For a free consultation, please call us now at 866-827-3202 or complete our contact form. text = text.replace("https://docqnet.dfpi.ca.gov/LicenseSearch","https://portal.dfpi.ca.gov/csp?id=ssp_license_search"); Your email address will not be published. The agents reportedly used prepared scripts, some that were written by Santulan, that contained false and misleading statements about how the market was going to crash and their retirement accounts would be frozen under a new unpublicized law. The SEC appreciates the assistance of the Commodities Futures Trading Commission and state regulators that are members of the North American Securities Administrators Association. companies or divisions. 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. For more information, please read our full privacy policy. According to the SECs 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, Safeguards business, and its compensation. Nationally, at least 450 investors paid . The SEC brings this lawsuit to protect the investing public and to hold defendants accountable for their misconduct. Daily Weather Forecast 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 Sonn Law Group is currently investigating allegations surrounding Safeguard Metals, LLC and Jeffrey Santulan. 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. 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. 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. We also use third-party cookies that help us analyze and understand how you use this website. 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. 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. If the answers seem too good to be true or dont make sense, protect your savings by just walking away.. 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. . 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. In the end, nearly every customer suffered an immediate loss of their investment on the purchase of precious metals from Safeguard Metals. Contact the Idaho Department of Finance at securities@finance.idaho.gov. 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. SGM's services and products are for investment purposes only. 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. 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. 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. 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. 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. In the end, nearly every customer suffered an immediate loss of their investment on the purchase of precious metals from Safeguard Metals. 1 Twitter 2 Facebook 3RSS 4YouTube It is important to speak with a lawyer about your case. 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 . 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. Produced by Will Reid , Rob Szypko . 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 Buckhead Tower, Suite 400 3399 Peachtree Rd. Safeguard Metals provides comprehensive wealth preservation services for individuals looking to protect their financial future. 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. Learn how your comment data is processed. Severe Weather Alert 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. 04:23 PM. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. 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. 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. Help us improve the DFPI website! 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. Fraud Advisory: Precious Metals Fraud. These cookies do not store any personal information. How BBB Processes Complaints and Reviews. 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. City News Service is a regional wire service covering Los Angeles, Orange, Riverside and San Diego counties. Safeguard and Santulan reportedly used false and misleading statements about the safety and liquidity of the investments, Safeguards business practices, and its compensation structure. 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. 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. Save my name, email, and website in this browser for the next time I comment. I deposited a significant amount of money into the service, but soon realized that it was not legitimate. Washington D.C., Feb. 1, 2022 . Today roughly half of all U.S. households rely on the securities markets to plan and prepare for their . BBB Business Profiles are subject to change at any time. We represent investors in claims against negligent brokers and brokerage firms. If you would like to share a story idea, please submit it here. 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 Sonn Law Group is currently investigating allegations surrounding Safeguard Metals, LLC and Jeffrey Santulan. Given the complexity of investment products, our jobs have never been more important, or more demanding.. Augusta Precious Metals Fees. 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. 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. His demeanor was professional and pleasant and I would not hesitate to use him in future matters. Share your feedback. Required fields are marked *. NE Atlanta, GA 30326 *by appointment only. var text; 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. You can review our Community Guidelines by clicking here. I recently got scammed by SafeguardMetals, a service that promised to provide precious metals investment opportunities. 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 . 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. The Securities and Exchange Commission (SEC) has filed a civil enforcement action against the same defendants alleging violations of federal Securities Laws. The complaint charged Safeguard and Santulan with violations of 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. 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. 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. A Ruling That Could End the Internet as We Know . 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. A California man accused of conning elderly clients out of millions while acting as an investment . Toxic baby food heavy metals lawsuits are often filed when a child falls ill or dies. 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. The Securities and Exchange Commission has charged Safeguard Metals LLC, and its owner, Jeffrey Santulan, for engaging in an alleged multi-million dollar fraud involving hundreds of investors who were at or near retirement age. February 24, 2023 36:53. 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. Safeguard and Santulan reportedly used false and misleading statements about the safety and liquidity of the investments, Safeguards business practices, and its compensation structure. BBB Business Profiles are provided solely to assist you in exercising your own best judgment. Doug Eberhardt is a 28 year financial services veteran and precious metals broker selling gold and silver at 1% over wholesale cost. 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. 5, Report #1509255. 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 . "I spoke to Mr Sonn on a complex legal matter. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. 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 . . Alts News; SEC Charges Adviser with Running Precious Metals Scheme Targeting Retail Investors. These cookies will be stored in your browser only with your consent. Safeguard Properties Safeguard Equities, Inc BRE#02112381 Real Estate Agents Safeguard Properties aka Safeguard Equities to be avoided at all costs. Safeguard's website pitches the investments as a way to "hedge against uncontrolled government spending and dizzying money printing by the Federal Reserve." It is the mission of PNG- Accredited Precious Metals Dealer (APMD) program to instill confidence among retail buyers in the precious metals marketplace by adhering to strict guidelines for. Drug distributors, J&J to pay $590 mln to settle U.S. tribes' opioid claims REUTERS Robert Slattery from Metals.com Anthony Bowers and Joseph something from Metals . 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. 165 Broadway 23rd Floor New York City NY, 10006 *by appointment only. allPs[i].innerHTML = text; 10. This website uses cookies to improve your experience while you navigate through the website. In this case, it was silver coins. Topics: New York text = allPs[i].innerHTML; To learn more about Safeguard Metals and the asset preservation services we provide, contact us today! . ON SALE. As a matter of policy, BBB does not endorse any product, service or business. 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? You also have the option to opt-out of these cookies. 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. 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