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You can review our Community Guidelines by clicking here. Fraud Advisory: Precious Metals Fraud. 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 complaint further alleges that Safeguards 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. 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. Necessary cookies are absolutely essential for the website to function properly. allPs[i].innerHTML = text; The company disclosed markups to consumers, which the company referred to as operating margins, of 23 percent and later up to 42 percent. 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. In fact, the silver coins were significantly less valuable than the defendants claimed, based on the resale prices the firm marketed and promoted. 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. All News, Articles, Commentary and Opinions are contributed by the author(s), with or without compensation, who are solely responsible for the content, and do not represent CoinWeek Management. I thought I was buying silver at spot plus a 12% commission. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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. Is nationwide coin and bullion reserve a scam? 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 I was sold an expensive, fabricated coin at an almost 100% commission. Your email address will not be published. Brazen attempts to target senior citizens or other vulnerable populations will not be tolerated in California, said DFPI Commissioner Clothilde V. Hewlett. 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. We fight to level the playing field between large corporations and the public investor. The lawsuit alleges 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. 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. 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. "We will take action when, as alleged, parties fraudulently induce investors to sell their securities through lies and deception.". *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. companies or divisions. The complaint alleges defendants operated a fraudulent precious metals investment scheme attracting more than 450 investors and $68 million nation-wide. var text; 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. As the market continues to fluctuate, we anticipate more fraudsters using fear and uncertainty to manipulate good people out of their hard-earned money.. Are silver ETFs listed on any stock exchanges? Safeguard and Santulan reportedly used false and misleading statements about the safety and liquidity of the investments, Safeguards business practices, and its compensation structure. 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 Securities and Exchange Commission (SEC) has filed a civil enforcement action against the same defendants alleging violations of federal Securities Laws. According to the complaint, Safeguard Metals charged an average markup of 71 percent and more recently 51 percent on the precious metals. But opting out of some of these cookies may affect your browsing experience. 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.. Indiana Attorney General Todd Rokita's office says at least 16 Indiana residents are among the victims who were defrauded by Safeguard Metals. Self-directed IRAs should not be confused with traditional IRAs or other retirement vehicles. Safeguard's website pitches the investments as a way to "hedge against uncontrolled government spending and dizzying money printing by the Federal Reserve." 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. If you or your loved one experienced investment losses, we are here to help. 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. I was recently scammed by a scam agency but Metals Safeguard is 100% legit. 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. 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. Hello, I need a recommendation on attys in CA that specializes in precious metals. February 4, 2022 0 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. This is one of many large-scale precious metals investment schemes weve endeavored to stop since the pandemic began. The minimum investment is $5000. $68.51. Drug distributors, J&J to pay $590 mln to settle U.S. tribes' opioid claims REUTERS In fact, the silver coins were significantly less valuable than the defendants claimed, based on the resale prices the firm marketed and promoted. City News Service is a regional wire service covering Los Angeles, Orange, Riverside and San Diego counties. When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints. The SEC brings this lawsuit to protect the investing public and to hold defendants accountable for their misconduct. Indiana AG files lawsuit against precious metals company accused of bilking seniors. "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. Your email address will not be published. Safeguard Metals ("SGM") is solely a retailer providing precious metals for customers individually and IRA accounts. Accounting and Auditing Enforcement Releases. 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 complaint charges defendants Safeguard Metals LLC 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. . Safeguard works at the direction . What is Liberty National doing to avoid lawsuits? To send us an e-mail, simply complete and submit the online form below. Securities litigation attorney Scott Silver, who is representing several of Safeguard Metals' alleged victims in arbitration proceedings, is calling for regulatory reform. Safeguard's website pitches the investments as a way to "hedge against uncontrolled government spending and dizzying money printing by the Federal Reserve." . "-Sonn Law Group Client. Robert Slattery from Metals.com Anthony Bowers and Joseph something from Metals . BBB Business Profiles may not be reproduced for sales or promotional purposes. 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. 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 . Questions? The alleged $68 million scheme, which includes $26 million in markups alone, took place from between October 2017 through at least July 2021. 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. 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. 1, Report #1485959. If you were implanted with an Exactech knee or ankle replacement insert or hip replacement liner, you may be eligible for compensation. STAY CONNECTED City, State. Indiana Attorney. This website uses cookies to improve your experience while you navigate through the website. Its reporting and editing staff cover public safety, courts, local government and general assignment stories. 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 . Restitution is being sought through a federal lawsuit filed . 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