The CFTC and NASAA thanks and acknowledges the assistance of the SEC. 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. How BBB Processes Complaints and Reviews. on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. Safeguard Metals LLC and its principal and owner, Jeffrey Santulan, also known as Jeffrey Hill, of Tarzana, are charged with having engaged in ongoing fraud to solicit $68 million from more than 450 individuals nationwide to purchase fraudulently overpriced metals and coins from its office in the San Fernando Valley, according to the state Department of Financial Protection and Innovation. 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. In the end, nearly every customer suffered an immediate loss of their investment on the purchase of precious metals from Safeguard Metals. I use this blog to bring attention to regulatory filings involving financial advisors, current events in securities and cases in the financial services industry, and to help investors understand their rights and options for financial recovery. According to the complaint, Safeguard Metals charged an average markup of 71 percent and more recently 51 percent on the precious metals. The complaint alleges Safeguard Metals, LLC promoted precious metals at grossly inflated prices. Save my name, email, and website in this browser for the next time I comment. Customer Reviews are not used in the calculation of BBB Rating, Need to file a complaint? This is one of many large-scale precious metals investment schemes weve endeavored to stop since the pandemic began. "-Sonn Law Group Client. I will likely not live long enough to see this money ever recovered unless I can join a class action suit against Safeguard Metals. 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. The SEC appreciates the assistance of the Commodity Futures Trading Commission and state regulators that are members of the North American Securities Administrators Association. In this case, it was silver coins. I have filed complaint forms with the SEC, Commodities Future Trading Company, CA Department of Business Oversight. 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. 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 . BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. Acetabular metal shell (this is the metal "socket" that goes into your native hip socket) Acetabular liner (plastic / polyethylene) liner (the cushion that . 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. 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. Robert Slattery from Metals.com Anthony Bowers and Joseph something from Metals . Its reporting and editing staff cover public safety, courts, local government and general assignment stories. In October 2020, the Department partnered with other regulators to pursue action against another precious metals dealer, TMTE Inc., also known as Metals.com, Chase Metals, and Barrick Capital. In response to the complaint received from Ms. ****** ****, Safeguard Properties Management LLC ("Safeguard") is a property preservation company. 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. Given the complexity of investment products, our jobs have never been more important, or more demanding.. 06:39 PM. Topics: New York If you or your loved one experienced investment losses, we are here to help. The minimum investment is $5000. Defendants/Respondents: Safeguard Metals, LLC; Santulan, Jeffrey aka Hill, Jeffrey. 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. In the end, nearly every customer suffered an immediate loss of their investment on the purchase of precious metals from Safeguard Metals. A favorable court ruling on behalf of a client who suffered losses in a leveraged precious metals investment scheme will proceed against the solicitor. The joint effort is the second nationwide fraud action against precious metals dealers by the CFTC with NASAA state securities regulators. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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 multimillion dollar fraudulent scheme involving hundreds of investors who were at or near retirement age. Safeguard works at the direction . 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 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, 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. I did not make it in time. 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. 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). The markup that customers paid on silver coins, for example, averaged from 51 percent to over 70 percent. As low as $52.50. 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. If the answers seem too good to be true or dont make sense, protect your savings by just walking away.. The company disclosed markups to consumers, which the company referred to as operating margins, of 23 percent and later up to 42 percent. Maria Nikolova I'm Jeff Sonn, an attorney concentrating on securities fraud and consumer class actions. The litigation will be led by Jonathan S. Polish. 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. 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. For contact information, visit the NASAA website here. 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 Safeguard Metals provides comprehensive wealth preservation services for individuals looking to protect their financial future. Contact Us Now For a Free Consultation $25 MILLION Recovery Against National Brokerage Firm $9.1 MILLION FINRA Arbitration Award Against Brokerage Firm 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. 