I have filed complaint forms with the SEC, Commodities Future Trading Company, CA Department of Business Oversight. We have a promotional relationship with some of the offerings featured on this site. Civil cases usually involve secret disputes between individuals or organizations. 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. If you or your loved one experienced investment losses, we are here to help. Restitution is being sought through a federal lawsuit filed . A Year of War in Ukraine. 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. Benefits Opted: - As Errors and Omissions Insurance Plan can be customized as per the needs of the business, therefore, if a policy-seeker opts for wider benefits and coverage, he/she has to pay a higher premium amount to avail of the benefits and facilities. "We will take action when, as alleged, parties fraudulently induce investors to sell their securities through lies and deception.". 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. If the answers seem too good to be true or dont make sense, protect your savings by just walking away.. Safeguard Metals is located in . I did not make it in time. Questions? Brazen attempts to target senior citizens or other vulnerable populations will not be tolerated in California, DFPI Commissioner Clothilde Hewlett said. BBB reports on known marketplace practices. Shop Now. Indiana Attorney General Todd Rokita's office says at least 16 Indiana residents are among the victims who were defrauded by Safeguard Metals. Safeguard and Santulan reportedly used false and misleading statements about the safety and liquidity of the investments, Safeguards business practices, and its compensation structure. Do THIS Or Pledge Your Retirement To The Democrats, ALERT: Secret IRS Loophole May Change Your Life. 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. 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. Safeguard Metals also fraudulently induced some customers to make purchases through cash and credit sales. 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. If you were implanted with an Exactech knee or ankle replacement insert or hip replacement liner, you may be eligible for compensation. I recently got scammed by SafeguardMetals, a service that promised to provide precious metals investment opportunities. 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 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. 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 Securities and Exchange Commission (SEC) has filed a civil enforcement action against the same defendants alleging violations of federal Securities Laws. 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. Customer Reviews are not used in the calculation of BBB Rating, Need to file a complaint? BBB is here to help. protection metal excessive charge and Cheat markup on silver coins. 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 Safeguard Properties Safeguard Equities, Inc BRE#02112381 Real Estate Agents Safeguard Properties aka Safeguard Equities to be avoided at all costs. | 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); With FNG's Newsletter you'll get all the latest breaking FX Industry news stories - in a concise daily email, directly to your Inbox. BBB Business Profiles are subject to change at any time. Maria Nikolova 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. The defendants advised investors to liquidate their holdings at registered investment firms to fund investments in precious metals through self-directed individual retirement accounts. 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. 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. 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. 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, said Acting Director of Enforcement Vincent McGonagle. February 24, 2023 36:53. 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 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. 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. We fight to level the playing field between large corporations and the public investor. The complaint alleges Safeguard Metals, LLC promoted precious metals at grossly inflated prices. As part of the fraudulent scheme, Defendants charged fees that were almost 50% higher than the maximum fees that were disclosed to investors who purchased silver coins from Safeguard Metals. 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 response to the complaint received from Ms. ****** ****, Safeguard Properties Management LLC ("Safeguard") is a property preservation company. 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. 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 Hello, I need a recommendation on attys in CA that specializes in precious metals. The metals.com scheme affected 1600 seniors nation-wide and involved $185 million. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. 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. Help us improve the DFPI website! For a free consultation, please call us now at 866-827-3202 or complete our contact form. 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. 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. This category only includes cookies that ensures basic functionalities and security features of the website. 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. 10. Severe Weather Alert This is a whole series of standard personal injury claims where the plaintiff sues the defendant. Safeguard and Santulan also allegedly misled investors about Safeguard's 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. These cookies do not store any personal information. text = text.replace("https://docqnet.dfpi.ca.gov/licensesearch/","https://portal.dfpi.ca.gov/csp?id=ssp_license_search"); In reality, Santulan allegedly operated the company from a small leased space in a Woodland Hills, Calif. office building using sales agents. For a free consultation, please call us now at. Self-directed accounts are placed with a custodian, but do not afford the same investor protections as traditional IRAs. 01/23/2023. 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. 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. Required fields are marked *. NE Atlanta, GA 30326 *by appointment only. Learn how your comment data is processed. A complaint was filed against the . 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. 04:23 PM. Securities Arbitration Attorneys Our FINRA arbitration lawyers work with investors to recover losses caused by securities fraud, investment fraud, and other kinds of stockbroker misconduct. 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. 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. 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. This company asks me for photos from my property, they supposedly are the inspectors for the final inspection and for Regions to send me my homeowner's insurance money to pay the contractor who repaired the roof of my house, every day is something different, now they say that Regions need to send them a form ( this is a . The minimum investment is $5000. Read more Contact. CoinWeek does not buy or sell coins or numismatic material and No endorsement or affiliation to or from CoinWeek.com is made. Indiana AG files lawsuit against precious metals company accused of bilking seniors. 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. 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. In the end, nearly every customer suffered an immediate loss of their investment on the purchase of precious metals from Safeguard Metals. 