Summerlin, Nevada. Brazen attempts to target senior citizens or other vulnerable populations will not be tolerated in California, said DFPI Commissioner Clothilde V. Hewlett. 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. Safeguard Properties Reviews, Complaints & Contacts | Complaints Board. A complaint was filed against the . We have a promotional relationship with some of the offerings featured on this site. 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. 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 complaint alleges defendants operated a fraudulent precious metals investment scheme attracting more than 450 investors and $68 million nation-wide. 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 . 1 Twitter 2 Facebook 3RSS 4YouTube If the answers seem too good to be true or dont make sense, protect your savings by just walking away.. Brazen attempts to target senior citizens or other vulnerable populations will not be tolerated in California, DFPI Commissioner Clothilde Hewlett said. 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Recently a lawsuit was filed by the U.S. Commodity Futures Trading Commission (CFTC) and the Attorneys General of 27 states against precious metals company Safeguard Metals LLC and its owner Jeffrey Santulan who also used the name Jeffrey Hill accusing the company of stealing 68 million dollars from unwary mostly elderly investors by misrepresenting the exorbitant markups it charged investors . companies or divisions. The Roundup class action lawsuit alleged that Monsanto mislabeled certain products on the grounds that Roundup Weed & Grass Killer only targets fermented plants and not just humans or pets. Drug distributors, J&J to pay $590 mln to settle U.S. tribes' opioid claims REUTERS Updated at 2:49 pm on February 2, 2022 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. Restitution is being sought through a federal lawsuit filed . Civil cases usually involve secret disputes between individuals or organizations. Produced by Will Reid , Rob Szypko . 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. 0 Comments BBB Business Profiles are subject to change at any time. 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. BBB Business Profiles generally cover a three-year reporting period. Please keep your comments respectful and relevant. I did not make it in time. on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. By connecting to the website, you acknowledge that you understand SGM's mission. 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. In reality, Santulan allegedly operated the company from a small leased space in a Woodland Hills, Calif. office building using sales agents. 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. office said the Indiana victims . The Sonn Law Group is currently investigating allegations surrounding Safeguard Metals, LLC and Jeffrey Santulan. The SEC issued a litigation release on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. In the end, nearly every customer suffered an immediate loss of their investment on the purchase of precious metals from Safeguard Metals. Daily Weather Forecast *In Canada, trademark(s) of the International Association of Better Business Bureaus, used under License. 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. Indiana AG files lawsuit against precious metals company accused of bilking seniors. 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. 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 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. Acetabular metal shell (this is the metal "socket" that goes into your native hip socket) Acetabular liner (plastic / polyethylene) liner (the cushion that . This is a whole series of standard personal injury claims where the plaintiff sues the defendant. In response to the complaint received from Ms. ****** ****, Safeguard Properties Management LLC ("Safeguard") is a property preservation company. I'm Jeff Sonn, an attorney concentrating on securities fraud and consumer class actions. 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. Geographical Area:- The company's territory or jurisdiction is an important factor. 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. 5, Report #1509255. 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. Read more Contact. 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. Help us improve the DFPI website! 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, . For more information, please read our full privacy policy. Their fee structure includes a $50 account-opening fee, an $80 administration fee as well as a $100 storage fee, totaling $230. 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. What is Liberty National doing to avoid lawsuits? 10. 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. That was substantially more than the amounts the defendants represented in Safeguard Metals customer agreements. 06:39 PM. Safeguard Metals ("SGM") is solely a retailer providing precious metals for customers individually and IRA accounts. The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus prejudgment interest, and civil penalties. These are bullion coins made by the Royal Canadian Mint and contain metal . 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. At least 16 Indiana residents invested a total of more than $860,000 into silver coins and other products offered by Safeguard Metals. 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. 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. By clicking Accept, you consent to the use of ALL the cookies. Share your feedback. Safeguard's website pitches the investments as a way to "hedge against uncontrolled government spending and dizzying money printing by the Federal Reserve." document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. We fight to level the playing field between large corporations and the public investor. 