Help us improve the DFPI website! The lawsuit alleges Metals.com and its parent company TMTE defrauded $185 million from at least 1,600 investors and most are elderly$140 million of the allegedly defrauded money came from. 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. Contact Us Now For a Free Consultation $25 MILLION Recovery Against National Brokerage Firm $9.1 MILLION FINRA Arbitration Award Against Brokerage Firm The defendants are also accused of failing to disclose the markup charge to investors and the risk of losing most of their investment funds. Read More Business Details and See Alerts, International Association of Better Business Bureaus. Maria Nikolova 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. The SEC issued a litigation release on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. Safeguard's website pitches the investments as a way to "hedge against uncontrolled government spending and dizzying money printing by the Federal Reserve." If you were implanted with an Exactech knee or ankle replacement insert or hip replacement liner, you may be eligible for compensation. In the end, nearly every customer suffered an immediate loss of their investment on the purchase of precious metals from Safeguard Metals. The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus prejudgment interest, and civil penalties. The litigation will be led by Jonathan S. Polish. For more information, please read our full privacy policy. Your email address will not be published. . Drug distributors, J&J to pay $590 mln to settle U.S. tribes' opioid claims REUTERS Save my name, email, and website in this browser for the next time I comment. A complaint was filed against the . If you or your loved one experienced investment losses, we are here to help. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Self-directed IRAs should not be confused with traditional IRAs or other retirement vehicles. BBB Business Profiles are subject to change at any time. 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 alleges defendants operated a fraudulent precious metals investment scheme attracting more than 450 investors and $68 million nation-wide. We strive to use common sense and the right approach to maintain objectivity in providing recommendations that are in the interests of readers. The Roundup class action lawsuit alleged that Monsanto mislabeled certain products on the grounds that Roundup Weed & Grass Killer only targets fermented plants and not just humans or pets. Indiana AG files lawsuit against precious metals company accused of bilking seniors. 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.. 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. Monsanto has not acknowledged any contingent liability but has agreed to pay $39.5 million to settle the lawsuit in court. Regulators sue to stop $68 million metals/coin, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Reddit (Opens in new window), Regulators sue to stop $68 million metals/coin scheme targeting elderly, San Bernardino Mountains escorts suspended as snow blankets highways, Students pepper-sprayed following race-related protest in San Bernardino, LA County reaches $28.85 million settlement with Kobe Bryants family, With soaring mountains steep in snow, heres how to avoid an avalanche, Former CHP officer charged with assaulting woman during traffic stop near Santa Clarita, Southern California home sales fall to all-time low, DA Gascn suspends attorney who prosecuted transgender child molester, Reports: Kings trade Quick to Blue Jackets, acquire Korpisalo, Gavrikov, Southern Californias mountain towns remain buried under snow with more on the way, Some California cities cant stop apartment projects as developers use builders remedy, Killer keto? The minimum investment is $5000. 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. The Purpose Of Filing A Baby Food Heavy Metals Lawsuit 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. Is nationwide coin and bullion reserve a scam? BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met. Contact the Idaho Department of Finance at securities@finance.idaho.gov. 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. 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. Safeguard Metals is located in Woodland Hills, California, and Jeffrey Santulan resides in Tarzana, California. In this case, it was silver coins. As low as $52.50. 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. To send us an e-mail, simply complete and submit the online form below. A California man accused of conning elderly clients out of millions while acting as an investment . The litigation will be led by Jonathan S. Polish. The markup that customers paid on silver coins, for example, averaged from 51 percent to over 70 percent. Alts News; SEC Charges Adviser with Running Precious Metals Scheme Targeting Retail Investors. Please keep your comments respectful and relevant. The complaint alleges that Safeguard Metals violated the federal Commodity Exchange Act by targeting the elderly and advising them to dissolve their life savings and traditional retirement accounts in order to purchase highly inflated and overpriced metals and coins, sold by the company. 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. 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. A Ruling That Could End the Internet as We Know . . 12. 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. Brazen attempts to target senior citizens or other vulnerable populations will not be tolerated in California, said DFPI Commissioner Clothilde V. Hewlett. 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. 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. 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 . That was substantially more than the amounts the defendants represented in Safeguard Metals customer agreements. 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. Safeguard Metals LLC is a Wyoming Limited Liability Company with an office located in Woodland Hills, California. Breaking News Alert 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. 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 . 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 joint effort is the second nationwide fraud action against precious metals dealers by the CFTC with NASAA state securities regulators. 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 CFTC and NASAA thanks and acknowledges the assistance of the SEC. 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. 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. Robert Slattery from Metals.com Anthony Bowers and Joseph something from Metals . text = allPs[i].innerHTML; 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. 11. Severe Weather Alert 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. The Securities and Exchange Commission (SEC) has filed a civil enforcement action against the same defendants alleging violations of federal Securities Laws. 04:23 PM. 2023 2 oz Silver Rabbit Coin Perth Lunar Series. The complaint alleges Safeguard Metals, LLC promoted precious metals at grossly inflated prices. on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. The U.S. Securities and Exchange Commission has filed a separate civil enforcement action against the same defendants alleging violations of federal securities laws. 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 . BBB reports on known marketplace practices. By clicking Accept, you consent to the use of ALL the cookies. 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. SGM's services and products are for investment purposes only. Updated at 2:49 pm on February 2, 2022 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. Toxic baby food heavy metals lawsuits are often filed when a child falls ill or dies. By connecting to the website, you acknowledge that you understand SGM's mission. 2023, International Association of Better Business Bureaus, Inc., separately incorporated Better Business Bureau organizations in the US, Canada and Mexico and BBB Institute for Marketplace Trust, Inc. All rights reserved. The following information is designed to notify you about tricky promises of easy profits from rising prices in precious metals such as gold, silver, palladium, and platinum. Safeguard Metals ("SGM") is solely a retailer providing precious metals for customers individually and IRA accounts. Read more Contact. We provide detailed analysis for Gold IRAs and Silver IRAs. 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. STAY CONNECTED Safeguard Metals also fraudulently induced some customers to make purchases through cash and credit sales. Oct 08 2022. You can review our Community Guidelines by clicking here. "-Sonn Law Group Client. The SECs complaint, which was filed in federal district court in Los Angeles, Calif., charges Safeguard and Santulan with violating the antifraud provisions of the federal securities laws. This website uses cookies to improve your experience while you navigate through the website. 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. 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 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. But opting out of some of these cookies may affect your browsing experience. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile. Who are the top 5 gold producing countries. CRD & IARD Resources. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. In fact, the silver coins were significantly less valuable than the defendants claimed, based on the resale prices the firm marketed and promoted. For a free consultation, please call us now at 866-827-3202 or complete our contact form. for(i=0;i
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