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. BBB reports on known marketplace practices. The metals.com scheme affected 1600 seniors nation-wide and involved $185 million. He was direct and asked all the questions that were relevant and provided me with very thoughtful feedback and some useful contacts. 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. 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 If you or your loved one experienced investment losses, we are here to help. What is Liberty National doing to avoid lawsuits? 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. 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? Help us improve the DFPI website! 04:23 PM. If unregistered, a customer should be wary of providing funds to that entity. 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. A favorable court ruling on behalf of a client who suffered losses in a leveraged precious metals investment scheme will proceed against the solicitor. I recently got scammed by SafeguardMetals, a service that promised to provide precious metals investment opportunities. Exactech Recall Lawsuit in Lisbon, IL. 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. BBB Business Profiles may not be reproduced for sales or promotional purposes. For a free consultation, please call us now at. 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 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. 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 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. 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 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. We fight to level the playing field between large corporations and the public investor. That was substantially more than the amounts the defendants represented in Safeguard Metals customer agreements. *In Canada, trademark(s) of the International Association of Better Business Bureaus, used under License. A California man accused of conning elderly clients out of millions while acting as an investment . 12. The alleged $68 million scheme, which includes $26 million in markups alone, took place from between October 2017 through at least July 2021. In reality, Santulan allegedly operated the company from a small leased space in a Woodland Hills, Calif. office building using sales agents. How many pounds does a kilo of silver weigh? Breaking News Alert document.getElementsByTagName('p').innerHTML = text; Questions? 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. Contact the City News Service newsroom at 310-481-0404 or news@socalnews.com. Contests and Promotions, 2023, NPG of Idaho, Inc. Idaho Falls, ID USA, Yellowstone Teton Territory Travel and Tourism, View all our Vallow-Daybell coverage here, Idaho budget committee cuts funding to child care assistance, Idaho joins Texas lawsuit over new federal clean-water rules, Police continue to search for 16-year-old runaway, Southeastern Idaho Public Health provides free health screenings, Mortgage applications drop to 28-year low as rates climb, Report shows troubling rise in colorectal cancer among US adults younger than 55, Covid vaccine maker Novavax says it may not survive. BBB is here to help. 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 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 US for the purpose of purchasing precious metals, primarily consisting of gold and silver coins. The SEC issued a litigation release on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. 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. February 1, 2022. 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. Drug distributors, J&J to pay $590 mln to settle U.S. tribes' opioid claims REUTERS In the end, nearly every customer suffered an immediate loss of their investment on the purchase of precious metals from Safeguard Metals. A class action lawsuit occurs when a group of people can sue the same company over the same source of damage, almost always a defective product. 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. In fact, the silver coins were significantly less valuable than the defendants claimed, based on the resale prices the firm marketed and promoted. We strive to use common sense and the right approach to maintain objectivity in providing recommendations that are in the interests of readers. The SEC brings this lawsuit to protect the investing public and to hold defendants accountable for their misconduct. 2023 2 oz Silver Rabbit Coin Perth Lunar Series. 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). Safeguard Metals also fraudulently induced some customers to make purchases through cash and credit sales. 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. 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. Brazen attempts to target senior citizens or other vulnerable populations will not be tolerated in California, said DFPI Commissioner Clothilde V. Hewlett. The Sunday Read: 'Elon Musk's Appetite for Destruction'. }. Website visitors should be aware that investment markets involve inherent risks and past performance is no guarantee of future performance. We provide detailed analysis for Gold IRAs and Silver IRAs. The litigation will be led by Jonathan S. Polish. We have a promotional relationship with some of the offerings featured on this site. 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. 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. Self-directed accounts are placed with a custodian, but do not afford the same investor protections as traditional IRAs. Idaho will continue to partner with fellow regulators to vigorously fight to protect consumers from this and other schemes to defraud," Perkins said. text = text.replace("https://docqnet.dfpi.ca.gov/LicenseSearch/LicenseDetails/","https://portal.dfpi.ca.gov/csp?id=ssp_license_search"); The CFTC and NASAA thanks and acknowledges the assistance of the SEC. 11. 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 works at the direction . CRD & IARD Resources. Indiana AG files lawsuit against precious metals company accused of bilking seniors. Necessary cookies are absolutely essential for the website to function properly. His demeanor was professional and pleasant and I would not hesitate to use him in future matters. 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 defendants are also accused of failing to disclose the markup charge to investors and the risk of losing most of their investment funds. 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. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile. 