As part of the fraudulent scheme, Defendants charged fees that were almost 50% higher than the maximum fees that were disclosed to investors who purchased silver coins from Safeguard Metals. The alleged $68 million scheme, which includes $26 million in markups alone, took place from between October 2017 through at least July 2021. Save my name, email, and website in this browser for the next time I comment. CRD & IARD Resources. This website uses cookies to improve your experience while you navigate through the website. Because Safeguard Metals charged exorbitant markups and severely inflated the price of the coins sold, customers allegedly suffered an immediate loss to their investments. What is Liberty National doing to avoid lawsuits? Safeguard Metals also fraudulently induced some customers to make purchases through cash and credit sales. In reality, Santulan allegedly operated the company from a small leased space in a Woodland Hills, Calif. office building using sales agents. this is against Safeguard Metals. I deposited a significant amount of money into the service, but soon realized that it was not legitimate. Daily Weather Forecast The complaint, filed in conjunction with the federal Commodity Futures Trading Commission, seeks a permanent injunction to stop the allegedly deceptive and fraudulent practices, disgorgement, full restitution and civil monetary penalties. The Securities and Exchange Commission (SEC) has filed a civil enforcement action against the same defendants alleging violations of federal Securities Laws. Your email address will not be published. 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. We strive to use common sense and the right approach to maintain objectivity in providing recommendations that are in the interests of readers. Unfortunately, this case reflects just one of the many epidemic-level investment scams targeting senior and vulnerable populations, said NASAA President and Maryland Securities Commissioner Melanie Senter Lubin. 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. The Sunday Read: 'Elon Musk's Appetite for Destruction'. To send us an e-mail, simply complete and submit the online form below. 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 and received approximately $68 million in investor funds to purchase precious metals and fraudulently overpriced silver coins. This category only includes cookies that ensures basic functionalities and security features of the website. In this case, it was silver coins. "We will take action when, as alleged, parties fraudulently induce investors to sell their securities through lies and deception.". 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 markup that customers paid on silver coins, for example, averaged from 51 percent to over 70 percent. 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. ON SALE. SGM's services and products are for investment purposes only. 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 . DEFENDANTS 11. In the continuing litigation against the defendants, the CFTC and state securities regulators seek the return of ill-gotten gains, civil monetary penalties, restitution, permanent registration and trading bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA), state regulatory laws, and CFTC regulations. 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. Contact the City News Service newsroom at 310-481-0404 or news@socalnews.com. Indiana AG files lawsuit against precious metals company accused of bilking seniors. Maria Nikolova 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. Safeguard Metals provides comprehensive wealth preservation services for individuals looking to protect their financial future. Please keep your comments respectful and relevant. The SEC appreciates the assistance of the Commodities Futures Trading Commission and state regulators that are members of the North American Securities Administrators Association. 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 following information is designed to notify you about tricky promises of easy profits from rising prices in precious metals such as gold, silver, palladium, and platinum. The metals.com scheme affected 1600 seniors nation-wide and involved $185 million. Safeguard's website pitches the investments as a way to "hedge against uncontrolled government spending and dizzying money printing by the Federal Reserve." It is the mission of PNG- Accredited Precious Metals Dealer (APMD) program to instill confidence among retail buyers in the precious metals marketplace by adhering to strict guidelines for. 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. This business is in an industry that may require professional licensing, bonding or registration. The defendants also deceived customers into purchasing silver coins at grossly inflated prices that bore no relationship to the ranges represented to customers. 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 is located in Woodland Hills, California, and Jeffrey Santulan resides in Tarzana, California. I was recently scammed by a scam agency but Metals Safeguard is 100% legit. Safeguard Metals and its sales associates are alleged to have defrauded customers into transferring proceeds from retirement accounts, often consisting of funds from liquidated securities to self-directed individual retirement accounts known as SDIRAs for the purchase of precious metals. Safeguard and Santulan also allegedly misled investors about Safeguards 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. 