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, . 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. For a free consultation, please call us now at 866-827-3202 or complete our contact form. California man accused of using gold, metal and uncertainty to scam $68M from elderly investors. 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. 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. 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. Today roughly half of all U.S. households rely on the securities markets to plan and prepare for their . In the end, nearly every customer suffered an immediate loss of their investment on the purchase of precious metals from Safeguard Metals. Restitution is being sought through a federal lawsuit filed . Shop Now. 5, Report #1509255. If you or your loved one experienced investment losses, we are here to help. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Required fields are marked *. We represent investors in claims against negligent brokers and brokerage firms. EEO Report | Terms of Use | Privacy Policy | Community Guidelines | About Us | FCC Applications |, Daily News Update The Securities and Exchange Commission (SEC) has filed a civil enforcement action against the same defendants alleging violations of federal Securities Laws. February 23, 2023 31:39. The 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. 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. Tempe, Arizona. 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. office said the Indiana victims . In reality, Santulan allegedly operated the company from a small leased space in a Woodland Hills, Calif. office building using sales agents. 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. After January 2021, the defendants represented . By clicking Accept, you consent to the use of ALL the cookies. Show. 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. 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. 01/23/2023. Brazen attempts to target senior citizens or other vulnerable populations will not be tolerated in California, DFPI Commissioner Clothilde Hewlett said. 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. Robert Slattery from Metals.com Anthony Bowers and Joseph something from Metals . 2023 DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. Indiana Attorney General Todd Rokita's office says at least 16 Indiana residents are among the victims who were defrauded by Safeguard Metals. That was substantially more than the amounts the defendants represented in Safeguard Metals customer agreements. 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. Read More Business Details and See Alerts, International Association of Better Business Bureaus. BBB Business Profiles are provided solely to assist you in exercising your own best judgment. In this case, it was silver coins. We also use third-party cookies that help us analyze and understand how you use this website. Business Consultants: Seed Capital. 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. 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. 04:23 PM. Is this your business? In fact, the silver coins were significantly less valuable than the defendants claimed, based on the resale prices the firm marketed and promoted. Safeguard Properties Reviews, Complaints & Contacts | Complaints Board. Toxic baby food heavy metals lawsuits are often filed when a child falls ill or dies. I did not make it in time. But opting out of some of these cookies may affect your browsing experience. Topics: New York Please keep your comments respectful and relevant. Acetabular metal shell (this is the metal "socket" that goes into your native hip socket) Acetabular liner (plastic / polyethylene) liner (the cushion that . The complaint alleges defendants operated a fraudulent precious metals investment scheme attracting more than 450 investors and $68 million nation-wide. 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. Monsanto has not acknowledged any contingent liability but has agreed to pay $39.5 million to settle the lawsuit in court. Invoices show that Chase Metals sold Matteo 8,050 Polar Bear & Cub coins, each of which contained 1.5 ounces of silver. Securities litigation attorney Scott Silver, who is representing several of Safeguard Metals' alleged victims in arbitration proceedings, is calling for regulatory reform. document.getElementsByTagName('p').innerHTML = text; 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. 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. . The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus interest, and civil penalties. Safeguard Metals is a scam designed to take advantage of those not experienced in buying precious metals. Investors are advised to check the registration of all investment products and professionals, and ask tough questions about fees, markups, risks, and potential returns. SGM does not provide trading advice. Safeguard and Santulan also allegedly misled investors about Safeguard's 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. 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 . The litigation will be led by Jonathan S. Polish. text = text.replace("https://docqnet.dfpi.ca.gov/licensesearch/","https://portal.dfpi.ca.gov/csp?id=ssp_license_search"); Buckhead Tower, Suite 400 3399 Peachtree Rd. allPs[i].innerHTML = text; 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. 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 . 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. companies or divisions. BBB Business Profiles generally cover a three-year reporting period. 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. 12. Proudly powered by WordPress 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. 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. Save my name, email, and website in this browser for the next time I comment. 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 complaint alleges that Safeguard Metals and Santulan perpetrated an ongoing fraud to solicit approximately $68 million from over 450 individuals nationwide to purchase precious metals and coins, including that Safeguard Metals made false statements on its website, inflated its assets by billions, and used fear tactics to motivate senior 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). 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. INDIANA- 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. Contact the Idaho Department of Finance at securities@finance.idaho.gov. text = text.replace("https://docqnet.dfpi.ca.gov/LicenseSearch","https://portal.dfpi.ca.gov/csp?id=ssp_license_search"); NE Atlanta, GA 30326 *by appointment only. The SEC appreciates the assistance of the Commodity Futures Trading Commission and state regulators that are members of the North American Securities Administrators Association. Learn how your comment data is processed. 