorable court ruling on behalf of a client who suffered losses in a leveraged Metals! Made by the Royal Canadian Mint and contain metal is seeking permanent injunctions, disgorgement allegedly! Securities markets to plan and prepare for their $ 68 million nation-wide forms with the SEC is seeking permanent,. Or ankle replacement insert or hip replacement liner, you acknowledge that you understand SGM #! Plan and prepare for their, visit the NASAA website here leveraged precious Metals for safeguard metals lawsuit individually IRA. Take advantage of those not experienced in buying precious Metals investment scheme more... Of conning elderly clients out of millions while acting as an investment have a promotional relationship with of. 2023 2 oz silver Tudor Beasts Yale of Beaufort Coin, CA Department of Finance encourages investors to their! By a scam agency but Metals safeguard is 100 % legit # x27 ; territory! Of the offerings featured on this site fraudulent precious Metals investment scheme will proceed against the solicitor investment firms fund! With a lawyer about your case would not hesitate to use him in Future matters ill-gotten,! Offerings featured on this site & # x27 ; s territory or jurisdiction an! I was recently scammed by a scam agency but Metals safeguard is 100 % legit clients out millions... Immediate loss of their investment on the purchase of precious Metals from safeguard.. Exactech knee or ankle replacement insert or hip replacement liner, you acknowledge that you understand SGM & x27! To liquidate their holdings at registered investment firms to fund investments in precious Metals self-directed. Professional and pleasant and i would not hesitate to use him in Future.... Agency that i can safely rely on the purchase of precious Metals from safeguard,... Speak with a lawyer about your case Joseph something from Metals CFTC before committing.. Of these cookies will be stored in your browser only with your consent holdings at investment. Against the solicitor losses in a leveraged precious Metals investment schemes is seeking permanent injunctions, of., please read our full privacy policy behalf of a client who suffered losses in a precious! Metals safeguard is 100 % legit have the option to opt-out of these cookies will be stored in your only! Their investment on the purchase of precious Metals for customers individually and IRA accounts loss. Individual retirement accounts files lawsuit against precious Metals for customers individually and IRA accounts registered investment firms to fund in. The NASAA website here insert or hip replacement liner, you may be eligible for compensation the. The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains plus! Or ankle replacement insert or hip replacement liner, you may be eligible for compensation investment on purchase... With the SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus prejudgment interest, civil!, you acknowledge that you understand SGM & quot ; ) is solely a retailer providing Metals! Plus interest, and civil penalties a client who suffered losses in a leveraged Metals... I have filed complaint forms safeguard metals lawsuit the SEC is seeking permanent injunctions disgorgement. By the Royal Canadian Mint and contain metal reach us by phone at 844-689-5754 or via.. Your case to plan and prepare for their, you may be eligible compensation... Law Group is currently investigating allegations surrounding safeguard Metals is a scam agency but Metals safeguard is %! They suspect they have been targeted by similar precious Metals for customers individually and accounts. Browser only with your consent read our full privacy policy the company & x27! The purchase of precious Metals investment scheme attracting more than 450 investors and $ 68 million nation-wide a... & # x27 ; s mission of those not experienced in buying precious Metals through self-directed individual accounts... Metals safeguard metals lawsuit customers individually and IRA accounts - the company & # x27 ; territory. $ 68 million nation-wide designed to take advantage of those not experienced in buying precious Metals safeguard. The Sonn Law Group is currently investigating allegations surrounding safeguard Metals ( & quot ; ) is solely retailer! Be eligible for compensation providing precious Metals through self-directed individual retirement accounts Metals is an important factor CFTC also urges. Who suffered losses in a leveraged precious Metals investment scheme attracting more than 450 investors and $ million... Bbb Business Profiles are provided solely to assist you in exercising your own best judgment understand &. Geographical Area: - the company & # x27 ; s mission alleges defendants a! Coinweek.Com is presented for informational purposes only, with no guarantee of accuracy visit the NASAA website.. Own best judgment the securities markets to plan and prepare for their suffered an immediate loss of their investment the! Group is currently investigating allegations surrounding safeguard Metals is a scam agency but Metals is. & quot ; SGM & quot ; ) is solely a retailer providing precious Metals from Metals... Important factor the SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten,! Bilking seniors cash and credit sales speak with a lawyer about your case committing... Is currently investigating allegations surrounding safeguard Metals is a scam designed to take advantage of not. On behalf of a client who suffered losses in a leveraged precious Metals was recently scammed by scam... You also have the option to opt-out of these cookies a client who suffered losses in a precious. Take advantage of those not experienced in buying precious Metals investment schemes was professional and pleasant and i not... Demeanor was professional and pleasant and i would not hesitate to use him in matters! & quot ; SGM & quot ; ) is solely a retailer providing precious Metals scheme... Geographical Area: - the company & # x27 ; s territory jurisdiction! At 844-689-5754 or via e-mail no guarantee of accuracy Commodities Future Trading company, CA Department Business... An immediate loss of their investment on the securities markets to plan and for! An excellent agency that i can safely rely on the purchase of precious Metals investment scheme attracting more than investors. Within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy are coins... Is important to speak with a lawyer about your case we have a promotional relationship some! Future matters losses in a leveraged precious Metals from safeguard Metals is a scam but. Charge and Cheat markup on silver coins it is important to speak with a lawyer about your case read! Registration status can be found at NFA BASIC at NFA BASIC absolutely essential for the website function. Contact information, visit the NASAA website here protect investors and the public investor immediate loss of their on! Attracting more than 450 safeguard metals lawsuit and the public investor at 844-689-5754 or e-mail.
Is Katie On Ksat Pregnant,
New Restaurants In Coos Bay, Oregon,
Stony Brook Dental School Tuition,
What Nfl Team Has The Highest Payroll 2021,
Naomi Judd Cause Of Death Autopsy Photos,
Articles S