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. I have filed complaint forms with the SEC, Commodities Future Trading Company, CA Department of Business Oversight. Securities Arbitration Attorneys Our FINRA arbitration lawyers work with investors to recover losses caused by securities fraud, investment fraud, and other kinds of stockbroker misconduct. We are committed to holding those accountable who undermine the investing publics trust in our commodities markets through illegal conduct., Todays action demonstrates the commitment of state and federal regulators to work together to prevent investment fraud, said Joseph P. Borg, Co-chair of NASAAs Enforcement Section and Director of the Alabama Securities Commission. As alleged, Safeguard fraudulently 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. A companys registration status can be found at NFA BASIC. The suit alleges that the company and its owner misrepresented their credentials and advised customers that the precious metals were a safe and conservative investment, compared to traditional retirement accounts that sales associates acting at the direction of the company claimed individuals could be frozen out of if the stock market were to crash. Safeguard Metals ("SGM") is solely a retailer providing precious metals for customers individually and IRA accounts. I did not make it in time. Unfortunately, this case reflects just one of the many epidemic-level investment scams targeting senior and vulnerable populations,, 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,, We are committed to holding those accountable who undermine the investing publics trust in our commodities markets through illegal conduct., Todays action demonstrates the commitment of state and federal regulators to work together to prevent investment fraud,, Given the complexity of investment products, our jobs have never been more important, or more demanding., Submissions Accepted for ANA Young Numismatist Literary Awards, PMG Announces Seven Million Notes Certified, First 2023 Collector Coins From Italian Mint Honor Art of Vantivelli, Heritage Offering Special Collection of World Coins, Part II, Perth Mint Issues 2023 Australian Koala Silver Bullion Coins, US Mint Releases U.S. Army 2.5 Ounce Silver Medal March 6, Big Things Happened at the United States Mint in March, Jeff Garrett: The Box of Twenty Approach to Coin Collecting, Roger Burdette: First 1878-S Morgan Silver Dollars Struck, 2023 Congratulations Set With Silver Eagle Proof on Sale March 2, The Coins of Carthage During Hannibals War With Rome. In addition to regulating commodities, the DFPI licenses and regulates state-chartered banks and credit unions, money transmitters, the offer and sale of securities and franchises, broker-dealers and investment advisers, nonbank installment lenders, payday lenders, mortgage lenders and servicers, escrow companies, Property Assessed Clean Energy (PACE) program administrators, debt collectors, credit repair and consumer credit reporting companies, debt-relief companies, and more. BBB Business Profiles are subject to change at any time. Thurston, Teply and a third Idaho Safeguard distributor, Craig Empey, of Idaho Falls, who was not involved in the lawsuit, had combined annual sales of $1.82 million. Save my name, email, and website in this browser for the next time I comment. Doug has written a book to help investors understand how gold and silver fit into a diversified portfolio, how to buy gold and silver, and what metals to buy. Brazen attempts to target senior citizens or other vulnerable populations will not be tolerated in California, said DFPI Commissioner Clothilde V. Hewlett. For more information, please read our full privacy policy. The complaint further alleges that Safeguard's sales agents used prepared scripts, some written by Santulan, that were filled with false and misleading statements about how the market was going to crash and how their retirement accounts would be frozen under a new 'unpublicized' law. We represent investors in claims against negligent brokers and brokerage firms. The SECs complaint alleged that between January 2017 and July 2021, Safeguard and Santulan acted as investment advisers and convinced investors to sell their existing securities, transfer the proceeds of hte sale into a self-directed Individual Retirement Account, and invest the proceeds into gold and silver coins. 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. Its reporting and editing staff cover public safety, courts, local government and general assignment stories. Safeguard's website pitches the investments as a way to "hedge against uncontrolled government spending and dizzying money printing by the Federal Reserve." 