safeguard metals lawsuit

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. 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 . 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. Your email address will not be published. Alts News; SEC Charges Adviser with Running Precious Metals Scheme Targeting Retail Investors. 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. Drug distributors, J&J to pay $590 mln to settle U.S. tribes' opioid claims REUTERS 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 . 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 . }. 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. Idaho will continue to partner with fellow regulators to vigorously fight to protect consumers from this and other schemes to defraud," Perkins said. Summerlin, Nevada. You can review our Community Guidelines by clicking here. 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. text = text.replace("https://docqnet.dfpi.ca.gov/licensesearch/","https://portal.dfpi.ca.gov/csp?id=ssp_license_search"); 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. Daily Weather Forecast According to the complaint, the defendants deceived customers into purchasing precious metals through false and misleading statements, including about the risk and safety of their investments in traditional retirement accounts. A companys registration status can be found at NFA BASIC. A California man accused of conning elderly clients out of millions while acting as an investment . The litigation will be led by Jonathan S. Polish. 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 . Robert Slattery from Metals.com Anthony Bowers and Joseph something from 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. 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The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus prejudgment interest, and civil penalties. Safeguard Metals is an excellent agency that I can safely rely on. I deposited a significant amount of money into the service, but soon realized that it was not legitimate. 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. 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. Help us improve the DFPI website! The minimum investment is $5000. 0 Comments 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. Safeguard Metals LLC is a Wyoming Limited Liability Company with an office located in Woodland Hills, California. There are two types of toxic food lawsuits that parents most commonly face: negligence in manufacturing and negligence in creating instructions for use. For more information, please read our full privacy policy. Share your feedback. Questions? 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. The Securities and Exchange Commission (SEC) has filed a civil enforcement action against the same defendants alleging violations of federal Securities Laws. I recently got scammed by SafeguardMetals, a service that promised to provide precious metals investment opportunities. Brazen attempts to target senior citizens or other vulnerable populations will not be tolerated in California, DFPI Commissioner Clothilde Hewlett said. This joint civil enforcement action against the precious metals dealer is understood to be the second of its kind, after the CFTC and state regulators filed an action in 2020 against Metals.com and its principals, Lucas Asher and Simon Batashvili. 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. 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 CFTC and NASAA thanks and acknowledges the assistance of the SEC. Accounting and Auditing Enforcement Releases. 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. Civil cases usually involve secret disputes between individuals or organizations. BBB Business Profiles generally cover a three-year reporting period. for(i=0;i

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