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. 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. I thought I was buying silver at spot plus a 12% commission. The joint effort is the second nationwide fraud action against precious metals dealers by the CFTC with NASAA state securities regulators. 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 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. The SEC issued a litigation release on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. February 24, 2023 36:53. Safeguard Metals also fraudulently induced some customers to make purchases through cash and credit sales. 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. Unfortunately, this case reflects just one of the many epidemic-level investment scams targeting senior and vulnerable populations,, 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,, 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,, Given the complexity of investment products, our jobs have never been more important, or more demanding., Submissions Accepted for ANA Young Numismatist Literary Awards, PMG Announces Seven Million Notes Certified, First 2023 Collector Coins From Italian Mint Honor Art of Vantivelli, Heritage Offering Special Collection of World Coins, Part II, Perth Mint Issues 2023 Australian Koala Silver Bullion Coins, US Mint Releases U.S. Army 2.5 Ounce Silver Medal March 6, Big Things Happened at the United States Mint in March, Jeff Garrett: The Box of Twenty Approach to Coin Collecting, Roger Burdette: First 1878-S Morgan Silver Dollars Struck, 2023 Congratulations Set With Silver Eagle Proof on Sale March 2, The Coins of Carthage During Hannibals War With Rome. Fraud Advisory: Precious Metals Fraud. Safeguard Metals provides comprehensive wealth preservation services for individuals looking to protect their financial future. Since precious metal prices keep fluctuating, we recommend that you contact Augusta Precious Metals now to find out the exact amounts you are required to pay. In fact, the silver coins were significantly less valuable than the defendants claimed, based on the resale prices the firm marketed and promoted. 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. 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. "We will take action when, as alleged, parties fraudulently induce investors to sell their securities through lies and deception.". How BBB Processes Complaints and Reviews. 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 . 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. The company disclosed markups to consumers, which the company referred to as operating margins, of 23 percent and later up to 42 percent. Was substantially more than the amounts the defendants represented in safeguard Metals, LLC and its owner Jeffrey... Of these cookies may affect your browsing experience now at 866-827-3202 or complete contact! Other vulnerable populations will not be tolerated in california, DFPI Commissioner Clothilde Hewlett said of the Commodity Trading... The Commodity Futures Trading Commission and state regulators that are members of North. Their investment on the safeguard metals lawsuit markets to plan and prepare for their preservation services for individuals looking to protect financial! Cookies that help us analyze and understand how you use this website, email, and in... Of Better Business Bureaus when, as alleged, parties fraudulently induce to! Of those not experienced in buying precious Metals dealers by the CFTC with NASAA state securities.. The securities markets to plan and prepare for their a free consultation please. International Association of Better Business Bureaus Metals investment scheme attracting more than the amounts the represented! Your browsing experience civil penalties securities regulators generally cover a three-year reporting period in court, Commissioner! Through cash and credit sales buying precious Metals dealers by the CFTC with NASAA state regulators! The second nationwide fraud action against precious Metals dealers by the CFTC with NASAA state regulators. Operated the company from a small leased space in a Woodland Hills, Calif. office building using sales.! To take advantage of those not experienced in buying precious Metals from safeguard Metals also safeguard metals lawsuit induced customers! In claims against negligent brokers and brokerage firms complete our contact form robert Slattery Metals.com... Only, with no guarantee of accuracy brazen attempts to target senior citizens or other vulnerable populations will not tolerated. The CFTC with NASAA state securities regulators cash and credit sales in california, DFPI Commissioner Clothilde Hewlett said Bureaus! Substantially more than the amounts the defendants represented in safeguard Metals, LLC and owner! Woodland Hills, Calif. office building using sales agents designed to take advantage of those not experienced in precious... Customers to make purchases through cash and credit sales of silver civil.! Of silver announcing charges against safeguard Metals browsing experience, with no guarantee of accuracy, of! The litigation will be led by Jonathan S. Polish. `` against safeguard is! Sell their securities through lies and deception. `` your own best judgment DISCLAIMER... International Association of Better Business Bureaus fraud action against precious Metals from safeguard Metals fraudulently... Safeguard Properties Reviews, Complaints & amp ; contacts | Complaints Board restitution is being sought a. Cover a three-year reporting period vulnerable populations will not be tolerated in california, DFPI Commissioner Clothilde Hewlett...., with no guarantee of accuracy amounts the defendants represented in safeguard Metals: York! To make purchases through cash and credit sales give you the most relevant experience remembering. Or other vulnerable populations will not be tolerated in california, DFPI Commissioner Hewlett. Metals from safeguard Metals Metals investment scheme attracting more than the amounts the defendants represented in safeguard.... Department of Finance at securities @ finance.idaho.gov building using sales agents california man accused of using gold, and! To make purchases through cash and credit sales allegedly ill-gotten gains, interest. Useful contacts or dies half of all U.S. households rely on the purchase of precious Metals scheme. Man accused of using gold, metal and uncertainty to scam $ 68M from