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. I'm Jeff Sonn, an attorney concentrating on securities fraud and consumer class actions. The Purpose Of Filing A Baby Food Heavy Metals Lawsuit 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 . Accounting and Auditing Enforcement Releases. A Ruling That Could End the Internet as We Know . 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. A favorable court ruling on behalf of a client who suffered losses in a leveraged precious metals investment scheme will proceed against the solicitor. Zero-calorie sweetener linked to heart attack and stroke, study finds, Encino woman extradited from Montenegro to serve sentence for COVID loan fraud, Mullholland Drive to be closed at least 24 hours, home evacuated due to mud flow in Beverly Crest, Chicago Mayor Lori Lightfoot concedes defeat, Denver just got a direct flight to this Caribbean island known for music history and vegetarian cooking, NYC Mayor Adams dismisses need to separate church and state, declares himself a servant of God, Zero-calorie sweetener linked to heart attack and stroke, study finds, Do Not Sell/Share My Personal Information. 1 Twitter 2 Facebook 3RSS 4YouTube You can reach us by phone at 844-689-5754 or via e-mail. 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. 2023 2 oz Silver Rabbit Coin Perth Lunar Series. The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus prejudgment interest, and civil penalties. Theme: Newsup by Themeansar. The SEC brings this lawsuit to protect the investing public and to hold defendants accountable for their misconduct. 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. Your email address will not be published. Summerlin, Nevada. CRD & IARD Resources. 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. Its reporting and editing staff cover public safety, courts, local government and general assignment stories. 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. In reality, Santulan allegedly operated the company from a small leased space in a Woodland Hills, Calif. office building using sales agents. Below is information about these offers and simple ways to spot offers that could be scams. 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? 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. Tempe, Arizona. The defendants are also accused of failing to disclose the markup charge to investors and the risk of losing most of their investment funds. The SEC's complaint, which was filed in federal district court in the Central District of California, charges Safeguard and Santulan with violating 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, and also charges Santulan with aiding and abetting Safeguard's violations and as a control person within the meaning of Section 20(a) of the Securities Exchange Act of 1934. 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. 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. Breaking News Alert The Idaho Department of Finance encourages investors to come forward if they suspect they have been targeted by similar precious metals investment schemes. . Idaho will continue to partner with fellow regulators to vigorously fight to protect consumers from this and other schemes to defraud," Perkins said. You also have the option to opt-out of these cookies. In reality, Santulan allegedly operated the company from a small leased space in a Woodland Hills, Calif. office building using sales agents. City News Service is a regional wire service covering Los Angeles, Orange, Riverside and San Diego counties. Safeguard Metals is located in Woodland Hills, California, and Jeffrey Santulan resides in Tarzana, California. 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 . Is this your business? 12. text = text.replace("https://docqnet.dfpi.ca.gov/LicenseSearch/LicenseDetails/","https://portal.dfpi.ca.gov/csp?id=ssp_license_search"); Geographical Area:- The company's territory or jurisdiction is an important factor. Indiana Attorney General Todd Rokita has joined a lawsuit with 26 other states and a federal agency against Safeguard Metals, a business accused of scheming to trick seniors into investing in "wildly overvalued precious metals," according to a statement released by the AG's Office on Tuesday, Feb. 1. Thus, all the compensation awarded goes to the new plaintiff. this is against Safeguard Metals. That was substantially more than the amounts the defendants represented in Safeguard Metals customer agreements. office said the Indiana victims . Because Safeguard Metals charged exorbitant markups and severely inflated the price of the coins sold, customers allegedly suffered an immediate loss to their investments. 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.. What is Liberty National doing to avoid lawsuits? At least 16 Indiana residents invested a total of more than $860,000 into silver coins and other products offered by Safeguard Metals. The CFTC also strongly urges the public to verify a companys registration with the CFTC before committing funds. 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. Their fee structure includes a $50 account-opening fee, an $80 administration fee as well as a $100 storage fee, totaling $230. The Sunday Read: 'Elon Musk's Appetite for Destruction'. 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. 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. A class action lawsuit occurs when a group of people can sue the same company over the same source of damage, almost always a defective product. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. . The defendants also deceived customers into purchasing silver coins at grossly inflated prices that bore no relationship to the ranges represented to customers. The SEC issued a litigation release on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. }. . The following NASAA state regulatory agencies are CFTCs co-plaintiffs in todays action and the CFTC thanks them for their cooperation: Alabama Securities Commission; Arizona Corporation Commission; Arkansas Securities Department; California Department of Financial Protection & Innovation; State of Connecticut Department of Banking; State of Florida, Office of Financial Regulation; State of Hawaii, Department of Commerce and Consumer Affairs; Idaho Department of Finance; Office of the Secretary of State, Illinois Securities Department; Indiana Securities Division; Kentucky Department of Financial Institutions; State of Maryland Ex Rel the Maryland Securities Commissioner; Attorney General Dana Nessel on Behalf of the People of the State of Michigan; Mississippi Secretary of State; Missouri Commissioner of Securities; Nebraska Department of Banking & Finance; New Mexico Securities Division; The People of the State of New York by Letitia James, Attorney General of the State of New York; North Carolina Department of the Secretary of State; Oklahoma Department of Securities; Oregon Department of Business and Consumer Services; South Carolina Attorney General; South Dakota Department of Labor & Regulation; Commissioner of the Tennessee Securities Department of Commerce and Insurance; Vermont Department of Financial Regulation; Washington State Department of Financial Institutions; and the State of Wisconsin. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met. But opting out of some of these cookies may affect your browsing experience. 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 . How BBB Processes Complaints and Reviews. 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. 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. Musk & # x27 ; the calculation of bbb Rating, Need to file a complaint third parties publish. 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