Safeguard Metals ("SGM") is solely a retailer providing precious metals for customers individually and IRA accounts. The CFTC and NASAA thanks and acknowledges the assistance of the SEC. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. These are bullion coins made by the Royal Canadian Mint and contain metal . The litigation will be led by Jonathan S. Polish. Safeguard Metals is located in Woodland Hills, California, and Jeffrey Santulan resides in Tarzana, California. Because Safeguard Metals charged exorbitant markups and severely inflated the price of the coins sold, customers allegedly suffered an immediate loss to their investments. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile. Safeguard Metals is located in . I will likely not live long enough to see this money ever recovered unless I can join a class action suit against Safeguard Metals. 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. 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. 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. 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. Breaking News Alert After January 2021, the defendants represented . Feb. 23, 2023. 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. 04:23 PM. This is one of many large-scale precious metals investment schemes weve endeavored to stop since the pandemic began. The agents reportedly used prepared scripts, some that were written by Santulan, that contained false and misleading statements about how the market was going to crash and their retirement accounts would be frozen under a new unpublicized law. 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 . If you or your loved one experienced investment losses, we are here to help. As a matter of policy, BBB does not endorse any product, service or business. 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. 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. In fact, the silver coins were significantly less valuable than the defendants claimed, based on the resale prices the firm marketed and promoted. 10. The SEC issued a litigation release on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. Severe Weather Alert Safeguard Metals is located in Woodland Hills, California, and Jeffrey Santulan resides in Tarzana, California. 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 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. Brazen attempts to target senior citizens or other vulnerable populations will not be tolerated in California, DFPI Commissioner Clothilde Hewlett said. The Sunday Read: 'Elon Musk's Appetite for Destruction'. You can review our Community Guidelines by clicking here. Safeguard and Santulan reportedly used false and misleading statements about the safety and liquidity of the investments, Safeguards business practices, and its compensation structure. 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. It is mandatory to procure user consent prior to running these cookies on your website. Augusta Precious Metals Fees. 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. Self-directed accounts are placed with a custodian, but do not afford the same investor protections as traditional IRAs. February 24, 2023 36:53. 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. 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. Idaho consumers invested approximately $1.3 million in the scheme. In the end, nearly every customer suffered an immediate loss of their investment on the purchase of precious metals from Safeguard Metals. Please keep your comments respectful and relevant. For contact information, visit the NASAA website here. It is important to speak with a lawyer about your case. . 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. We fight to level the playing field between large corporations and the public investor. BBB Business Profiles are provided solely to assist you in exercising your own best judgment. Theme: Newsup by Themeansar. According to the complaint, Safeguard Metals charged an average markup of 71 percent and more recently 51 percent on the precious metals. According to the SEC's complaint, from December 2017 through at least July 2021, Safeguard and Santulan acted as investment advisers and persuaded investors to sell their existing securities, transfer the proceeds into self-directed Individual Retirement Accounts, and invest the proceeds into gold and silver coins by making false and misleading statements about the safety and liquidity of the investors' securities investments, Safeguard's business, and its compensation. The CFTC also strongly urges the public to verify a companys registration with the CFTC before committing funds. For a free consultation, please call us now at 866-827-3202 or complete our contact form. 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 alleged $68 million scheme, which includes $26 million in markups alone, took place from between October 2017 through at least July 2021. 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. 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 . I have filed complaint forms with the SEC, Commodities Future Trading Company, CA Department of Business Oversight. 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. Criminal cases involve acts that are considered prejudicial to the tradition as a whole (thus they are generally considered crimes against the state or against the jurisdiction of the competent prosecutor). CRD & IARD Resources. Safeguard Metals LLC is a Wyoming Limited Liability Company with an office located in Woodland Hills, California. Maria Nikolova City News Service is a regional wire service covering Los Angeles, Orange, Riverside and San Diego counties. This category only includes cookies that ensures basic functionalities and security features of the website. on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. text = text.replace("https://docqnet.dfpi.ca.gov/licensesearch/","https://portal.dfpi.ca.gov/csp?id=ssp_license_search"); 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 . Business Consultants: Seed Capital. office said the Indiana victims . Do THIS Or Pledge Your Retirement To The Democrats, ALERT: Secret IRS Loophole May Change Your Life. 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. LONDON, May 22 (Reuters) - U.S. bank Citigroup Inc failed on Friday in a bid to win an order from a London court that would force trade house Mercuria to pay about $270 million in potential losses . Investors are advised to be particularly cautious when purchasing precious metals and to check for outrageously high commissions and markups, which weve seen as high as 30 to 70 percent, Idaho Department of Finance director Patricia R. Perkins. Share your feedback. My broker is in Woodland Hills, CA 91367. 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. Idaho consumers invested approximately. 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. 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. The metals.com scheme affected 1600 seniors nation-wide and involved $185 million. The joint effort is the second nationwide fraud action against precious metals dealers by the CFTC with NASAA state securities regulators. 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 . We represent investors in claims against negligent brokers and brokerage firms. On February 1, 2022, the Securities and Exchange Commission (SEC) 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. For more information, please read our full privacy policy. Save my name, email, and website in this browser for the next time I comment. text = allPs[i].innerHTML; Spellane was previously employed as a salesman by TMTE Inc., a Los Angeles gold dealer that was the subject of a 2020 lawsuit from the CFTC along with 30 states, . Produced by Will Reid , Rob Szypko . Safeguard Metals steered over 97 percent of its sales from mostly inexperienced investors into overpriced silver coins which had significantly higher markups than gold coins. 01/23/2023. 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. Is Nationwide Gold and Bullion Reserve legitimate? STAY CONNECTED The Supreme Court is reviewing a legal shield that tech companies have long relied on to avoid liability for content on their platforms. Topics: New York For a free consultation, please call us now at. 2023 DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. 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