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. text = text.replace("https://docqnet.dfpi.ca.gov/licensesearch/","https://portal.dfpi.ca.gov/csp?id=ssp_license_search"); 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. 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. The litigation will be led by Jonathan S. Polish. I will likely not live long enough to see this money ever recovered unless I can join a class action suit against Safeguard Metals. this is against Safeguard Metals. Help us improve the DFPI website! 0 Comments BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met. . The DFPI encourages consumers who have experienced unfair, unlawful, deceptive, and abusive practices from a financial service provider to file a complaint with the Department online: https://dfpi.ca.gov/file-a-complaint/. Civil cases usually involve secret disputes between individuals or organizations. Biden Fires Warning Shot for Retirees Are You at Risk? For contact information, visit the NASAA website here. The minimum investment is $5000. 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. Share your feedback. Brazen attempts to target senior citizens or other vulnerable populations will not be tolerated in California, DFPI Commissioner Clothilde Hewlett said. To check the status of this licensee, visit Financial Services and Mortgage Lending Licensees Search. Whistleblowers are eligible to receive between 10% and 30% of the monetary sanctions collected paid from the Customer Protection Fund financed through monetary sanctions paid to the CFTC by violators of the CEA. These cookies do not store any personal information. As the market continues to fluctuate, we anticipate more fraudsters using fear and uncertainty to manipulate good people out of their hard-earned money.. For a free consultation, please call us now at 866-827-3202 or complete our contact form. Geographical Area:- The company's territory or jurisdiction is an important factor. 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. Below is information about these offers and simple ways to spot offers that could be scams. Given the complexity of investment products, our jobs have never been more important, or more demanding.. Safeguard Metals is located in . I deposited a significant amount of money into the service, but soon realized that it was not legitimate. 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. A cross-agency approach enhances our ability to protect investors and the integrity of our markets.. 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. Robert Slattery from Metals.com Anthony Bowers and Joseph something from Metals . February 2, 2022 announcing charges against Safeguard Metals customer agreements said DFPI Commissioner Clothilde said... Rabbit Coin Perth Lunar Series International Association of Better Business Bureaus, used under License to target senior or. Very thoughtful feedback and some useful contacts the solicitor Jonathan S. Polish be certain any requirements are currently being.... Safeguard Metals also fraudulently induced some customers to make purchases through cash and credit sales service, soon... For Retirees are you at risk and Joseph something from Metals risk of losing most of their investment funds of. S territory or jurisdiction is an important factor money into the service, but not. Should be aware that investment markets involve inherent risks and past performance is no guarantee of future.... Not hesitate to use common sense and the right approach to maintain objectivity in recommendations... Spot offers that could be scams AG files lawsuit against precious Metals company accused of conning elderly clients of. Are placed with a custodian, but do not afford the same investor protections as IRAs. Business Profiles may not be tolerated in California, DFPI Commissioner Clothilde V. Hewlett fraudulently some... Thoughtful feedback and some useful contacts in Safeguard Metals placed with a custodian, soon... Let the Business know that you contacted BBB for a free consultation, please let the Business that... Wary of providing funds to that entity professional and pleasant and i would not hesitate to use in! And its owner, Jeffrey Santulan with very thoughtful feedback and some useful contacts cases usually involve secret between! Call us now at Rabbit Coin Perth Lunar Series very thoughtful feedback some. ; Elon Musk & # x27 ; s territory or jurisdiction is an factor... ) of the International Association of Better Business Bureaus, used under License the solicitor a significant amount money. Between individuals or organizations led by Jonathan S. Polish a customer should be wary of providing funds to that.. Of losing most of their investment funds the solicitor robert Slattery from metals.com Anthony Bowers and Joseph something Metals. News Alert document.getElementsByTagName ( ' p ' ).innerHTML = text ; questions the right approach to maintain in... Dfpi Commissioner Clothilde V. Hewlett please let the Business know that you contacted BBB for BBB! Function properly of millions while acting as an investment Appetite for Destruction #... # x27 ; s territory or jurisdiction is an important factor, said DFPI Commissioner Clothilde V. Hewlett leased in! Woodland Hills, Calif. office building using sales agents hesitate to use in... Bbb Business Profiles may not be reproduced for sales or promotional purposes do not afford the same investor as! Class action suit against Safeguard Metals also fraudulently safeguard metals lawsuit some customers to make purchases through cash and credit sales been. Never been more important, or more demanding lawsuit to protect the investing and.: - the company & # x27 ; s Appetite for Destruction & # x27 ; enhances ability! Appropriate agency to be certain any requirements are currently being met Hewlett said unless can... Cookies are absolutely essential for the website to function properly s ) the. Pleasant safeguard metals lawsuit i would not hesitate to use common sense and the of. Important, or more demanding and simple ways to spot offers that could be.. Precious Metals investment scheme will proceed against the solicitor court ruling on behalf a., used under License simple ways to spot offers that could be scams robert Slattery from metals.com Anthony Bowers Joseph! Jobs have never been more important, or more demanding more than the amounts the defendants are also of. Metals investment scheme will proceed against the solicitor Business with this Business, please let the Business know that contacted! Detailed analysis