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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? 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. 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. If you would like to share a story idea, please submit it here. Your email address will not be published. 04:23 PM. 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). How many pounds does a kilo of silver weigh? A California man accused of conning elderly clients out of millions while acting as an investment . Share your feedback. Accounting and Auditing Enforcement Releases. text = allPs[i].innerHTML; document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); With FNG's Newsletter you'll get all the latest breaking FX Industry news stories - in a concise daily email, directly to your Inbox. Indiana Attorney. Feb. 23, 2023. Contact Us Now For a Free Consultation $25 MILLION Recovery Against National Brokerage Firm $9.1 MILLION FINRA Arbitration Award Against Brokerage Firm on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. In this case, it was silver coins. Below is information about these offers and simple ways to spot offers that could be scams. The joint effort is the second nationwide fraud action against precious metals dealers by the CFTC with NASAA state securities regulators. The Securities and Exchange Commission today announced charges against Safeguard Metals LLC, and its owner, Jeffrey Santulan, for engaging in a multi-million dollar fraudulent scheme involving hundreds of investors who were at or near retirement age. I have filed complaint forms with the SEC, Commodities Future Trading Company, CA Department of Business Oversight. My broker is in Woodland Hills, CA 91367. Idaho consumers invested approximately. The Sonn Law Group is currently investigating allegations surrounding Safeguard Metals, LLC and Jeffrey Santulan. 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 US for the purpose of purchasing precious metals, primarily consisting of gold and silver coins. Are silver ETFs listed on any stock exchanges? The complaint alleges that Safeguard Metals violated the federal Commodity Exchange Act by targeting the elderly and advising them to dissolve their life savings and traditional retirement accounts in order to purchase highly inflated and overpriced metals and coins, sold by the company. How BBB Processes Complaints and Reviews. In the continuing litigation against the defendants, the CFTC and state securities regulators seek the return of ill-gotten gains, civil monetary penalties, restitution, permanent registration and trading bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA), state regulatory laws, and CFTC regulations. We represent investors in claims against negligent brokers and brokerage firms. As low as $52.50. 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. 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 I was unable to withdraw my funds and customer service was not responsive. Hello, I need a recommendation on attys in CA that specializes in precious metals. Is Nationwide Gold and Bullion Reserve legitimate? 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 represent investors in claims against negligent brokers and brokerage firms. Restitution is being sought through a federal lawsuit filed . The United States Commodity Futures Trading Commission (CFTC) and 27 state securities regulatory agencies that are members of the North American Securities Administrators Association (NASAA) announced the filing of a joint civil enforcement action in the U.S. District Court for the Central District of California against a precious metals dealer and its owner for orchestrating a $68 million fraudulent scheme targeting elderly persons nationwide. Today roughly half of all U.S. households rely on the securities markets to plan and prepare for their . If you or your loved one experienced investment losses, we are here to help. Show. 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. Website visitors should be aware that investment markets involve inherent risks and past performance is no guarantee of future performance. 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 The following information is designed to notify you about tricky promises of easy profits from rising prices in precious metals such as gold, silver, palladium, and platinum. The SEC brings this lawsuit to protect the investing public and to hold defendants accountable for their misconduct. At least 16 Indiana residents invested a total of more than $860,000 into silver coins and other products offered by Safeguard Metals. To learn more about Safeguard Metals and the asset preservation services we provide, contact us today! The complaint seeks a permanent injunction to stop the deceptive and fraudulent practices, disgorgement, full restitution, rescission, and civil monetary penalties. *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. Its reporting and editing staff cover public safety, courts, local government and general assignment stories. | According to the complaint, Safeguard Metals charged an average markup of 71 percent and more recently 51 percent on the precious metals. 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. 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. 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. Brazen attempts to target senior citizens or other vulnerable populations will not be tolerated in California, DFPI Commissioner Clothilde Hewlett said. "We will take action when, as alleged, parties fraudulently induce investors to sell their securities through lies and deception.". 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 SEC issued a litigation release on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. STAY CONNECTED 6LinkedIn 8 Email Updates. The defendants also deceived customers into purchasing silver coins at grossly inflated prices that bore no relationship to the ranges represented to customers. 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. 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 . Questions? Securities litigation attorney Scott Silver, who is representing several of Safeguard Metals' alleged victims in arbitration proceedings, is calling for regulatory reform. 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. text = text.replace("https://docqnet.dfpi.ca.gov/LicenseSearch","https://portal.dfpi.ca.gov/csp?id=ssp_license_search"); FNG Forex, CFD and Crypto trading industry news, NFA imposes total fines of $350,000 on GMG Brokers, two employees, Interactive Brokers registers 15% Y/Y drop in DARTs in Feb 2023, Institutional FX trading continues strong start to 2023, Feb volumes +1.4%, Public.com makes Treasury Accounts available to all Public members, Court slams DOJ for intervention in Deutsche Bank lawsuit, Energy broker Lee Tippett charged with paying kickbacks and misappropriating nonpublic information, CFTC issues OTC Forex trading warning amid rising fraud complaints, Vantage Markets appoints Jack Kelly as new Head of Sales for Australia, Court stays discovery in CFTC case against EminiFX, OANDA hires Cboe lawyer Lisa Shemie as General Counsel, Capital.com confirms OvalX clients acquisition, hires ex IG exec Niamh Byrne. 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. Shop Now. On January 4, 2023, the United States District Court for the Northern District of California denied a motion to Dismiss for Lack of Personal Jurisdiction filed by the Defendant, a solicitor for Treasure Coast Bullion Group. 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 litigation will be led by Jonathan S. Polish. Contact the Idaho Department of Finance at securities@finance.idaho.gov. BBB Business Profiles are subject to change at any time. California man accused of using gold, metal and uncertainty to scam $68M from elderly investors. Save my name, email, and website in this browser for the next time I comment. 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 . Safeguard Metals charged its customers approximately $26 million in markups on the silver coin purchases. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles. BBB Business Profiles may not be reproduced for sales or promotional purposes. 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/. 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. EEO Report | Terms of Use | Privacy Policy | Community Guidelines | About Us | FCC Applications |, Daily News Update To send us an e-mail, simply complete and submit the online form below. 1, Report #1485959. Save my name, email, and website in this browser for the next time I comment. Investors are advised to check the registration of all investment products and professionals, and ask tough questions about fees, markups, risks, and potential returns. 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 steered over 97 percent of its sales from mostly inexperienced investors into overpriced silver coins which had significantly higher markups than gold coins. NASAA and its members have issued a series of investor advisories, including an advisory on matters to consider before making gold-related investments. Topics: New York That was substantially more than the amounts the defendants represented in Safeguard Metals customer agreements. DEFENDANTS 11. for(i=0;i
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