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. Safeguard Metals continued charging customers a markup on Silver Coins that still exceeded the maximum possible markup disclosed to customers by nearly 10% on average. 11. 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. Maria Nikolova 04:23 PM. *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. 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 . Accounting and Auditing Enforcement Releases. How BBB Processes Complaints and Reviews. A California man accused of conning elderly clients out of millions while acting as an investment . 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 U.S. Securities and Exchange Commission has filed a separate civil enforcement action against the same defendants alleging violations of federal securities laws. 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. This is one of many large-scale precious metals investment schemes weve endeavored to stop since the pandemic began. Help us improve the DFPI website! 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. | The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus interest, and civil penalties. The markup that customers paid on silver coins, for example, averaged from 51 percent to over 70 percent. 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. New York, New York Attorney General Letitia James TODAY filed suit against a precious metals company Safeguard Metals LLC and its owner and manager, Jeffrey Santulan, also known as Jeffrey Hill, for defrauding investors including several seniors in New York and across the country., The lawsuit, filed by the US . A cross-agency approach enhances our ability to protect investors and the integrity of our markets.. The Supreme Court is reviewing a legal shield that tech companies have long relied on to avoid liability for content on their platforms. 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. He was direct and asked all the questions that were relevant and provided me with very thoughtful feedback and some useful contacts. Save my name, email, and website in this browser for the next time I comment. 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. Given the complexity of investment products, our jobs have never been more important, or more demanding.. Safeguard Metals steered over 97 percent of its sales from mostly inexperienced investors into overpriced silver coins which had significantly higher markups than gold coins. It is mandatory to procure user consent prior to running these cookies on your website. Fraud Advisory: Precious Metals Fraud. 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. When it comes to protecting the public, we will not hesitate to do everything in our power to vigorously investigate and protect their retirement savings from fraud in commodities markets, said Acting Director of Enforcement Vincent McGonagle. Tempe, Arizona. document.getElementsByTagName('p').innerHTML = text; Thus, all the compensation awarded goes to the new plaintiff. 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. 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 . EEO Report | Terms of Use | Privacy Policy | Community Guidelines | About Us | FCC Applications |, Daily News Update 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. 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). 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. You also have the option to opt-out of these cookies. Idaho consumers invested approximately $1.3 million in the scheme. Safeguard Metals is located in Woodland Hills, California, and Jeffrey Santulan resides in Tarzana, California. The SEC appreciates the assistance of the Commodity Futures Trading Commission and state regulators that are members of the North American Securities Administrators Association. You can reach us by phone at 844-689-5754 or via e-mail. 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. The litigation will be led by Jonathan S. Polish. 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. 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. 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. 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. Feb. 23, 2023. I use this blog to bring attention to regulatory filings involving financial advisors, current events in securities and cases in the financial services industry, and to help investors understand their rights and options for financial recovery. 1, Report #1485959. Toxic baby food heavy metals lawsuits are often filed when a child falls ill or dies. 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. 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. 6LinkedIn 8 Email Updates. In reality, Santulan allegedly operated the company from a small leased space in a Woodland Hills, Calif. office building using sales agents. 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. February 1, 2022. 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 . 165 Broadway 23rd Floor New York City NY, 10006 *by appointment only. text = text.replace("https://docqnet.dfpi.ca.gov/LicenseSearch/LicenseDetails/","https://portal.dfpi.ca.gov/csp?id=ssp_license_search"); 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. 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. Safeguard and Santulan reportedly used false and misleading statements about the safety and liquidity of the investments, Safeguards business practices, and its compensation structure. SGM's services and products are for investment purposes only. The defendants are also accused of failing to disclose the markup charge to investors and the risk of losing most of their investment funds. 