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. February 1, 2022. Below is information about these offers and simple ways to spot offers that could be scams. My broker is in Woodland Hills, CA 91367. At least 16 Indiana residents invested a total of more than $860,000 into silver coins and other products offered by Safeguard Metals. City News Service is a regional wire service covering Los Angeles, Orange, Riverside and San Diego counties. I was sold an expensive, fabricated coin at an almost 100% commission. The Securities and Exchange Commission today announced charges against Safeguard Metals LLC, and its owner, Jeffrey Santulan, for engaging in a multi-million dollar fraudulent scheme involving hundreds of investors who were at or near retirement age. text = allPs[i].innerHTML; Case 2:22-cv-00691 Document 1 Filed 02/01/22 Page 4 of 38 Page ID #:4 - 5 - COMPLAINT FOR INJUNCTIVE RELIEF, CIVIL MONETARY PENALTIES, AND OTHER EQUITABLE RELIEF . 6LinkedIn 8 Email Updates. 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. By clicking Accept, you consent to the use of ALL the cookies. The stockbroker and investment fraud lawyers at Sonn Law Group dedicate their entire practice to protecting the interests of investors who have lost money as a result of the negligent or wrongful conduct of those entrusted with protecting and growing our money. 01/23/2023. These cookies do not store any personal information. SACRAMENTO As part of a nationwide effort, the California Department of Financial Protection and Innovation (DFPI), in partnership with the federal Commodity Futures Trading Commission (CFTC) and 26 other state regulators, filed a federal lawsuit in Los Angeles against a precious metals dealer and its owner for perpetrating a $68 million fraudulent scheme that targeted the elderly. Jun 21 2021. *Our firm, in some cases, advance costs and expenses of the case, and in that event, are recovered from the gross recovery of any settlement or verdict. Website visitors should be aware that investment markets involve inherent risks and past performance is no guarantee of future performance. Oct 08 2022. allPs[i].innerHTML = text; Safeguard Metals LLC is a Wyoming Limited Liability Company with an office located in Woodland Hills, California. Brazen attempts to target senior citizens or other vulnerable populations will not be tolerated in California, DFPI Commissioner Clothilde Hewlett said. "The federal securities laws prohibit deceptive conduct and material misrepresentations in the purchase or sale of securities," said Kathryn A. Pyszka, an Associate Director in the SECs Chicago Regional Office. In many cases, the actual market value of the precious metals purchased was substantially lower than the value of the investors retirement savings liquidated to fund their purchase. Safeguard Metals LLC of Woodland Hills, California, targeted older investors and sold them gold and silver coins at grossly inflated prices, according to a complaint filed in U.S. District Court by the federal Commodity Futures Trading Commission. It is mandatory to procure user consent prior to running these cookies on your website. 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. Safeguard and Santulan reportedly used false and misleading statements about the safety and liquidity of the investments, Safeguards business practices, and its compensation structure. 12. 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. Thus, all the compensation awarded goes to the new plaintiff. How many pounds does a kilo of silver weigh? Updated at 2:49 pm on February 2, 2022 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. Drug distributors, J&J to pay $590 mln to settle U.S. tribes' opioid claims REUTERS 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; companies or divisions. Augusta Precious Metals Fees. Contact our office today to discuss your case. 04:23 PM. California man accused of using gold, metal and uncertainty to scam $68M from elderly investors. 06:39 PM. A cross-agency approach enhances our ability to protect investors and the integrity of our markets.. Alts News; SEC Charges Adviser with Running Precious Metals Scheme Targeting Retail Investors. Commodity Futures Trading Commission (CFTC) . A California man accused of conning elderly clients out of millions while acting as an investment . text = text.replace("https://docqnet.dfpi.ca.gov/LicenseSearch","https://portal.dfpi.ca.gov/csp?id=ssp_license_search"); 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. The SECs investigation was conducted by Jedediah B. Forkner and Jean M. Javorski of the SECs Chicago Regional Office, and was supervised by Anne C. McKinley. In fact, the silver coins were significantly less valuable than the defendants claimed, based on the resale prices the firm marketed and promoted. Geographical Area:- The company's territory or jurisdiction is an important factor. $68.51. Self-directed accounts are placed with a custodian, but do not afford the same investor protections as traditional IRAs. The markup that customers paid on silver coins, for example, averaged from 51 percent to over 70 percent. . According to the complaint, Safeguard obtained approximately $67 million from the sale of coins to more than 450 mostly elderly, retail investors, and kept approximately $25.5 million in mark ups. The defendants also deceived customers into purchasing silver coins at grossly inflated prices that bore no relationship to the ranges represented to customers. 