Severe Weather Alert 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. Robert Slattery from Metals.com Anthony Bowers and Joseph something from Metals . 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. 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 . Exactech Recall Lawsuit in Lisbon, IL. 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. STAY CONNECTED Your email address will not be published. The complaint alleges defendants operated a fraudulent precious metals investment scheme attracting more than 450 investors and $68 million nation-wide. Questions? In reality, Santulan allegedly operated the company from a small leased space in a Woodland Hills, Calif. office building using sales agents. Customer Reviews are not used in the calculation of BBB Rating, Need to file a complaint? 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. Investors are advised to check the registration of all investment products and professionals, and ask tough questions about fees, markups, risks, and potential returns. CRD & IARD Resources. 5, Report #1509255. Required fields are marked *. 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. Summerlin, Nevada. 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, . As a matter of policy, BBB does not endorse any product, service or business. 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. Well guide you through the process. The DFPI encourages consumers who have experienced unfair, unlawful, deceptive, and abusive practices from a financial service provider to file a complaint with the Department online: https://dfpi.ca.gov/file-a-complaint/. Safeguard's website pitches the investments as a way to "hedge against uncontrolled government spending and dizzying money printing by the Federal Reserve." I was sold an expensive, fabricated coin at an almost 100% commission. 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 Metals is a scam designed to take advantage of those not experienced in buying precious metals. 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. Safeguard Metals is located in . 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. The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus prejudgment interest, and civil penalties. 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. Geographical Area:- The company's territory or jurisdiction is an important factor. 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. on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. The complaint seeks a permanent injunction to stop the deceptive and fraudulent practices, disgorgement, full restitution, rescission, and civil monetary penalties. Theme: Newsup by Themeansar. companies or divisions. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. But opting out of some of these cookies may affect your browsing experience. Show. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile. 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. Help us improve the DFPI website! Safeguard Properties Reviews, Complaints & Contacts | Complaints Board. Buckhead Tower, Suite 400 3399 Peachtree Rd. Securities litigation attorney Scott Silver, who is representing several of Safeguard Metals' alleged victims in arbitration proceedings, is calling for regulatory reform. 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. This category only includes cookies that ensures basic functionalities and security features of the website. As the market continues to fluctuate, we anticipate more fraudsters using fear and uncertainty to manipulate good people out of their hard-earned money.. 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. 2023 DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. 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. 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 . You can review our Community Guidelines by clicking here. We also use third-party cookies that help us analyze and understand how you use this website. If unregistered, a customer should be wary of providing funds to that entity. Shop Now. 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. 06:39 PM. 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. . The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus prejudgment interest, and civil penalties. text = text.replace("https://docqnet.dfpi.ca.gov/licensesearch/","https://portal.dfpi.ca.gov/csp?id=ssp_license_search"); BBB reports on known marketplace practices. 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. Biden Fires Warning Shot for Retirees Are You at Risk? 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. Tempe, Arizona. These cookies do not store any personal information. State and federal regulators filed suit Tuesday, Feb. 1 against a Woodland Hills-based precious metals sales company and its owner for allegedly perpetrating a $68 million fraud scheme that targeted the elderly by advising them to cash out their life savings and retirement accounts to purchase highly inflated and overpriced metals and coins. 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 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. We represent investors in claims against negligent brokers and brokerage firms. Safeguard Properties Safeguard Equities, Inc BRE#02112381 Real Estate Agents Safeguard Properties aka Safeguard Equities to be avoided at all costs. 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 Supreme Court is reviewing a legal shield that tech companies have long relied on to avoid liability for content on their platforms. 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. Website visitors should be aware that investment markets involve inherent risks and past performance is no guarantee of future performance. On February 1, 2022, the Securities and Exchange Commission (SEC) 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. A companys registration status can be found at NFA BASIC. document.getElementsByTagName('p').innerHTML = text; Safeguard Metals is an excellent agency that I can safely rely on. 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. I was recently scammed by a scam agency but Metals Safeguard is 100% legit. His demeanor was professional and pleasant and I would not hesitate to use him in future matters. 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. . 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. 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. The litigation will be led by Jonathan S. Polish. Indiana AG files lawsuit against precious metals company accused of bilking seniors. 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 EEO Report | Terms of Use | Privacy Policy | Community Guidelines | About Us | FCC Applications |, Daily News Update 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. On January 4, 2023, the United States District Court for the Northern District of California denied a motion to Dismiss for Lack of Personal Jurisdiction filed by the Defendant, a solicitor for Treasure Coast Bullion Group. Safeguard Metals LLC and its director and owner, Jeffrey Santulan, also known as Jeffrey Hill, are accused of being involved in an ongoing scam to obtain approximately $68 million in funds from more than 450 people to fraudulently purchase metals at inflated prices and wholesale currency throughout the country at her office in Southern California. We represent investors in claims against negligent brokers and brokerage firms. 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. SGM's services and products are for investment purposes only. 1 Twitter 2 Facebook 3RSS 4YouTube Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. The SEC issued a litigation release on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. Regulators sue to stop $68 million metals/coin, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Reddit (Opens in new window), Regulators sue to stop $68 million metals/coin scheme targeting elderly, San Bernardino Mountains escorts suspended as snow blankets highways, Students pepper-sprayed following race-related protest in San Bernardino, LA County reaches $28.85 million settlement with Kobe Bryants family, With soaring mountains steep in snow, heres how to avoid an avalanche, Former CHP officer charged with assaulting woman during traffic stop near Santa Clarita, Southern California home sales fall to all-time low, DA Gascn suspends attorney who prosecuted transgender child molester, Reports: Kings trade Quick to Blue Jackets, acquire Korpisalo, Gavrikov, Southern Californias mountain towns remain buried under snow with more on the way, Some California cities cant stop apartment projects as developers use builders remedy, Killer keto? 10. A baby food company is facing a class-action lawsuit in New York after a congressional report uncovered internal documents from several companies revealing potentially dangerous levels of heavy. To learn more about Safeguard Metals and the asset preservation services we provide, contact us today! Oct 08 2022. Share your feedback. 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. 11. Safeguard Metals charged its customers approximately $26 million in markups on the silver coin purchases. Contact me online or call anytime at 844-689-5754. I was unable to withdraw my funds and customer service was not responsive. Both actions arose out of the CFTCs information-sharing agreement with state securities regulators, through NASAA. 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 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. 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 accounts to purchase overpriced metals and coins, sold by the company, according to the document. text = text.replace("https://docqnet.dfpi.ca.gov/LicenseSearch/LicenseDetails/","https://portal.dfpi.ca.gov/csp?id=ssp_license_search"); 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. February 23, 2023 31:39. For a free consultation, please call us now at. BBB Business Profiles are provided solely to assist you in exercising your own best judgment. 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. Civil cases usually involve secret disputes between individuals or organizations. Is this your business? 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 . 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. Idaho will continue to partner with fellow regulators to vigorously fight to protect consumers from this and other schemes to defraud," Perkins said. There are two types of toxic food lawsuits that parents most commonly face: negligence in manufacturing and negligence in creating instructions for use. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. You also have the option to opt-out of these cookies. 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. Author: ED Magedson - Founder, Ripoff Report. 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. You can reach us by phone at 844-689-5754 or via e-mail. 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. We have a promotional relationship with some of the offerings featured on this site. 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. By clicking Accept, you consent to the use of ALL the cookies. The stockbroker and investment fraud lawyers at Sonn Law Group dedicate their entire practice to protecting the interests of investors who have lost money as a result of the negligent or wrongful conduct of those entrusted with protecting and growing our money. 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