The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus prejudgment interest, and civil penalties. protection metal excessive charge and Cheat markup on silver coins. Safeguard and Santulan reportedly used false and misleading statements about the safety and liquidity of the investments, Safeguards business practices, and its compensation structure. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile. | 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. Jeffrey S. Santulan, age 41 is a resident of Tarzana, California. 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 U.S. Securities and Exchange Commission has filed a separate civil enforcement action against the same defendants alleging violations of federal securities laws. Safeguard Metals is a scam designed to take advantage of those not experienced in buying precious metals. In reality, Santulan allegedly operated the company from a small leased space in a Woodland Hills, Calif. office building using sales agents. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. A complaint was filed against the . 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. . All products are presented without warranty. Buckhead Tower, Suite 400 3399 Peachtree Rd. In the end, nearly every customer suffered an immediate loss of their investment on the purchase of precious metals from Safeguard Metals. If the answers seem too good to be true or dont make sense, protect your savings by just walking away.. 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. 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. Produced by Will Reid , Rob Szypko . Contact me online or call anytime at 844-689-5754. The complaint alleges defendants operated a fraudulent precious metals investment scheme attracting more than 450 investors and $68 million nation-wide. This category only includes cookies that ensures basic functionalities and security features of the website. 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. 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. 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. Jun 21 2021. 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 complaint alleges the defendants targeted seniors with little experience in investing in precious metals and used scare tactics, half-truths, and other misrepresentations to entice them to purchase grossly over-priced silver coins with their retirement savings. Given the complexity of investment products, our jobs have never been more important, or more demanding.. on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. I thought I was buying silver at spot plus a 12% commission. 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. 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. 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. Safeguard's website pitches the investments as a way to "hedge against uncontrolled government spending and dizzying money printing by the Federal Reserve." 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. Their fee structure includes a $50 account-opening fee, an $80 administration fee as well as a $100 storage fee, totaling $230. The Roundup class action lawsuit alleged that Monsanto mislabeled certain products on the grounds that Roundup Weed & Grass Killer only targets fermented plants and not just humans or pets. 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. NASAA and its members have issued a series of investor advisories, including an advisory on matters to consider before making gold-related investments. 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. Is Nationwide Gold and Bullion Reserve legitimate? 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 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. 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 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. City News Service is a regional wire service covering Los Angeles, Orange, Riverside and San Diego counties. Contact Us Now For a Free Consultation $25 MILLION Recovery Against National Brokerage Firm $9.1 MILLION FINRA Arbitration Award Against Brokerage Firm 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 lawsuit alleges 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. Are silver ETFs listed on any stock exchanges? The complaint alleges that Safeguard Metals violated the federal Commodity Exchange Act by targeting the elderly and advising them to dissolve their life savings and traditional retirement accounts in order to purchase highly inflated and overpriced metals and coins, sold by the company. The CFTC also strongly urges the public to verify a companys registration with the CFTC before committing funds. 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. Doug Eberhardt is a 28 year financial services veteran and precious metals broker selling gold and silver at 1% over wholesale cost. Oct 08 2022. We represent investors in claims against negligent brokers and brokerage firms. 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. SGM's services and products are for investment purposes only. You also have the option to opt-out of these cookies. Alts News; SEC Charges Adviser with Running Precious Metals Scheme Targeting Retail Investors. The litigation will be led by Jonathan S. Polish. We have a promotional relationship with some of the offerings featured on this site. 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 . Contests and Promotions, 2023, NPG of Idaho, Inc. Idaho Falls, ID USA, Yellowstone Teton Territory Travel and Tourism, View all our Vallow-Daybell coverage here, Idaho budget committee cuts funding to child care assistance, Idaho joins Texas lawsuit over new federal clean-water rules, Police continue to search for 16-year-old runaway, Southeastern Idaho Public Health provides free health screenings, Mortgage applications drop to 28-year low as rates climb, Report shows troubling rise in colorectal cancer among US adults younger than 55, Covid vaccine maker Novavax says it may not survive. In the end, nearly every customer suffered an immediate loss of their investment on the purchase of precious metals from Safeguard Metals. 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. He is the only member of . 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 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. ON SALE. BBB Business Profiles are provided solely to assist you in exercising your own best judgment. I was unable to withdraw my funds and customer service was not responsive. 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. The SEC also alleged that Safeguard and Santulan represented 4% to 33% markups, but actually charged average markups of approximately 64% on its sale of silver coins. In many cases, the actual market value of the precious metals purchased was substantially lower than the value of the investors retirement savings liquidated to fund their purchase. allPs[i].innerHTML = text; 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. 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. Fraud Advisory: Precious Metals Fraud. If you would like to share a story idea, please submit it here. BBB Business Profiles may not be reproduced for sales or promotional purposes. By connecting to the website, you acknowledge that you understand SGM's mission. 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. 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. 01/23/2023. 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 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. Additionally, Safeguard allegedly 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. Is this your business? Exactech Recall Lawsuit in Lisbon, IL. This field is for validation purposes and should be left unchanged. The SEC issued a litigation release on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. 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. To learn more about Safeguard Metals and the asset preservation services we provide, contact us today! Investors are advised to check the registration of all investment products and professionals, and ask tough questions about fees, markups, risks, and potential returns. A cross-agency approach enhances our ability to protect investors and the integrity of our markets.. The SEC brings this lawsuit to protect the investing public and to hold defendants accountable for their misconduct. "-Sonn Law Group Client. 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. Washington D.C., Feb. 1, 2022 . 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