safeguard metals lawsuit

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. To learn more about Safeguard Metals and the asset preservation services we provide, contact us today! Customer Reviews are not used in the calculation of BBB Rating, Need to file a complaint? How BBB Processes Complaints and Reviews. }. 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, Financial Services and Mortgage Lending Licensees Search, Licensees and Industries Regulated by the DFPI, Actions, Orders and Administrative Hearing Decisions. 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 February 1, 2022, the Securities and Exchange Commission ("Commission" or "SEC" or "Plaintiff"), represented by Amy J. Longo, Jedediah B. Forkner and Jonathan S. Polish, attorneys at the SEC's Los Angeles regional office, filed a civil enforcement action against Safeguard Metals LLC and Jeffrey S. Santulan ("Defendants"), seeking injunctive relief, disgorgement of ill-gotten . Help us improve the DFPI website! We also use third-party cookies that help us analyze and understand how you use this website. 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. In reality, Santulan allegedly operated the company from a small leased space in a Woodland Hills, Calif. office building using sales agents. The complaint seeks a permanent injunction to stop the deceptive and fraudulent practices, disgorgement, full restitution, rescission, and civil monetary penalties. Safeguard Metals charged its customers approximately $26 million in markups on the silver coin purchases. BBB Business Profiles are provided solely to assist you in exercising your own best judgment. Well guide you through the process. 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. 01/23/2023. The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus interest, and civil penalties. 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. It is mandatory to procure user consent prior to running these cookies on your website. For a free consultation, please call us now at 866-827-3202 or complete our contact form. Criminal cases involve acts that are considered prejudicial to the tradition as a whole (thus they are generally considered crimes against the state or against the jurisdiction of the competent prosecutor). 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, . Nationally, at least 450 investors paid . 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. By clicking Accept, you consent to the use of ALL the cookies. Washington D.C., Feb. 1, 2022 . Proudly powered by WordPress Toxic baby food heavy metals lawsuits are often filed when a child falls ill or dies. NASAA and its members have issued a series of investor advisories, including an advisory on matters to consider before making gold-related investments. A companys registration status can be found at NFA BASIC. In the end, nearly every customer suffered an immediate loss of their investment on the purchase of precious metals from Safeguard Metals. Your email address will not be published. Business Consultants: Seed Capital. I did not make it in time. . This business is in an industry that may require professional licensing, bonding or registration. BBB is here to help. EEO Report | Terms of Use | Privacy Policy | Community Guidelines | About Us | FCC Applications |, Daily News Update I thought I was buying silver at spot plus a 12% commission. Self-directed accounts are placed with a custodian, but do not afford the same investor protections as traditional IRAs. I was recently scammed by a scam agency but Metals Safeguard is 100% legit. Safeguard Properties Reviews, Complaints & Contacts | Complaints Board. If the answers seem too good to be true or dont make sense, protect your savings by just walking away.. February 24, 2023 36:53. The SEC appreciates the assistance of the Commodity Futures Trading Commission and state regulators that are members of the North American Securities Administrators Association. The joint effort is the second nationwide fraud action against precious metals dealers by the CFTC with NASAA state securities regulators. 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. That was substantially more than the amounts the defendants represented in Safeguard Metals customer agreements. It is important to speak with a lawyer about your case. 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. office said the Indiana victims . "We will take action when, as alleged, parties fraudulently induce investors to sell their securities through lies and deception.". 12. We strive to use common sense and the right approach to maintain objectivity in providing recommendations that are in the interests of readers. "I spoke to Mr Sonn on a complex legal matter. Indiana AG files lawsuit against precious metals company accused of bilking seniors. To check the status of this licensee, visit Financial Services and Mortgage Lending Licensees Search. Idaho consumers invested approximately. 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. 5, Report #1509255. 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. Acetabular metal shell (this is the metal "socket" that goes into your native hip socket) Acetabular liner (plastic / polyethylene) liner (the cushion that . 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. The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus prejudgment interest, and civil penalties. 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. Fraud Advisory: Precious Metals Fraud. If you or your loved one experienced investment losses, we are here to help. These cookies do not store any personal information. Buckhead Tower, Suite 400 3399 Peachtree Rd. 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. I'm Jeff Sonn, an attorney concentrating on securities fraud and consumer class actions. 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. A favorable court ruling on behalf of a client who suffered losses in a leveraged precious metals investment scheme will proceed against the solicitor. Commodity Futures Trading Commission (CFTC) . 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. SGM does not provide trading advice. California man accused of using gold, metal and uncertainty to scam $68M from elderly investors. If unregistered, a customer should be wary of providing funds to that entity. Safeguard Metals ("SGM") is solely a retailer providing precious metals for customers individually and IRA accounts. A California man accused of conning elderly clients out of millions while acting as an investment . 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. 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. This is a whole series of standard personal injury claims where the plaintiff sues the defendant. Save my name, email, and website in this browser for the next time I comment. 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. Alts News; SEC Charges Adviser with Running Precious Metals Scheme Targeting Retail Investors. Jeffrey S. Santulan, age 41 is a resident of Tarzana, California. Robert Slattery from Metals.com Anthony Bowers and Joseph something from Metals . text = allPs[i].innerHTML; Is Nationwide Gold and Bullion Reserve legitimate? Breaking News Alert 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. ON SALE. As the market continues to fluctuate, we anticipate more fraudsters using fear and uncertainty to manipulate good people out of their hard-earned money.. 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