safeguard metals lawsuit

It is mandatory to procure user consent prior to running these cookies on your website. In the end, nearly every customer suffered an immediate loss of their investment on the purchase of precious metals from Safeguard Metals. For a free consultation, please call us now at. 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. My broker is in Woodland Hills, CA 91367. SGM does not provide trading advice. 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 alleges defendants operated a fraudulent precious metals investment scheme attracting more than 450 investors and $68 million nation-wide. The complaint alleges Safeguard Metals, LLC promoted precious metals at grossly inflated prices. 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At least 16 Indiana residents invested a total of more than $860,000 into silver coins and other products offered by Safeguard Metals. DEFENDANTS 11. The defendants also deceived customers into purchasing silver coins at grossly inflated prices that bore no relationship to the ranges represented to customers. 2023 2 oz Silver Tudor Beasts Yale of Beaufort Coin. Brazen attempts to target senior citizens or other vulnerable populations will not be tolerated in California, said DFPI Commissioner Clothilde V. Hewlett. 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. That was substantially more than the amounts the defendants represented in Safeguard Metals customer agreements. 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. 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. You can review our Community Guidelines by clicking here. Oct 08 2022. 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. A baby food company is facing a class-action lawsuit in New York after a congressional report uncovered internal documents from several companies revealing potentially dangerous levels of heavy. 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 . Its reporting and editing staff cover public safety, courts, local government and general assignment stories. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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. Acetabular metal shell (this is the metal "socket" that goes into your native hip socket) Acetabular liner (plastic / polyethylene) liner (the cushion that . We also use third-party cookies that help us analyze and understand how you use this website. 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. Given the complexity of investment products, our jobs have never been more important, or more demanding.. Safeguard Metals charged its customers approximately $26 million in markups on the silver coin purchases. 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. 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. Commodity Futures Trading Commission (CFTC) . If unregistered, a customer should be wary of providing funds to that entity. 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. EEO Report | Terms of Use | Privacy Policy | Community Guidelines | About Us | FCC Applications |, Daily News Update *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. Indiana Attorney General Todd Rokita's office says at least 16 Indiana residents are among the victims who were defrauded by Safeguard Metals. 1, Report #1485959. Today roughly half of all U.S. households rely on the securities markets to plan and prepare for their . 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. 10. NE Atlanta, GA 30326 *by appointment only. 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/. CoinWeek does not buy or sell coins or numismatic material and No endorsement or affiliation to or from CoinWeek.com is made. On January 4, 2023, the United States District Court for the Northern District of California denied a motion to Dismiss for Lack of Personal Jurisdiction filed by the Defendant, a solicitor for Treasure Coast Bullion Group. Elizabeth SmithElizabeth.Smith@dfpi.ca.gov. 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. 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. Indiana Attorney. VanessaBenedict.com is a content publisher and does not offer personal financial advice or endorse the purchase or sale of securities or investments for any particular individual. In the end, nearly every customer suffered an immediate loss of their investment on the purchase of precious metals from Safeguard Metals. 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 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 U.S. for the purpose of purchasing precious metals, primarily consisting of gold and silver coins. 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. In this case, it was silver coins. Your email address will not be published. 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. 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. A complaint was filed against the . 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. Invoices show that Chase Metals sold Matteo 8,050 Polar Bear & Cub coins, each of which contained 1.5 ounces of silver. The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus interest, and civil penalties. The 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. Thurston, Teply and a third Idaho Safeguard distributor, Craig Empey, of Idaho Falls, who was not involved in the lawsuit, had combined annual sales of $1.82 million. The SEC issued a litigation release on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. Safeguard Metals LLC is a Wyoming Limited Liability Company with an office located in Woodland Hills, California. Contact Us Now For a Free Consultation $25 MILLION Recovery Against National Brokerage Firm $9.1 MILLION FINRA Arbitration Award Against Brokerage Firm Geographical Area:- The company's territory or jurisdiction is an important factor. text = text.replace("https://docqnet.dfpi.ca.gov/LicenseSearch/LicenseDetails/","https://portal.dfpi.ca.gov/csp?id=ssp_license_search"); BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met. 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? 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 . 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 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. I was unable to withdraw my funds and customer service was not responsive. Safeguard Metals and its sales associates are alleged to have defrauded customers into transferring proceeds from retirement accounts, often consisting of funds from liquidated securities to self-directed individual retirement accounts known as SDIRAs for the purchase of precious metals. NASAA and its members have issued a series of investor advisories, including an advisory on matters to consider before making gold-related investments. To send us an e-mail, simply complete and submit the online form below. Proudly powered by WordPress 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 As the market continues to fluctuate, we anticipate more fraudsters using fear and uncertainty to manipulate good people out of their hard-earned money.. 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? I was recently scammed by a scam agency but Metals Safeguard is 100% legit. 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 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. You can reach us by phone at 844-689-5754 or via e-mail. The defendants advised investors to liquidate their holdings at registered investment firms to fund investments in precious metals through self-directed individual retirement accounts. 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. BBB Business Profiles may not be reproduced for sales or promotional purposes. 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