safeguard metals lawsuit

For a free consultation, please call us now at. For a free consultation, please call us now at 866-827-3202 or complete our contact form. Required fields are marked *. Self-directed IRAs should not be confused with traditional IRAs or other retirement vehicles. The lawsuit 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. text = text.replace("https://docqnet.dfpi.ca.gov/licensesearch/","https://portal.dfpi.ca.gov/csp?id=ssp_license_search"); 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. Safeguard and Santulan reportedly used false and misleading statements about the safety and liquidity of the investments, Safeguards business practices, and its compensation structure. But opting out of some of these cookies may affect your browsing experience. Learn how your comment data is processed. Tempe, Arizona. The litigation will be led by Jonathan S. Polish. The SEC brings this lawsuit to protect the investing public and to hold defendants accountable for their misconduct. The joint effort is the second nationwide fraud action against precious metals dealers by the CFTC with NASAA state securities regulators. I was sold an expensive, fabricated coin at an almost 100% commission. Is this your business? The complaint alleges defendants operated a fraudulent precious metals investment scheme attracting more than 450 investors and $68 million nation-wide. I was unable to withdraw my funds and customer service was not responsive. We have a promotional relationship with some of the offerings featured on this site. When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints. Since precious metal prices keep fluctuating, we recommend that you contact Augusta Precious Metals now to find out the exact amounts you are required to pay. Its reporting and editing staff cover public safety, courts, local government and general assignment stories. We represent investors in claims against negligent brokers and brokerage firms. The CFTC also strongly urges the public to verify a companys registration with the CFTC before committing funds. 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 . Safeguard Metals steered over 97 percent of its sales from mostly inexperienced investors into overpriced silver coins which had significantly higher markups than gold coins. Safeguard Properties Safeguard Equities, Inc BRE#02112381 Real Estate Agents Safeguard Properties aka Safeguard Equities to be avoided at all costs. I have filed complaint forms with the SEC, Commodities Future Trading Company, CA Department of Business Oversight. 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.. California man accused of using gold, metal and uncertainty to scam $68M from elderly investors. Spellane was previously employed as a salesman by TMTE Inc., a Los Angeles gold dealer that was the subject of a 2020 lawsuit from the CFTC along with 30 states, . The SEC issued a litigation release on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. The SEC's investigation was conducted by Jedediah B. Forkner and Jean M. Javorski of the SEC's Chicago Regional Office, and was supervised by Anne C. McKinley. For contact information, visit the NASAA website here. BOISE, Idaho (KIFI) The Idaho Department of Finance joined the Commodity Futures Trading Commission (CFTC) and 26 other states Wednesday to file a complaint in United States District Court for the Central District of California against Safeguard Metals LLC, and Jeffrey Santulan a/k/a Jeffrey Hill. 2023 DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. All News, Articles, Commentary and Opinions are contributed by the author(s), with or without compensation, who are solely responsible for the content, and do not represent CoinWeek Management. The Sonn Law Group is currently investigating allegations surrounding Safeguard Metals, LLC and Jeffrey Santulan. It is important to speak with a lawyer about your case. Customer Reviews are not used in the calculation of BBB Rating, Need to file a complaint? CRD & IARD Resources. 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. Safeguard Metals is a scam designed to take advantage of those not experienced in buying precious metals. By clicking Accept, you consent to the use of ALL the cookies. KIFI Local News 8 is committed to providing a forum for civil and constructive conversation. 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. 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. Case 2:22-cv-00691 Document 1 Filed 02/01/22 Page 4 of 38 Page ID #:4 - 5 - COMPLAINT FOR INJUNCTIVE RELIEF, CIVIL MONETARY PENALTIES, AND OTHER EQUITABLE RELIEF . The Sonn Law Group is currently investigating allegations surrounding Safeguard Metals, LLC and Jeffrey Santulan. Exactech Recall Lawsuit in Lisbon, IL. If you would like to share a story idea, please submit it here. His demeanor was professional and pleasant and I would not hesitate to use him in future matters. February 23, 2023 31:39. Accounting and Auditing Enforcement Releases. Thus, all the compensation awarded goes to the new plaintiff. Drug distributors, J&J to pay $590 mln to settle U.S. tribes' opioid claims REUTERS How BBB Processes Complaints and Reviews. Daily Weather Forecast In reality, Santulan allegedly operated the company from a small leased space in a Woodland Hills, Calif. office building using sales agents. A Ruling That Could End the Internet as We Know . Topics: New York CoinWeek does not buy or sell coins or numismatic material and No endorsement or affiliation to or from CoinWeek.com is made. Below is information about these offers and simple ways to spot offers that could be scams. 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. As a matter of policy, BBB does not endorse any product, service or business. Indiana Attorney. Shop Now. 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. For more information, please read our full privacy policy. 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. Elizabeth SmithElizabeth.Smith@dfpi.ca.gov. Idaho will continue to partner with fellow regulators to vigorously fight to protect consumers from this and other schemes to defraud," Perkins said. Restitution is being sought through a federal lawsuit filed . Safeguard Metals is located in Woodland Hills, California, and Jeffrey Santulan resides in Tarzana, California. 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. To learn more about Safeguard Metals and the asset preservation services we provide, contact us today! text = text.replace("https://docqnet.dfpi.ca.gov/LicenseSearch","https://portal.dfpi.ca.gov/csp?id=ssp_license_search"); These are bullion coins made by the Royal Canadian Mint and contain metal . The Sunday Read: 'Elon Musk's Appetite for Destruction'. Safeguard works at the direction . BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met. document.getElementsByTagName('p').innerHTML = text; BBB Business Profiles may not be reproduced for sales or promotional purposes. 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? 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. var text; Contact our office today to discuss your case. In this case, it was silver coins. 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. 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 Metals charged its customers approximately $26 million in markups on the silver coin purchases. We also use third-party cookies that help us analyze and understand how you use this website. 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. If you or your loved one experienced investment losses, we are here to help. 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. 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. . Your email address will not be published. The defendants also deceived customers into purchasing silver coins at grossly inflated prices that bore no relationship to the ranges represented to customers. What is Liberty National doing to avoid lawsuits? 6LinkedIn 8 Email Updates. That was substantially more than the amounts the defendants represented in Safeguard Metals customer agreements. The litigation will be led by Jonathan S. Polish. 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. Oct 08 2022. 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. He was direct and asked all the questions that were relevant and provided me with very thoughtful feedback and some useful contacts. The Supreme Court is reviewing a legal shield that tech companies have long relied on to avoid liability for content on their platforms. My broker is in Woodland Hills, CA 91367. Hello, I need a recommendation on attys in CA that specializes in precious metals. 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 review our Community Guidelines by clicking here. 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 . 5, Report #1509255. We strive to use common sense and the right approach to maintain objectivity in providing recommendations that are in the interests of readers. BBB Business Profiles are subject to change at any time. 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. Contact me online or call anytime at 844-689-5754. The defendants also deceived customers into purchasing silver coins at grossly inflated prices that bore no relationship to the ranges represented to customers. EEO Report | Terms of Use | Privacy Policy | Community Guidelines | About Us | FCC Applications |, Daily News Update The CFTC and NASAA thanks and acknowledges the assistance of the SEC. 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. 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. 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 suit alleges that 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. 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. Idaho consumers invested approximately $1.3 million in the scheme. In fact, the silver coins were significantly less valuable than the defendants claimed, based on the resale prices the firm marketed and promoted. 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 . 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