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. CoinWeek does not buy or sell coins or numismatic material and No endorsement or affiliation to or from CoinWeek.com is made. The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus prejudgment interest, and civil penalties. 2023 2 oz Silver Rabbit Coin Perth Lunar Series. Fraud Advisory: Precious Metals Fraud. You can review our Community Guidelines by clicking here. Save my name, email, and website in this browser for the next time I comment. In the end, nearly every customer suffered an immediate loss of their investment on the purchase of precious metals from Safeguard Metals. A cross-agency approach enhances our ability to protect investors and the integrity of our markets.. 0 Comments In this case, it was silver coins. Given the complexity of investment products, our jobs have never been more important, or more demanding.. In fact, the silver coins were significantly less valuable than the defendants claimed, based on the resale prices the firm marketed and promoted. 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. 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. How BBB Processes Complaints and Reviews. The Sunday Read: 'Elon Musk's Appetite for Destruction'. The company disclosed markups to consumers, which the company referred to as operating margins, of 23 percent and later up to 42 percent. 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. I was sold an expensive, fabricated coin at an almost 100% commission. . The CFTC and NASAA thanks and acknowledges the assistance of the SEC. NASAA and its members have issued a series of investor advisories, including an advisory on matters to consider before making gold-related investments. The SEC issued a litigation release on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. Nationally, at least 450 investors paid . Author: ED Magedson - Founder, Ripoff Report. companies or divisions. Indiana Attorney General Todd Rokita's office says at least 16 Indiana residents are among the victims who were defrauded by Safeguard Metals. 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. 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. Brazen attempts to target senior citizens or other vulnerable populations will not be tolerated in California, DFPI Commissioner Clothilde Hewlett said. Investors are advised to check the registration of all investment products and professionals, and ask tough questions about fees, markups, risks, and potential returns. The SEC issued a litigation release on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. Are silver ETFs listed on any stock exchanges? Proudly powered by WordPress Save my name, email, and website in this browser for the next time I comment. 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. 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.. this is against Safeguard Metals. 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. Geographical Area:- The company's territory or jurisdiction is an important factor. office said the Indiana victims . 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. In response to the complaint received from Ms. ****** ****, Safeguard Properties Management LLC ("Safeguard") is a property preservation company. I will likely not live long enough to see this money ever recovered unless I can join a class action suit against Safeguard Metals. Hello, I need a recommendation on attys in CA that specializes in precious metals. Contact our office today to discuss your case. His demeanor was professional and pleasant and I would not hesitate to use him in future matters. City, State. It is important to speak with a lawyer about your case. Your email address will not be published. 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. for(i=0;i
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