safeguard metals lawsuit

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. I have filed complaint forms with the SEC, Commodities Future Trading Company, CA Department of Business Oversight. Summerlin, Nevada. 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 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. 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 . 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. Zero-calorie sweetener linked to heart attack and stroke, study finds, Encino woman extradited from Montenegro to serve sentence for COVID loan fraud, Mullholland Drive to be closed at least 24 hours, home evacuated due to mud flow in Beverly Crest, Chicago Mayor Lori Lightfoot concedes defeat, Denver just got a direct flight to this Caribbean island known for music history and vegetarian cooking, NYC Mayor Adams dismisses need to separate church and state, declares himself a servant of God, Zero-calorie sweetener linked to heart attack and stroke, study finds, Do Not Sell/Share My Personal Information. 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. "We will take action when, as alleged, parties fraudulently induce investors to sell their securities through lies and deception.". 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. To check the status of this licensee, visit Financial Services and Mortgage Lending Licensees Search. 10. 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. Severe Weather Alert The markup that customers paid on silver coins, for example, averaged from 51 percent to over 70 percent. If you were implanted with an Exactech knee or ankle replacement insert or hip replacement liner, you may be eligible for compensation. 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. Indiana Attorney General Todd Rokita has joined a lawsuit with 26 other states and a federal agency against Safeguard Metals, a business accused of scheming to trick seniors into investing in "wildly overvalued precious metals," according to a statement released by the AG's Office on Tuesday, Feb. 1. BBB Business Profiles are provided solely to assist you in exercising your own best judgment. 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. 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. Learn how your comment data is processed. *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. EEO Report | Terms of Use | Privacy Policy | Community Guidelines | About Us | FCC Applications |, Daily News Update A favorable court ruling on behalf of a client who suffered losses in a leveraged precious metals investment scheme will proceed against the solicitor. 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. Safeguard's website pitches the investments as a way to "hedge against uncontrolled government spending and dizzying money printing by the Federal Reserve." 1 Twitter 2 Facebook 3RSS 4YouTube 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. I deposited a significant amount of money into the service, but soon realized that it was not legitimate. 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. A Year of War in Ukraine. 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. 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, . The Idaho Department of Finance encourages investors to come forward if they suspect they have been targeted by similar precious metals investment schemes. NE Atlanta, GA 30326 *by appointment only. It is important to speak with a lawyer about your case. Biden Fires Warning Shot for Retirees Are You at Risk? 12. Safeguard Metals is a scam designed to take advantage of those not experienced in buying precious metals. The litigation will be led by Jonathan S. Polish. 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. 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. Safeguard Properties Safeguard Equities, Inc BRE#02112381 Real Estate Agents Safeguard Properties aka Safeguard Equities to be avoided at all costs. Today roughly half of all U.S. households rely on the securities markets to plan and prepare for their . document.getElementsByTagName('p').innerHTML = text; Your email address will not be published. The CFTC and NASAA thanks and acknowledges the assistance of the SEC. February 1, 2022. 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. Robert Slattery from Metals.com Anthony Bowers and Joseph something from Metals . Given the complexity of investment products, our jobs have never been more important, or more demanding.. 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. 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. 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 . 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. 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. The markup that customers paid on silver coins, for example, averaged from 51 percent to over 70 percent. The defendants are also accused of failing to disclose the markup charge to investors and the risk of losing most of their investment funds. He is the only member of . 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. Produced by Will Reid , Rob Szypko . City, State. 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/. 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. 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. BBB Business Profiles are subject to change at any time. The complaint alleges defendants operated a fraudulent precious metals investment scheme attracting more than 450 investors and $68 million nation-wide. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. allPs[i].innerHTML = text; 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. Contact the City News Service newsroom at 310-481-0404 or news@socalnews.com. The complaint seeks a permanent injunction to stop the deceptive and fraudulent practices, disgorgement, full restitution, rescission, and civil monetary penalties. 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. 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. Is Nationwide Gold and Bullion Reserve legitimate? CoinWeek does not buy or sell coins or numismatic material and No endorsement or affiliation to or from CoinWeek.com is made. Hello, I need a recommendation on attys in CA that specializes in precious metals. 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. Drug distributors, J&J to pay $590 mln to settle U.S. tribes' opioid claims REUTERS After January 2021, the defendants represented . 11. 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. The alleged $68 million scheme, which includes $26 million in markups alone, took place from between October 2017 through at least July 2021. The SEC's complaint, which was filed in federal district court in the Central District of California, charges Safeguard and Santulan with violating 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, and also charges Santulan with aiding and abetting Safeguard's violations and as a control person within the meaning of Section 20(a) of the Securities Exchange Act of 1934. This field is for validation purposes and should be left unchanged. 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. 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.. We fight to level the playing field between large corporations and the public investor. He was direct and asked all the questions that were relevant and provided me with very thoughtful feedback and some useful contacts. The SEC brings this lawsuit to protect the investing public and to hold defendants accountable for their misconduct. 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. 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. for(i=0;i

Dress For Your Day Kpmg, Buddy Deane Show Negro Day, Will The Supernova In 2022 Affect Earth, Old Blanco Faucet Models, Town Of East Fishkill Court, Articles S