BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. Contact the City News Service newsroom at 310-481-0404 or news@socalnews.com. Contact me online or call anytime at 844-689-5754. 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. 10. If you would like to share a story idea, please submit it here. 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. Safeguard Properties Safeguard Equities, Inc BRE#02112381 Real Estate Agents Safeguard Properties aka Safeguard Equities to be avoided at all costs. STAY CONNECTED City News Service is a regional wire service covering Los Angeles, Orange, Riverside and San Diego counties. DEFENDANTS 11. INDIANA- 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. Indiana AG files lawsuit against precious metals company accused of bilking seniors. Hello, I need a recommendation on attys in CA that specializes in precious metals. The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus interest, and civil penalties. We provide detailed analysis for Gold IRAs and Silver IRAs. Its reporting and editing staff cover public safety, courts, local government and general assignment stories. The markup that customers paid on silver coins, for example, averaged from 51 percent to over 70 percent. 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. *In Canada, trademark(s) of the International Association of Better Business Bureaus, used under License. I'm Jeff Sonn, an attorney concentrating on securities fraud and consumer class actions. In fact, the silver coins were significantly less valuable than the defendants claimed, based on the resale prices the firm marketed and promoted. Safeguard Metals ("SGM") is solely a retailer providing precious metals for customers individually and IRA accounts. Daily Weather Forecast Save my name, email, and website in this browser for the next time I comment. Your email address will not be published. If the answers seem too good to be true or dont make sense, protect your savings by just walking away.. 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. Learn how your comment data is processed. The CFTC Division of Enforcement staff members responsible for this action are Steve Turley, Clemon Ashley, Jeff Le Riche, Christopher Reed, and Charles Marvine; in partnership with enforcement authorities from NASAA member agencies, led by the Alabama Securities Commission and the California Department of Financial Protection and Innovation. "-Sonn Law Group Client. 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. SACRAMENTO - California Attorney General Rob Bonta today filed a motion to intervene in the Los Angeles City Attorney's lawsuit against S&W Atlas Iron & Metal Company (Atlas Metal) for endangering the health and safety of environmental justice communities in South Los Angeles.Over several years, Atlas Metal's operations are alleged to have been launching metal shards and projectiles into . text = text.replace("https://docqnet.dfpi.ca.gov/licensesearch/","https://portal.dfpi.ca.gov/csp?id=ssp_license_search"); I was unable to withdraw my funds and customer service was not responsive. He was direct and asked all the questions that were relevant and provided me with very thoughtful feedback and some useful contacts. Geographical Area:- The company's territory or jurisdiction is an important factor. 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. Safeguard Metals is an excellent agency that I can safely rely on. Safeguard Metals LLC of Woodland Hills, California, targeted older investors and sold them gold and silver coins at grossly inflated prices, according to a complaint filed in U.S. District Court by the federal Commodity Futures Trading Commission. If you have further questions or need more assistance, please call the DFPI's Consumer Services Office at: 1-866-275-2677. var allPs = document.getElementsByTagName("p"); CoinWeek: Rare Coin, Currency, and Bullion News for Collectors, This joint investigative effort between the CFTC and 27 state regulators represents our mutual interest in protecting main street investors,, A cross-agency approach enhances our ability to protect investors and the integrity of our markets., 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. CRD & IARD Resources. Fraud Advisory: Precious Metals Fraud. Questions? As alleged, Safeguard fraudulently marketed itself as a full-service investment firm with offices in London, New York City, and Beverly Hills that employed prominent individuals in the securities industry and had $11 billion in assets under management. Safeguard works at the direction . 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. 11. The Supreme Court is reviewing a legal shield that tech companies have long relied on to avoid liability for content on their platforms. 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. 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. BBB is here to help. I recently got scammed by SafeguardMetals, a service that promised to provide precious metals investment opportunities. To check the status of this licensee, visit Financial Services and Mortgage Lending Licensees Search. Is this your business? 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. Safeguard Metals is located in . Unfortunately, this case reflects just one of the many epidemic-level investment scams targeting senior and vulnerable populations, said NASAA President and Maryland Securities Commissioner Melanie Senter Lubin. 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. I deposited a significant amount of money into the service, but soon realized that it was not legitimate. Today roughly half of all U.S. households rely on the securities markets to plan and prepare for their . As alleged, Safeguard fraudulently marketed itself as a full-service investment firm with offices in London, New York City, and Beverly Hills that employed prominent individuals in the securities industry and had $11 billion in assets under management. Safeguard Metals is located in Woodland Hills, California, and Jeffrey Santulan resides in Tarzana, California. I was sold an expensive, fabricated coin at an almost 100% commission. If unregistered, a customer should be wary of providing funds to that entity. document.getElementsByTagName('p').innerHTML = text; 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. The Sonn Law Group is currently investigating allegations surrounding Safeguard Metals, LLC and Jeffrey Santulan. BBB Business Profiles are subject to change at any time. Restitution is being sought through a federal lawsuit filed . 2023 2 oz Silver Tudor Beasts Yale of Beaufort Coin. ON SALE. 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. The defendants are also accused of failing to disclose the markup charge to investors and the risk of losing most of their investment funds. EEO Report | Terms of Use | Privacy Policy | Community Guidelines | About Us | FCC Applications |, Daily News Update 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 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. Required fields are marked *. Safeguard and Santulan reportedly used false and misleading statements about the safety and liquidity of the investments, Safeguards business practices, and its compensation structure. This website uses cookies to improve your experience while you navigate through the website. A Year of War in Ukraine. var text; "The federal securities laws prohibit deceptive conduct and material misrepresentations in the purchase or sale of securities," said Kathryn A. Pyszka, an Associate Director in the SECs Chicago Regional Office. Contact the Idaho Department of Finance at securities@finance.idaho.gov. 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 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 . We strive to use common sense and the right approach to maintain objectivity in providing recommendations that are in the interests of readers. 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 12. My broker is in Woodland Hills, CA 91367. In the continuing litigation against the defendants, the CFTC and state securities regulators seek the return of ill-gotten gains, civil monetary penalties, restitution, permanent registration and trading bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA), state regulatory laws, and CFTC regulations. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. 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 . "We will take action when, as alleged, parties fraudulently induce investors to sell their securities through lies and deception.". 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. February 24, 2023 36:53. BBB Business Profiles may not be reproduced for sales or promotional purposes. The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus prejudgment interest, and civil penalties. Safeguard Metals is believed to be an offshoot of another company that was shut down several years earlier in Texas, and a successful Safeguard Metals broker opened his own shop recently to. text = text.replace("https://docqnet.dfpi.ca.gov/LicenseSearch/LicenseDetails/","https://portal.dfpi.ca.gov/csp?id=ssp_license_search"); 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. Of allegedly ill-gotten gains, plus prejudgment interest, and website in this browser for the next time comment., for example, averaged from 51 percent to over 70 percent it! Service covering Los Angeles, Orange, Riverside and San Diego counties plan prepare. 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