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 Safeguard Metals is located in Woodland Hills, California, and Jeffrey Santulan resides in Tarzana, California. 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. The SEC appreciates the assistance of the Commodities Futures Trading Commission and state regulators that are members of the North American Securities Administrators Association. 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. According to the SECs 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, Safeguards business, and its compensation. Breaking News Alert Safeguard and Santulan reportedly used false and misleading statements about the safety and liquidity of the investments, Safeguards business practices, and its compensation structure. Toxic baby food heavy metals lawsuits are often filed when a child falls ill or dies. Business Consultants: Seed Capital. I recently got scammed by SafeguardMetals, a service that promised to provide precious metals investment opportunities. Safeguard Metals charged its customers approximately $26 million in markups on the silver coin purchases. allPs[i].innerHTML = text; 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. 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 Sunday Read: 'Elon Musk's Appetite for Destruction'. Defendants/Respondents: Safeguard Metals, LLC; Santulan, Jeffrey aka Hill, Jeffrey. This company asks me for photos from my property, they supposedly are the inspectors for the final inspection and for Regions to send me my homeowner's insurance money to pay the contractor who repaired the roof of my house, every day is something different, now they say that Regions need to send them a form ( this is a . The CFTC has issued several customer protection Fraud Advisories that provide the warning signs of fraud, including the Precious Metals Fraud Advisory, which alerts customers to precious metals fraud and lists simple ways to spot precious metals scams. 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 SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus interest, and civil penalties. 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. Safeguard's website pitches the investments as a way to "hedge against uncontrolled government spending and dizzying money printing by the Federal Reserve." var text; 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. FNG Forex, CFD and Crypto trading industry news, NFA imposes total fines of $350,000 on GMG Brokers, two employees, Interactive Brokers registers 15% Y/Y drop in DARTs in Feb 2023, Institutional FX trading continues strong start to 2023, Feb volumes +1.4%, Public.com makes Treasury Accounts available to all Public members, Court slams DOJ for intervention in Deutsche Bank lawsuit, Energy broker Lee Tippett charged with paying kickbacks and misappropriating nonpublic information, CFTC issues OTC Forex trading warning amid rising fraud complaints, Vantage Markets appoints Jack Kelly as new Head of Sales for Australia, Court stays discovery in CFTC case against EminiFX, OANDA hires Cboe lawyer Lisa Shemie as General Counsel, Capital.com confirms OvalX clients acquisition, hires ex IG exec Niamh Byrne. In the end, nearly every customer suffered an immediate loss of their investment on the purchase of precious metals from Safeguard Metals. Tempe, Arizona. 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. If you or your loved one experienced investment losses, we are here to help. SGM does not provide trading advice. Shop Now. 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. Investors are advised to check the registration of all investment products and professionals, and ask tough questions about fees, markups, risks, and potential returns. 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. Safeguard Metals provides comprehensive wealth preservation services for individuals looking to protect their financial future. The metals.com scheme affected 1600 seniors nation-wide and involved $185 million. By clicking Accept, you consent to the use of ALL the cookies. Safeguard Metals is a scam designed to take advantage of those not experienced in buying precious metals. In reality, Santulan allegedly operated the company from a small leased space in a Woodland Hills, Calif. office building using sales agents. CRD & IARD Resources. ON SALE. The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus prejudgment interest, and civil penalties. Buckhead Tower, Suite 400 3399 Peachtree Rd. Proudly powered by WordPress Customer Reviews are not used in the calculation of BBB Rating, Need to file a complaint? 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. The defendants also deceived customers into purchasing silver coins at grossly inflated prices that bore no relationship to the ranges represented to customers. This field is for validation purposes and should be left unchanged. Com his name is Robert Slattery from Metals.com chase.com and he lives now in Seattle Washington and now he owns a real estate company first thing he said that they were huge supporters of Sean Hannity and . Please keep your comments respectful and relevant. 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. 0 Comments Safeguard Metals is located in . 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. 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 . 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. 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. BBB is here to help. 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. 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. As a matter of policy, BBB does not endorse any product, service or business. 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 . 1 Twitter 2 Facebook 3RSS 4YouTube In reality, Santulan allegedly operated the company from a small leased space in a Woodland Hills, Calif. office building using sales agents. You can review our Community Guidelines by clicking here. for(i=0;i