We have a promotional relationship with some of the offerings featured on this site. 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. 165 Broadway 23rd Floor New York City NY, 10006 *by appointment only. Share your feedback. 2023 2 oz Silver Tudor Beasts Yale of Beaufort Coin. 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. Your email address will not be published. Safeguard Metals is an excellent agency that I can safely rely on. "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. Indiana AG files lawsuit against precious metals company accused of bilking seniors. This website uses cookies to improve your experience while you navigate through the website. The Sonn Law Group is currently investigating allegations surrounding Safeguard Metals, LLC and Jeffrey Santulan. As alleged, Safeguard fraudulently 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. We hope the message is coming across loud and clear to the precious metals industry: we will not tolerate deception and fraud in the commodities industry and are committed to holding bad actors accountable for their actions.. The metals.com scheme affected 1600 seniors nation-wide and involved $185 million. 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. 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. 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. Invoices show that Chase Metals sold Matteo 8,050 Polar Bear & Cub coins, each of which contained 1.5 ounces of silver. 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. 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. . Investors are advised to check the registration of all investment products and professionals, and ask tough questions about fees, markups, risks, and potential returns. What is Liberty National doing to avoid lawsuits? *Our firm, in some cases, advance costs and expenses of the case, and in that event, are recovered from the gross recovery of any settlement or verdict. To check the status of this licensee, visit Financial Services and Mortgage Lending Licensees Search. 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. Oct 08 2022. 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. This category only includes cookies that ensures basic functionalities and security features of the website. Their fee structure includes a $50 account-opening fee, an $80 administration fee as well as a $100 storage fee, totaling $230. 12. 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. allPs[i].innerHTML = text; The complaint alleges defendants operated a fraudulent precious metals investment scheme attracting more than 450 investors and $68 million nation-wide. 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. Is Nationwide Gold and Bullion Reserve legitimate? 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. In reality, Santulan allegedly operated the company from a small leased space in a Woodland Hills, Calif. office building using sales agents. The defendants also deceived customers into purchasing silver coins at grossly inflated prices that bore no relationship to the ranges represented to customers. Save my name, email, and website in this browser for the next time I comment. Washington D.C., Feb. 1, 2022 . The markup that customers paid on silver coins, for example, averaged from 51 percent to over 70 percent. Safeguard Metals charged its customers approximately $26 million in markups on the silver coin purchases. I was unable to withdraw my funds and customer service was not responsive. In fact, the silver coins were significantly less valuable than the defendants claimed, based on the resale prices the firm marketed and promoted. Contact me online or call anytime at 844-689-5754. 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. Please keep your comments respectful and relevant. 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. Monsanto has not acknowledged any contingent liability but has agreed to pay $39.5 million to settle the lawsuit in court. 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). Contact the Idaho Department of Finance at securities@finance.idaho.gov. protection metal excessive charge and Cheat markup on silver coins. SGM's services and products are for investment purposes only. 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. 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. Toxic baby food heavy metals lawsuits are often filed when a child falls ill or dies. companies or divisions. 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. Help us improve the DFPI website! 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. Fraud Advisory: Precious Metals Fraud. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. A Year of War in Ukraine. This joint investigative effort between the CFTC and 27 state regulators represents our mutual interest in protecting main street investors, said CFTC Chairman Rostin Behnam. We fight to level the playing field between large corporations and the public investor. In fact, the silver coins were significantly less valuable than the defendants claimed, based on the resale prices the firm marketed and promoted. 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. Shop Now. 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. Author: ED Magedson - Founder, Ripoff Report. The SEC brings this lawsuit to protect the investing public and to hold defendants accountable for their misconduct. 5, Report #1509255. Indiana Attorney General Todd Rokita's office says at least 16 Indiana residents are among the victims who were defrauded by Safeguard Metals. You can review our Community Guidelines by clicking here. The Purpose Of Filing A Baby Food Heavy Metals Lawsuit Produced by Will Reid , Rob Szypko . You also have the option to opt-out of these cookies. 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 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. The joint effort is the second nationwide fraud action against precious metals dealers by the CFTC with NASAA state securities regulators. EEO Report | Terms of Use | Privacy Policy | Community Guidelines | About Us | FCC Applications |, Daily News Update 1 Twitter 2 Facebook 3RSS 4YouTube 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. 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