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 . If you or your loved one experienced investment losses, we are here to help. 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. Self-directed accounts are placed with a custodian, but do not afford the same investor protections as traditional IRAs. 1, Report #1485959. 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. The defendants also deceived customers into purchasing silver coins at grossly inflated prices that bore no relationship to the ranges represented to customers. 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 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. Unfortunately, this case reflects just one of the many epidemic-level investment scams targeting senior and vulnerable populations,, When it comes to protecting the public, we will not hesitate to do everything in our power to vigorously investigate and protect their retirement savings from fraud in commodities markets,, 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,, Given the complexity of investment products, our jobs have never been more important, or more demanding., Submissions Accepted for ANA Young Numismatist Literary Awards, PMG Announces Seven Million Notes Certified, First 2023 Collector Coins From Italian Mint Honor Art of Vantivelli, Heritage Offering Special Collection of World Coins, Part II, Perth Mint Issues 2023 Australian Koala Silver Bullion Coins, US Mint Releases U.S. Army 2.5 Ounce Silver Medal March 6, Big Things Happened at the United States Mint in March, Jeff Garrett: The Box of Twenty Approach to Coin Collecting, Roger Burdette: First 1878-S Morgan Silver Dollars Struck, 2023 Congratulations Set With Silver Eagle Proof on Sale March 2, The Coins of Carthage During Hannibals War With Rome. According to the complaint, the defendants deceived customers into purchasing precious metals through false and misleading statements, including about the risk and safety of their investments in traditional retirement accounts. 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 . The CFTC has issued several customer protection Fraud Advisories that provide the warning signs of fraud, including the Precious Metals Fraud Advisory, which alerts customers to precious metals fraud and lists simple ways to spot precious metals scams. A complaint was filed against the . 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. Author: ED Magedson - Founder, Ripoff Report. 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 . 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.. Please keep your comments respectful and relevant. City, State. Indiana Attorney General Todd Rokita's office says at least 16 Indiana residents are among the victims who were defrauded by Safeguard Metals. Augusta Precious Metals Fees. In reality, Santulan allegedly operated the company from a small leased space in a Woodland Hills, Calif. office building using sales agents. The complaint alleges defendants operated a fraudulent precious metals investment scheme attracting more than 450 investors and $68 million nation-wide. The Sunday Read: 'Elon Musk's Appetite for Destruction'. 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. Safeguard Metals ("SGM") is solely a retailer providing precious metals for customers individually and IRA accounts. 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 . The SEC brings this lawsuit to protect the investing public and to hold defendants accountable for their misconduct. protection metal excessive charge and Cheat markup on silver coins. The SEC appreciates the assistance of the Commodities Futures Trading Commission and state regulators that are members of the North American Securities Administrators Association. The U.S. Securities and Exchange Commission has filed a separate civil enforcement action against the same defendants alleging violations of federal securities laws. Safeguard's website pitches the investments as a way to "hedge against uncontrolled government spending and dizzying money printing by the Federal Reserve." To check the status of this licensee, visit Financial Services and Mortgage Lending Licensees Search. Safeguard Metals charged its customers approximately $26 million in markups on the silver coin purchases. Indiana Attorney. To learn more about Safeguard Metals and the asset preservation services we provide, contact us today! Monsanto has not acknowledged any contingent liability but has agreed to pay $39.5 million to settle the lawsuit in court. text = text.replace("https://docqnet.dfpi.ca.gov/LicenseSearch","https://portal.dfpi.ca.gov/csp?id=ssp_license_search"); Washington D.C., Feb. 1, 2022 . A Ruling That Could End the Internet as We Know . 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? 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. 12. The defendants also deceived customers into purchasing silver coins at grossly inflated prices that bore no relationship to the ranges represented to customers. The Supreme Court is reviewing a legal shield that tech companies have long relied on to avoid liability for content on their platforms. This joint civil enforcement action against the precious metals dealer is understood to be the second of its kind, after the CFTC and state regulators filed an action in 2020 against Metals.com and its principals, Lucas Asher and Simon Batashvili. Invoices show that Chase Metals sold Matteo 8,050 Polar Bear & Cub coins, each of which contained 1.5 ounces of silver. 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. 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