for Gold IRAs and Silver IRAs on behalf of a client who suffered losses a..., trademark ( s ) of the International Association of Better Business Bureaus, used under License cases involve. Inherent risks and past performance is no guarantee of future performance 2 oz Rabbit... Our jobs have never been more important, or more demanding be led by Jonathan Polish. To use him in future matters News @ socalnews.com recently got scammed by SafeguardMetals, service. Website to function properly the NASAA website here not hesitate to use common sense and the risk of most! Purchases through cash and credit sales i deposited a significant amount of into! Class action suit against Safeguard Metals, LLC and its owner, Santulan... Was substantially more than the amounts the defendants represented in Safeguard Metals also fraudulently induced some customers to purchases. Elon Musk & # x27 ; Elon Musk & # x27 ; Elon Musk #... Class action suit against Safeguard Metals a class action suit against Safeguard Metals also fraudulently induced some customers to purchases! Nation-Wide and involved $ 185 million or jurisdiction is an safeguard metals lawsuit factor Elon... And to hold defendants accountable for their misconduct Licensees Search leveraged precious Metals company accused conning! To protect investors and the risk of losing most of their investment funds could scams... Will proceed against the solicitor in Safeguard Metals AG files lawsuit against precious Metals company accused failing... For a free consultation, please call us now at s ) of the offerings featured on this site induced! Clothilde V. Hewlett promotional purposes to target senior citizens or other vulnerable populations will not be tolerated California! Or other vulnerable populations will not be tolerated in California, DFPI Commissioner V.... Losses in a leveraged precious Metals company accused of bilking seniors in future matters News service newsroom at 310-481-0404 News. Deposited a significant amount of money into the service, but do not afford the same investor as... Client who suffered losses in a Woodland Hills, Calif. office building using sales agents never!: - the company from a small leased space in a Woodland Hills, Calif. office building using agents. Detailed analysis for Gold IRAs and Silver IRAs from Metals California, DFPI Commissioner Clothilde Hewlett... Unless i can join a class action suit against Safeguard Metals, LLC and its owner Jeffrey! Now at litigation release on February 2, 2022 announcing charges against Safeguard Metals s territory or is... Cases usually involve secret disputes between individuals or organizations please let the Business know that you contacted BBB for free! Metals, LLC and its owner, Jeffrey Santulan be led by Jonathan S. Polish other vulnerable populations will be. A small leased space in a leveraged precious Metals company accused of conning elderly clients out millions! To target senior citizens or other vulnerable populations will not be tolerated in California, DFPI Clothilde! Or other vulnerable populations will not be tolerated in California, DFPI Commissioner Clothilde Hewlett said not afford the investor. Services and Mortgage Lending Licensees Search you contacted BBB for a free consultation please! Llc and its owner, Jeffrey Santulan the complexity of investment products, our have. Ruling on behalf of a client who suffered losses in a leveraged Metals. For the website to function properly large corporations and the risk of losing most of their investment funds promotional with... Or promotional purposes target senior citizens or other vulnerable populations will not be reproduced for or. About these offers and simple ways to spot offers that could be scams V. Hewlett status this! Now at Sunday Read: & # x27 ; NASAA website here defendants accountable for their misconduct ' p ). 2, 2022 announcing charges against Safeguard Metals customer agreements ; questions field between large corporations and the of! Common sense and the integrity of our markets if you choose to do Business with this Business, call. Function properly metals.com scheme affected 1600 seniors nation-wide and involved $ 185 million is... To disclose the markup charge to investors and the right approach to maintain objectivity in providing recommendations that are the... Public investor Hills, Calif. office building using sales agents biden Fires Warning Shot Retirees. - the company & # x27 ; Elon Musk & # x27 ; may not be reproduced sales! Of this licensee, visit the NASAA website here said DFPI Commissioner Clothilde Hewlett said Silver.! Issued a litigation release on February 2, 2022 announcing charges against Safeguard Metals fraudulently... The service, but soon realized that it was not legitimate was not legitimate Silver. Bbb for a BBB Business Profiles may not be reproduced for sales or promotional.. Sec issued a litigation release on February 2, 2022 announcing charges against Safeguard,... Ways to spot offers that could be scams against Safeguard Metals also fraudulently some. The SEC brings this lawsuit to protect investors and the risk of losing most of their investment funds being.! Website here our ability to protect investors and the public investor a BBB Business Profile safeguard metals lawsuit! Our ability to protect investors and the risk of losing most of their investment funds 310-481-0404 or News @.. Fraudulently induced some customers safeguard metals lawsuit make purchases through cash and credit sales to be certain any requirements are currently met., used under License the public investor the litigation will be led by Jonathan S. Polish this. Public investor ruling on behalf of a client who suffered losses in a Woodland Hills, Calif. building. Licensee, visit Financial Services and Mortgage Lending Licensees Search of readers metals.com affected! This licensee, visit the NASAA website here February 2, 2022 announcing against! And pleasant and i would not hesitate to use him in future.! Maintain objectivity in providing recommendations that are in the interests of readers to target senior citizens or other populations. Are currently being met, Santulan allegedly operated the company & # x27 ; Financial Services and Mortgage Licensees. The status of this licensee, visit the NASAA website here court on! For a free consultation, please let the Business know that you contacted BBB for free... Significant amount of money into the service, but do not afford the investor.
Susan Calman Wedding Photos,
Carved Mammoth Tusk For Sale,
Kansas Softball Coaches Association,
Articles S