CoinWeek does not buy or sell coins or numismatic material and No endorsement or affiliation to or from CoinWeek.com is made. If unregistered, a customer should be wary of providing funds to that entity. 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. CRD & IARD Resources. 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 Invoices show that Chase Metals sold Matteo 8,050 Polar Bear & Cub coins, each of which contained 1.5 ounces of silver. 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. Proudly powered by WordPress By connecting to the website, you acknowledge that you understand SGM's mission. 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. I'm Jeff Sonn, an attorney concentrating on securities fraud and consumer class actions. In reality, Santulan allegedly operated the company from a small leased space in a Woodland Hills, Calif. office building using sales agents. Breaking News Alert City, State. 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. Well guide you through the process. 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. Save my name, email, and website in this browser for the next time I comment. Shop Now. 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/. Help us improve the DFPI website! 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. Both actions arose out of the CFTCs information-sharing agreement with state securities regulators, through NASAA. I was unable to withdraw my funds and customer service was not responsive. For a free consultation, please call us now at 866-827-3202 or complete our contact form. 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. 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 . 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. 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. 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. Daily Weather Forecast Indiana Attorney. KIFI Local News 8 is committed to providing a forum for civil and constructive conversation. Its reporting and editing staff cover public safety, courts, local government and general assignment stories. The defendants advised investors to liquidate their holdings at registered investment firms to fund investments in precious metals through self-directed individual retirement accounts. 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. 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. 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. Idaho will continue to partner with fellow regulators to vigorously fight to protect consumers from this and other schemes to defraud," Perkins said. We also use third-party cookies that help us analyze and understand how you use this website. 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. In the end, nearly every customer suffered an immediate loss of their investment on the purchase of precious metals from Safeguard Metals. Brazen attempts to target senior citizens or other vulnerable populations will not be tolerated in California, DFPI Commissioner Clothilde Hewlett said. 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. A companys registration status can be found at NFA BASIC. 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 . 04:23 PM. Safeguard Metals LLC is a Wyoming Limited Liability Company with an office located in Woodland Hills, California. 10. The complaint alleges defendants operated a fraudulent precious metals investment scheme attracting more than 450 investors and $68 million nation-wide. I was sold an expensive, fabricated coin at an almost 100% commission. For more information, please read our full privacy policy. A Year of War in Ukraine. companies or divisions. A California man accused of conning elderly clients out of millions while acting as an investment . 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. Exactech Recall Lawsuit in Lisbon, IL. 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. 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. 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 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 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. allPs[i].innerHTML = text; We have a promotional relationship with some of the offerings featured on this site. I recently got scammed by SafeguardMetals, a service that promised to provide precious metals investment opportunities. 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. Drug distributors, J&J to pay $590 mln to settle U.S. tribes' opioid claims REUTERS The litigation will be led by Jonathan S. Polish. Safeguard and Santulan reportedly used false and misleading statements about the safety and liquidity of the investments, Safeguards business practices, and its compensation structure. Hello, I need a recommendation on attys in CA that specializes in precious metals. The SEC issued a litigation release on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. Safeguard and Santulan reportedly used false and misleading statements about the safety and liquidity of the investments, Safeguards business practices, and its compensation structure. 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. In fact, the silver coins were significantly less valuable than the defendants claimed, based on the resale prices the firm marketed and promoted. February 4, 2022 0 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. Nationally, at least 450 investors paid . 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? 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. In response to the complaint received from Ms. ****** ****, Safeguard Properties Management LLC ("Safeguard") is a property preservation company. Summerlin, Nevada. We strive to use common sense and the right approach to maintain objectivity in providing recommendations that are in the interests of readers. 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 . You also have the option to opt-out of these cookies. 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, Press Releases 2009 - 2013 (Dept of Corporations), Press Releases 2001 - 2013 (Dept of Financial Institutions). February 1, 2022. | 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. Contact the City News Service newsroom at 310-481-0404 or news@socalnews.com. BBB Business Profiles are provided solely to assist you in exercising your own best judgment. We fight to level the playing field between large corporations and the public investor. 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 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 . text = text.replace("https://docqnet.dfpi.ca.gov/LicenseSearch","https://portal.dfpi.ca.gov/csp?id=ssp_license_search"); 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. 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. Show. NE Atlanta, GA 30326 *by appointment only. 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 joint effort is the second nationwide fraud action against precious metals dealers by the CFTC with NASAA state securities regulators. 0 Comments At least 16 Indiana residents invested a total of more than $860,000 into silver coins and other products offered by Safeguard Metals. This is one of many large-scale precious metals investment schemes weve endeavored to stop since the pandemic began. 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. Safeguard Properties Reviews, Complaints & Contacts | Complaints Board. Safeguard Metals is located in . His demeanor was professional and pleasant and I would not hesitate to use him in future matters. 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. Biden Fires Warning Shot for Retirees Are You at Risk? 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. As the market continues to fluctuate, we anticipate more fraudsters using fear and uncertainty to manipulate good people out of their hard-earned money.. 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. The SEC brings this lawsuit to protect the investing public and to hold defendants accountable for their misconduct. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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. 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. DEFENDANTS 11. "I spoke to Mr Sonn on a complex legal matter. BBB is here to help. Is Nationwide Gold and Bullion Reserve legitimate? To send us an e-mail, simply complete and submit the online form below. Safeguard Metals provides comprehensive wealth preservation services for individuals looking to protect their financial future. 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). 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