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. This is a whole series of standard personal injury claims where the plaintiff sues the defendant. In the end, nearly every customer suffered an immediate loss of their investment on the purchase of precious metals from Safeguard Metals. The minimum investment is $5000. As a matter of policy, BBB does not endorse any product, service or business. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met. 2023 DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. According to the complaint, Safeguard Metals charged an average markup of 71 percent and more recently 51 percent on the precious metals. The complaint alleges that Safeguard Metals and Santulan perpetrated an ongoing fraud to solicit approximately $68 million from over 450 individuals nationwide to purchase precious metals and coins, including that Safeguard Metals made false statements on its website, inflated its assets by billions, and used fear tactics to motivate senior Acetabular metal shell (this is the metal "socket" that goes into your native hip socket) Acetabular liner (plastic / polyethylene) liner (the cushion that . . In fact, the silver coins were significantly less valuable than the defendants claimed, based on the resale prices the firm marketed and promoted. He was direct and asked all the questions that were relevant and provided me with very thoughtful feedback and some useful contacts. Idaho will continue to partner with fellow regulators to vigorously fight to protect consumers from this and other schemes to defraud," Perkins said. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile. The defendants advised investors to liquidate their holdings at registered investment firms to fund investments in precious metals through self-directed individual retirement accounts. Additionally, it charged Santulan with aiding and abetting Safeguards violations and as a control person within the meaning of Section 20(a) of the Securities Exchange Act of 1934. BBB Business Profiles may not be reproduced for sales or promotional purposes. Share your feedback. If you were implanted with an Exactech knee or ankle replacement insert or hip replacement liner, you may be eligible for compensation. The Sonn Law Group is currently investigating allegations surrounding Safeguard Metals, LLC and Jeffrey Santulan. Feb. 23, 2023. Investors should also contact their state or provincial securities regulator with questions about any investment opportunity or the person offering it for sale before investing in the product. Securities markets may operate on Wall Street, but stocks, bonds and other securities are sold on Main Street, in our neighborhoods and even over our kitchen tables from branch offices throughout the United States. "-Sonn Law Group Client. Today roughly half of all U.S. households rely on the securities markets to plan and prepare for their . You also have the option to opt-out of these cookies. NE Atlanta, GA 30326 *by appointment only. 2023 2 oz Silver Rabbit Coin Perth Lunar Series. How BBB Processes Complaints and Reviews. office said the Indiana victims . New York, New York Attorney General Letitia James TODAY filed suit against a precious metals company Safeguard Metals LLC and its owner and manager, Jeffrey Santulan, also known as Jeffrey Hill, for defrauding investors including several seniors in New York and across the country., The lawsuit, filed by the US . State and federal regulators filed suit Tuesday, Feb. 1 against a Woodland Hills-based precious metals sales company and its owner for allegedly perpetrating a $68 million fraud scheme that targeted the elderly by advising them to cash out their life savings and retirement accounts to purchase highly inflated and overpriced metals and coins. Both actions arose out of the CFTCs information-sharing agreement with state securities regulators, through NASAA. With no guarantee of future performance 68M from elderly investors very thoughtful feedback and some useful.... 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Relevant and provided me with very thoughtful feedback and some useful contacts nation-wide involved. $ 185 million are in the interests of readers Calif. office building sales., simply complete and submit the online form below service or business safeguard metals lawsuit a matter policy! California man accused of bilking seniors investors in claims against negligent brokers and brokerage firms business.! A civil enforcement action against the same investor protections as traditional IRAs and state regulators that are in end. Series of standard personal injury claims where the plaintiff sues the defendant, said DFPI Commissioner Clothilde V..... Loss of their investment on the purchase of precious Metals for customers and... We will take action when, as alleged, parties fraudulently induce investors to sell their Securities through and... Providing recommendations that are in the interests of readers the business know that you contacted bbb for a business! Amount of money into the service, but soon realized that it was not legitimate e-mail, simply and... Customers to make purchases through cash and credit sales the service, but soon realized that it not!