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. Augusta Precious Metals Fees. Shop Now. Business Consultants: Seed Capital. 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. "I spoke to Mr Sonn on a complex legal matter. Do THIS Or Pledge Your Retirement To The Democrats, ALERT: Secret IRS Loophole May Change Your Life. If you have further questions or need more assistance, please call the DFPI's Consumer Services Office at: 1-866-275-2677. var allPs = document.getElementsByTagName("p"); The SEC issued a litigation release on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. Safeguard's website pitches the investments as a way to "hedge against uncontrolled government spending and dizzying money printing by the Federal Reserve." We also use third-party cookies that help us analyze and understand how you use this website. Oct 08 2022. February 23, 2023 31:39. Website visitors should be aware that investment markets involve inherent risks and past performance is no guarantee of future performance. Breaking News Alert The defendants also deceived customers into purchasing silver coins at grossly inflated prices that bore no relationship to the ranges represented to customers. Contact the City News Service newsroom at 310-481-0404 or news@socalnews.com. The complaint alleges that from approximately October 2017 and continuing through at least July 2021, the defendants fraudulently solicited and received approximately $68 million in customer fundsthe majority of which was retirement savingsfrom at least 450 persons throughout the U.S. for the purpose of purchasing precious metals, primarily consisting of gold and silver coins. CRD & IARD Resources. VanessaBenedict.com is a content publisher and does not offer personal financial advice or endorse the purchase or sale of securities or investments for any particular individual. 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. Your email address will not be published. Questions? 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. Required fields are marked *. 01/23/2023. The minimum investment is $5000. 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 personalities and financial gurus, also touting precious metals at grossly inflated prices that were not disclosed. 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 lawsuit alleges 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. text = allPs[i].innerHTML; If unregistered, a customer should be wary of providing funds to that entity. These cookies do not store any personal information. DEFENDANTS 11. Both actions arose out of the CFTCs information-sharing agreement with state securities regulators, through NASAA. BBB Business Profiles are provided solely to assist you in exercising your own best judgment. To learn more about Safeguard Metals and the asset preservation services we provide, contact us today! A favorable court ruling on behalf of a client who suffered losses in a leveraged precious metals investment scheme will proceed against the solicitor. 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. As low as $52.50. 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. BBB Business Profiles may not be reproduced for sales or promotional purposes. In fact, the silver coins were significantly less valuable than the defendants claimed, based on the resale prices the firm marketed and promoted. I will likely not live long enough to see this money ever recovered unless I can join a class action suit against Safeguard Metals. 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. 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. That was substantially more than the amounts the defendants represented in Safeguard Metals customer agreements. The litigation will be led by Jonathan S. Polish. 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. We are committed to holding those accountable who undermine the investing publics trust in our commodities markets through illegal conduct., Todays action demonstrates the commitment of state and federal regulators to work together to prevent investment fraud, said Joseph P. Borg, Co-chair of NASAAs Enforcement Section and Director of the Alabama Securities Commission. I thought I was buying silver at spot plus a 12% commission. "-Sonn Law Group Client. 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. Other products offered by Safeguard Metals and the risk of losing most of their investment funds Jeffrey.. 310-481-0404 or News @ socalnews.com defendants represented in Safeguard Metals and the asset preservation we. 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Futures Trading Commission and state regulators that are members of the offerings featured on this.! 0 Comments bbb Business Profiles generally cover a three-year reporting period unless i can join a action. A three-year reporting period next time i comment City NY, 10006 * by appointment only document.getelementsbytagname '! Class action suit against Safeguard Metals, LLC and Jeffrey Santulan the asset preservation we... The integrity of our markets this or Pledge your Retirement to the website you! Nearly every customer suffered an immediate loss of their investment funds allegedly ill-gotten gains, plus prejudgment interest, civil! The same defendants alleging violations of federal securities laws the scheme the markup that paid..Innerhtml = text ; Thus, all the questions that were relevant and provided with. Defendants are also accused of conning elderly clients out of the CFTCs information-sharing with! 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