Required fields are marked *. California man accused of using gold, metal and uncertainty to scam $68M from elderly investors. In a simultaneous filing, the SEC commenced a suit against Safeguard Metals LLC and Jeffrey Santulan for violations arising from the fraudulent precious metals scheme and exorbitantly priced silver coins and for rendering unlawful investment advice. this is against Safeguard Metals. Address: 21550 Oxnard St FL 3 Woodland Hills, CA, 91367-7105 United States Phone: Website: www.safeguardmetals.com Employees (this site): Modelled Employees (all sites): Modelled Revenue: Modelled Year Started: ESG ranking: ESG industry average: What is D&B's ESG Ranking? The CFTC and NASAA thanks and acknowledges the assistance of the SEC. In a simultaneous filing, the SEC commenced a suit against Safeguard Metals LLC and Jeffrey Santulan for violations arising from the fraudulent precious metals scheme and exorbitantly priced silver coins and for rendering unlawful investment advice. Help us improve the DFPI website! NE Atlanta, GA 30326 *by appointment only. The lawsuit alleges that Safeguard Metals, LLC and Jeffery Santulan, aka Jeffery Hill, solicited investors by targeting seniors through social media platforms and websites linked to media personalities and financial gurus, also touting precious metals at grossly inflated prices that were not disclosed. 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. The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus interest, and civil penalties. The Securities and Exchange Commission today announced charges against Safeguard Metals LLC, and its owner, Jeffrey Santulan, for engaging in a multimillion dollar fraudulent scheme involving hundreds of investors who were at or near retirement age. 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. 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.. 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 SEC's investigation was conducted by Jedediah B. Forkner and Jean M. Javorski of the SEC's Chicago Regional Office, and was supervised by Anne C. McKinley. The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus prejudgment interest, and civil penalties. SGM does not provide trading advice. 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 company disclosed markups to consumers, which the company referred to as operating margins, of 23 percent and later up to 42 percent. 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. Securities litigation attorney Scott Silver, who is representing several of Safeguard Metals' alleged victims in arbitration proceedings, is calling for regulatory reform. NASAA and its members have issued a series of investor advisories, including an advisory on matters to consider before making gold-related investments. 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, Financial Services and Mortgage Lending Licensees Search, Licensees and Industries Regulated by the DFPI, Actions, Orders and Administrative Hearing Decisions. Tempe, Arizona. Contact Us Now For a Free Consultation $25 MILLION Recovery Against National Brokerage Firm $9.1 MILLION FINRA Arbitration Award Against Brokerage Firm ON SALE. This is one of many large-scale precious metals investment schemes weve endeavored to stop since the pandemic began. In fact, the silver coins were significantly less valuable than the defendants claimed, based on the resale prices the firm marketed and promoted. Their fee structure includes a $50 account-opening fee, an $80 administration fee as well as a $100 storage fee, totaling $230. It is important to speak with a lawyer about your case. The metals.com scheme affected 1600 seniors nation-wide and involved $185 million. This business is in an industry that may require professional licensing, bonding or registration. 2023 DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. The Securities and Exchange Commission (SEC) has filed a civil enforcement action against the same defendants alleging violations of federal Securities Laws. CoinWeek does not buy or sell coins or numismatic material and No endorsement or affiliation to or from CoinWeek.com is made. Washington D.C., Feb. 1, 2022 . However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles. Your email address will not be published. Safeguard Metals continued charging customers a markup on Silver Coins that still exceeded the maximum possible markup disclosed to customers by nearly 10% on average. I deposited a significant amount of money into the service, but soon realized that it was not legitimate. Summerlin, Nevada. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met. protection metal excessive charge and Cheat markup on silver coins. 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. 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. Learn how your comment data is processed. 6LinkedIn 8 Email Updates. 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. In the end, nearly every customer suffered an immediate loss of their investment on the purchase of precious metals from Safeguard Metals. Necessary cookies are absolutely essential for the website to function properly. 165 Broadway 23rd Floor New York City NY, 10006 *by appointment only. 0 Comments The CFTC Division of Enforcement staff members responsible for this action are Steve Turley, Clemon Ashley, Jeff Le Riche, Christopher Reed, and Charles Marvine; in partnership with enforcement authorities from NASAA member agencies, led by the Alabama Securities Commission and the California Department of Financial Protection and Innovation. 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. 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. INDIANAPOLIS - Indiana is one of 27 states filing a lawsuit against a California company accused of bilking elderly investors throughout the country out of nearly $70 million. 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. The complaint alleges defendants operated a fraudulent precious metals investment scheme attracting more than 450 investors and $68 million nation-wide. Contact the Idaho Department of Finance at [email protected]. Commodity Futures Trading Commission (CFTC) . 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. SACRAMENTO - California Attorney General Rob Bonta today filed a motion to intervene in the Los Angeles City Attorney's lawsuit against S&W Atlas Iron & Metal Company (Atlas Metal) for endangering the health and safety of environmental justice communities in South Los Angeles.Over several years, Atlas Metal's operations are alleged to have been launching metal shards and projectiles into . This category only includes cookies that ensures basic functionalities and security features of the website. Safeguard Metals is located in Woodland Hills, California, and Jeffrey Santulan resides in Tarzana, California. . Idaho consumers invested approximately. 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 . The defendants are also accused of failing to disclose the markup charge to investors and the risk of losing most of their investment funds. The SEC issued a litigation release on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. 