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. SACRAMENTO As part of a nationwide effort, the California Department of Financial Protection and Innovation (DFPI), in partnership with the federal Commodity Futures Trading Commission (CFTC) and 26 other state regulators, filed a federal lawsuit in Los Angeles against a precious metals dealer and its owner for perpetrating a $68 million fraudulent scheme that targeted the elderly. 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 . Doug has written a book to help investors understand how gold and silver fit into a diversified portfolio, how to buy gold and silver, and what metals to buy. 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. 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. Indiana AG files lawsuit against precious metals company accused of bilking seniors. 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. Maria Nikolova 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. We represent investors in claims against negligent brokers and brokerage firms. Investors are advised to check the registration of all investment products and professionals, and ask tough questions about fees, markups, risks, and potential returns. SGM does not provide trading advice. 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. Contact our office today to discuss your case. The defendants advised investors to liquidate their holdings at registered investment firms to fund investments in precious metals through self-directed individual retirement accounts. The joint effort is the second nationwide fraud action against precious metals dealers by the CFTC with NASAA state securities regulators. To send us an e-mail, simply complete and submit the online form below. If you were implanted with an Exactech knee or ankle replacement insert or hip replacement liner, you may be eligible for compensation. Required fields are marked *. 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. 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. He is the only member of . 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 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. By clicking Accept, you consent to the use of ALL the cookies. 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 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. 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. Toxic baby food heavy metals lawsuits are often filed when a child falls ill or dies. The complaint charged Safeguard and Santulan with violations of the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. The litigation will be led by Jonathan S. Polish. How BBB Processes Complaints and Reviews. 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 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 SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus prejudgment interest, and civil penalties. 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, Press Releases 2009 - 2013 (Dept of Corporations), Press Releases 2001 - 2013 (Dept of Financial Institutions). protection metal excessive charge and Cheat markup on silver coins. The complaint alleges defendants operated a fraudulent precious metals investment scheme attracting more than 450 investors and $68 million nation-wide. }. We provide detailed analysis for Gold IRAs and Silver IRAs. ON SALE. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile. Recently a lawsuit was filed by the U.S. Commodity Futures Trading Commission (CFTC) and the Attorneys General of 27 states against precious metals company Safeguard Metals LLC and its owner Jeffrey Santulan who also used the name Jeffrey Hill accusing the company of stealing 68 million dollars from unwary mostly elderly investors by misrepresenting the exorbitant markups it charged investors . 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. 06:39 PM. My broker is in Woodland Hills, CA 91367. Fraud Advisory: Precious Metals Fraud. 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 fraudulently soliciting nearly $68 million for precious metals and misrepresenting its exorbitant fees charged to investors. . The markup that customers paid on silver coins, for example, averaged from 51 percent to over 70 percent. In reality, Santulan allegedly operated the company from a small leased space in a Woodland Hills, Calif. office building using sales agents. "I spoke to Mr Sonn on a complex legal matter. We fight to level the playing field between large corporations and the public investor. I'm Jeff Sonn, an attorney concentrating on securities fraud and consumer class actions. If you or your loved one experienced investment losses, we are here to help. New York, New York Attorney General Letitia James TODAY filed suit against a precious metals company Safeguard Metals LLC and its owner and manager, Jeffrey Santulan, also known as Jeffrey Hill, for defrauding investors including several seniors in New York and across the country., The lawsuit, filed by the US . text = text.replace("https://docqnet.dfpi.ca.gov/LicenseSearch","https://portal.dfpi.ca.gov/csp?id=ssp_license_search"); We represent investors in claims against negligent brokers and brokerage firms. Jeffrey S. Santulan, age 41 is a resident of Tarzana, California. KIFI Local News 8 is committed to providing a forum for civil and constructive conversation. 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. DEFENDANTS 11. Who are the top 5 gold producing countries. What is Liberty National doing to avoid lawsuits? Nationally, at least 450 investors paid . 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 1, Report #1485959. I did not make it in time. Safeguard's website pitches the investments as a way to "hedge against uncontrolled government spending and dizzying money printing by the Federal Reserve." 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. 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. The complaint seeks a permanent injunction to stop the deceptive and fraudulent practices, disgorgement, full restitution, rescission, and civil monetary penalties. Its reporting and editing staff cover public safety, courts, local government and general assignment stories. In fact, the silver coins were significantly less valuable than the defendants claimed, based on the resale prices the firm marketed and promoted. *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. The SEC issued a litigation release on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. Help us improve the DFPI website! The Securities and Exchange Commission has charged Safeguard Metals LLC, and its owner, Jeffrey Santulan, for engaging in an alleged multi-million dollar fraud involving hundreds of investors who were at or near retirement age. BBB reports on known marketplace practices. Invoices show that Chase Metals sold Matteo 8,050 Polar Bear & Cub coins, each of which contained 1.5 ounces of silver. Contact the City News Service newsroom at 310-481-0404 or news@socalnews.com. Biden Fires Warning Shot for Retirees Are You at Risk? 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 located in . NASAA and its members have issued a series of investor advisories, including an advisory on matters to consider before making gold-related investments. This is a whole series of standard personal injury claims where the plaintiff sues the defendant. 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. You also have the option to opt-out of these cookies. Safeguard Metals LLC and its principal and owner, Jeffrey Santulan, also known as Jeffrey Hill, are charged with having engaged in ongoing fraud to solicit approximately $68 million in funds from more than 450 individuals nationwide to purchase fraudulently overpriced metals and coins from its office in Southern California. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles. In the context of bodily injury legal claims, a class action is a cover where a large number of people who have actually suffered the same or similar harm form a legitimate group that you are simply bringing a civil action against, usually against someone or several different individuals. The Sonn Law Group is currently investigating allegations surrounding Safeguard Metals, LLC and Jeffrey Santulan. 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. 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. Jun 21 2021. 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 . We strive to use common sense and the right approach to maintain objectivity in providing recommendations that are in the interests of readers. 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? var text; Tempe, Arizona. The CFTC also strongly urges the public to verify a companys registration with the CFTC before committing funds. Securities Arbitration Attorneys Our FINRA arbitration lawyers work with investors to recover losses caused by securities fraud, investment fraud, and other kinds of stockbroker misconduct. The markup that customers paid on silver coins, for example, averaged from 51 percent to over 70 percent. Washington D.C., Feb. 1, 2022 . Learn how your comment data is processed. Zero-calorie sweetener linked to heart attack and stroke, study finds, Encino woman extradited from Montenegro to serve sentence for COVID loan fraud, Mullholland Drive to be closed at least 24 hours, home evacuated due to mud flow in Beverly Crest, Chicago Mayor Lori Lightfoot concedes defeat, Denver just got a direct flight to this Caribbean island known for music history and vegetarian cooking, NYC Mayor Adams dismisses need to separate church and state, declares himself a servant of God, Zero-calorie sweetener linked to heart attack and stroke, study finds, Do Not Sell/Share My Personal Information. I was unable to withdraw my funds and customer service was not responsive. These cookies will be stored in your browser only with your consent. 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. 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. allPs[i].innerHTML = text; 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). We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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. 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. In response to the complaint received from Ms. ****** ****, Safeguard Properties Management LLC ("Safeguard") is a property preservation company. 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. 0 Comments office said the Indiana victims . BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met. Share your feedback. Save my name, email, and website in this browser for the next time I comment. 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. An e-mail, simply complete and submit the online form below the cookies the from... 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