"The federal securities laws prohibit deceptive conduct and material misrepresentations in the purchase or sale of securities," said Kathryn A. Pyszka, an Associate Director in the SECs Chicago Regional Office. The SEC appreciates the assistance of the Commodity Futures Trading Commission and state regulators that are members of the North American Securities Administrators Association. 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. Do THIS Or Pledge Your Retirement To The Democrats, ALERT: Secret IRS Loophole May Change Your Life. In fact, the silver coins were significantly less valuable than the defendants claimed, based on the resale prices the firm marketed and promoted. 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. Are silver ETFs listed on any stock exchanges? Required fields are marked *. Doug has written a book to help investors understand how gold and silver fit into a diversified portfolio, how to buy gold and silver, and what metals to buy. 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. 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. 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. 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. . BBB Business Profiles generally cover a three-year reporting period. Jeffrey S. Santulan, age 41 is a resident of Tarzana, California. By clicking Accept, you consent to the use of ALL the cookies. 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 . 2023 2 oz Silver Tudor Beasts Yale of Beaufort Coin. Securities litigation attorney Scott Silver, who is representing several of Safeguard Metals' alleged victims in arbitration proceedings, is calling for regulatory reform. Safeguard Metals is an excellent agency that I can safely rely on. 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. 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 . The Sonn Law Group is currently investigating allegations surrounding Safeguard Metals, LLC and Jeffrey Santulan. Safeguard works at the direction . In reality, Santulan allegedly operated the company from a small leased space in a Woodland Hills, Calif. office building using sales agents. In reality, Santulan allegedly operated the company from a small leased space in a Woodland Hills, Calif. office building using sales agents. The joint effort is the second nationwide fraud action against precious metals dealers by the CFTC with NASAA state securities regulators. 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. Indiana Attorney General Todd Rokita's office says at least 16 Indiana residents are among the victims who were defrauded by Safeguard Metals. The Purpose Of Filing A Baby Food Heavy Metals Lawsuit 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. These cookies do not store any personal information. The markup that customers paid on silver coins, for example, averaged from 51 percent to over 70 percent. 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. NE Atlanta, GA 30326 *by appointment only. I have filed complaint forms with the SEC, Commodities Future Trading Company, CA Department of Business Oversight. If the answers seem too good to be true or dont make sense, protect your savings by just walking away.. Your email address will not be published. Required fields are marked *. The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus interest, and civil penalties. We provide detailed analysis for Gold IRAs and Silver IRAs. STAY CONNECTED I thought I was buying silver at spot plus a 12% commission. 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 . Contact the City News Service newsroom at 310-481-0404 or [email protected]. 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? 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. We fight to level the playing field between large corporations and the public investor. City News Service is a regional wire service covering Los Angeles, Orange, Riverside and San Diego counties. 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. Investors should also contact their state or provincial securities regulator with questions about any investment opportunity or the person offering it for sale before investing in the product. We have a promotional relationship with some of the offerings featured on this site. 10. I was sold an expensive, fabricated coin at an almost 100% commission. The SEC issued a litigation release on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. We represent investors in claims against negligent brokers and brokerage firms. Feb. 23, 2023. 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. 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. 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. Robert Slattery from Metals.com Anthony Bowers and Joseph something from Metals . 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. 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. BBB Business Profiles are provided solely to assist you in exercising your own best judgment. 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. The Supreme Court is reviewing a legal shield that tech companies have long relied on to avoid liability for content on their platforms. I was unable to withdraw my funds and customer service was not responsive. Share your feedback. Idaho will continue to partner with fellow regulators to vigorously fight to protect consumers from this and other schemes to defraud," Perkins said. 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. 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 . 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. NASAA and its members have issued a series of investor advisories, including an advisory on matters to consider before making gold-related investments. KIFI Local News 8 is committed to providing a forum for civil and constructive conversation. Safeguard and Santulan reportedly used false and misleading statements about the safety and liquidity of the investments, Safeguards business practices, and its compensation structure. At least 16 Indiana residents invested a total of more than $860,000 into silver coins and other products offered by Safeguard Metals. 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. 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 Sonn Law Group is currently investigating allegations surrounding Safeguard Metals, LLC and Jeffrey Santulan. The litigation will be led by Jonathan S. Polish. office said the Indiana victims . Well guide you through the process. A companys registration status can be found at NFA BASIC. 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 . 0 Comments We represent investors in claims against negligent brokers and brokerage firms. It is important to speak with a lawyer about your case. text = allPs[i].innerHTML; 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. 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. By connecting to the website, you acknowledge that you understand SGM's mission. Your email address will not be published. The Idaho Department of Finance encourages investors to come forward if they suspect they have been targeted by similar precious metals investment schemes. 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. 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. For a free consultation, please call us now at. 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 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. this is against Safeguard Metals. 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. 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. This business is in an industry that may require professional licensing, bonding or registration. The complaint alleges defendants operated a fraudulent precious metals investment scheme attracting more than 450 investors and $68 million nation-wide. A complaint was filed against the . If you or your loved one experienced investment losses, we are here to help. CRD & IARD Resources. 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. Jun 21 2021. How many pounds does a kilo of silver weigh? 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. 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. text = text.replace("https://docqnet.dfpi.ca.gov/LicenseSearch/LicenseDetails/","https://portal.dfpi.ca.gov/csp?id=ssp_license_search"); 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.