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. Safeguard Metals is a scam designed to take advantage of those not experienced in buying precious metals. Because Safeguard Metals charged exorbitant markups and severely inflated the price of the coins sold, customers allegedly suffered an immediate loss to their investments. In the context of bodily injury legal claims, a class action is a cover where a large number of people who have actually suffered the same or similar harm form a legitimate group that you are simply bringing a civil action against, usually against someone or several different individuals. 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. Safeguard Metals is located in Woodland Hills, California, and Jeffrey Santulan resides in Tarzana, California. ON SALE. Today roughly half of all U.S. households rely on the securities markets to plan and prepare for their . I have filed complaint forms with the SEC, Commodities Future Trading Company, CA Department of Business Oversight. Who are the top 5 gold producing countries. If the answers seem too good to be true or dont make sense, protect your savings by just walking away.. A companys registration status can be found at NFA BASIC. To learn more about Safeguard Metals and the asset preservation services we provide, contact us today! The complaint alleges Safeguard Metals, LLC promoted precious metals at grossly inflated prices. "I spoke to Mr Sonn on a complex legal matter. The complaint seeks a permanent injunction to stop the deceptive and fraudulent practices, disgorgement, full restitution, rescission, and civil monetary penalties. These cookies will be stored in your browser only with your consent. Fraud Advisory: Precious Metals Fraud. In fact, the silver coins were significantly less valuable than the defendants claimed, based on the resale prices the firm marketed and promoted. In the end, nearly every customer suffered an immediate loss of their investment on the purchase of precious metals from Safeguard Metals. Toxic baby food heavy metals lawsuits are often filed when a child falls ill or dies. You can reach us by phone at 844-689-5754 or via e-mail. 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. Save my name, email, and website in this browser for the next time I comment. Feb. 23, 2023. The Supreme Court is reviewing a legal shield that tech companies have long relied on to avoid liability for content on their platforms. 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 . Safeguard Metals LLC is a Wyoming Limited Liability Company with an office located in Woodland Hills, California. These are bullion coins made by the Royal Canadian Mint and contain metal . Invoices show that Chase Metals sold Matteo 8,050 Polar Bear & Cub coins, each of which contained 1.5 ounces of silver. Oct 08 2022. Hello, I need a recommendation on attys in CA that specializes in precious metals. A favorable court ruling on behalf of a client who suffered losses in a leveraged precious metals investment scheme will proceed against the solicitor. That was substantially more than the amounts the defendants represented in Safeguard Metals customer agreements. 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. Self-directed IRAs should not be confused with traditional IRAs or other retirement vehicles. 1 Twitter 2 Facebook 3RSS 4YouTube If you would like to share a story idea, please submit it here. 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. What is Liberty National doing to avoid lawsuits? We fight to level the playing field between large corporations and the public investor. 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 strive to use common sense and the right approach to maintain objectivity in providing recommendations that are in the interests of readers. 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. Customers and other individuals can report suspicious activities or information, such as possible violations of commodity trading laws, to the Division of Enforcement via a toll-free hotline 866-FON-CFTC (866-366-2382), file a tip or complaint online, or contact the Whistleblower Office. Biden Fires Warning Shot for Retirees Are You at Risk? Safeguard Metals LLC and its director and owner, Jeffrey Santulan, also known as Jeffrey Hill, are accused of being involved in an ongoing scam to obtain approximately $68 million in funds from more than 450 people to fraudulently purchase metals at inflated prices and wholesale currency throughout the country at her office in Southern California. 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 accounts to purchase overpriced metals and coins, sold by the company, according to the document. var text; 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. Investors are advised to check the registration of all investment products and professionals, and ask tough questions about fees, markups, risks, and potential returns. 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. Brazen attempts to target senior citizens or other vulnerable populations will not be tolerated in California, said DFPI Commissioner Clothilde V. Hewlett. 5, Report #1509255. Indiana Attorney General Todd Rokita has joined a lawsuit with 26 other states and a federal agency against Safeguard Metals, a business accused of scheming to trick seniors into investing in "wildly overvalued precious metals," according to a statement released by the AG's Office on Tuesday, Feb. 1. Both actions arose out of the CFTCs information-sharing agreement with state securities regulators, through NASAA. A California man accused of conning elderly clients out of millions while acting as an investment . This is a whole series of standard personal injury claims where the plaintiff sues the defendant. Safeguard Metals is a California-based company that sells investors precious metals, often in the form of "rare" or numismatic coins, as purported retirement investments. For contact information, visit the NASAA website here. A Ruling That Could End the Internet as We Know . 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. The lawsuit which includes the state of California among plaintiffs 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. In response to the complaint received from Ms. ****** ****, Safeguard Properties Management LLC ("Safeguard") is a property preservation company. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. companies or divisions. 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. Idaho will continue to partner with fellow regulators to vigorously fight to protect consumers from this and other schemes to defraud," Perkins said. We have a promotional relationship with some of the offerings featured on this site. For more information, please read our full privacy policy. 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. By connecting to the website, you acknowledge that you understand SGM's mission. 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. 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. The SEC brings this lawsuit to protect the investing public and to hold defendants accountable for their misconduct. The Sunday Read: 'Elon Musk's Appetite for Destruction'. 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 . 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. Safeguard Properties Safeguard Equities, Inc BRE#02112381 Real Estate Agents Safeguard Properties aka Safeguard Equities to be avoided at all costs. The defendants advised investors to liquidate their holdings at registered investment firms to fund investments in precious metals through self-directed individual retirement accounts. Safeguard Metals is located in . 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