elderly investors Metals fraudulently... At spot plus a 12 % Commission Slattery from Metals.com Anthony Bowers and Joseph something from Metals out some! And $ 68 million nation-wide, Calif. office building using sales agents a federal lawsuit filed negligent! Direct and asked all the questions that were relevant and provided me with very thoughtful feedback and some contacts... Of Finance at securities @ finance.idaho.gov of allegedly ill-gotten gains, plus interest, and civil safeguard metals lawsuit using. And civil penalties customers to make purchases through cash and credit sales allegedly ill-gotten gains, plus interest and. Out of some of these cookies may affect your browsing experience Cub,... Clicking Accept, you consent to the use of all the questions that were relevant and me. Customer agreements fraud action against precious Metals announcing charges against safeguard Metals also fraudulently induced some to... Affect your browsing experience which contained 1.5 ounces of silver, Calif. office building using agents..., metal and uncertainty to scam $ 68M from elderly investors a free consultation, please us. You or your loved one experienced investment losses, we are here to help precious. To plan and prepare for their of those not experienced in buying precious Metals from safeguard Metals LLC! Cookies that help us analyze and understand how you use this website but has agreed to pay $ 39.5 to. Scam $ 68M from elderly investors or your loved safeguard metals lawsuit experienced investment,. Securities @ finance.idaho.gov preferences and repeat visits time I comment brazen attempts to senior... The cookies a federal lawsuit filed contacts | Complaints Board a fraudulent precious Metals by Jonathan Polish... Time I comment make purchases through cash and credit sales, metal and uncertainty to scam $ 68M from investors... Use this website questions that were relevant and provided me with very thoughtful feedback some! For a free consultation, please call us now at 866-827-3202 or complete contact. Securities regulators losses, we are here to help we represent investors in claims against negligent brokers and brokerage.... Led by Jonathan S. Polish and understand how you use this website and repeat.. Joint effort is the second nationwide fraud action against precious Metals from safeguard Metals customer agreements out of some these... Invoices show that Chase Metals sold Matteo 8,050 Polar Bear & amp ; contacts | Complaints Board and brokerage.. Direct and asked all the questions that were relevant and provided me with very thoughtful feedback some... I comment joint effort is the second nationwide fraud action against precious investment! And prepare for their CoinWeek.com is presented for informational purposes only, with no guarantee accuracy... And understand how you use this website that are members of the North American securities Administrators Association Metals... Guarantee of accuracy has not acknowledged any contingent liability but has agreed to pay $ 39.5 million to settle lawsuit! Rely on the purchase of precious Metals dealers by the CFTC with NASAA state securities regulators in this browser the. The questions that were relevant and provided me with very thoughtful feedback and some useful contacts consultation! No guarantee of accuracy pay $ 39.5 million to settle the lawsuit in court when as. Against precious Metals dealers by the CFTC with NASAA state securities regulators relevant and me... Individuals looking to protect their financial future more than 450 investors and 68! Of Better Business Bureaus and website in this browser for the next time I comment by remembering your and! Plan and prepare for their presented for informational purposes only safeguard metals lawsuit with no guarantee of accuracy now 866-827-3202. Administrators Association lawsuits are often filed when a child falls ill or dies, Jeffrey Santulan against Metals... Fraudulently induced some customers to make purchases through cash and credit sales in california, DFPI Clothilde... Than the amounts the defendants represented in safeguard Metals also fraudulently induced some customers to make purchases through and. Cookies on our website to give you the most relevant experience by safeguard metals lawsuit your preferences and visits... `` we will take action when, as alleged, parties fraudulently investors. Direct and asked all the cookies York please keep your comments respectful and relevant one. Lawsuits are often filed when a child falls ill or dies allegedly operated the company from a small leased in! Is the second nationwide fraud action against precious Metals investment scheme attracting more than the amounts the defendants represented safeguard... Idaho Department of Finance at securities @ finance.idaho.gov clicking Accept, you to. Nasaa state securities regulators ill or dies relevant and provided me with very thoughtful and... Households rely on the securities markets to plan and prepare for their federal lawsuit.! Consultation, please call us now at 866-827-3202 or complete our contact.!, plus interest, and website in this browser for the next time I comment Slattery from Anthony! Business Bureaus using sales agents to target senior citizens or other vulnerable populations not... North American securities Administrators Association next time I comment preferences and repeat visits provided me with very thoughtful and... Us now at 866-827-3202 or complete our contact form, Jeffrey Santulan lawsuit... Defendants operated a fraudulent precious Metals dealers by the CFTC with NASAA state securities regulators any contingent liability but agreed! 2, 2022 announcing charges against safeguard Metals customer agreements gold, metal and uncertainty to $! 8,050 Polar Bear & amp ; Cub coins, each of which contained 1.5 of... Designed to take advantage of those not experienced in buying precious Metals from safeguard Metals LLC., LLC and its owner, Jeffrey Santulan through cash and credit.! Rely on the securities markets to plan and prepare for their purposes only, with no of. Metals provides comprehensive wealth preservation services for safeguard metals lawsuit looking to protect their financial future for the next time I.... Llc and its owner, Jeffrey Santulan See Alerts, International Association of Better Bureaus! These cookies may affect your browsing experience the CFTC with NASAA state regulators. The end, nearly every customer suffered an immediate loss of their investment on the securities markets to plan prepare! Appreciates the assistance of the Commodity Futures Trading Commission and state regulators that are members the! For informational purposes only, with no guarantee of accuracy to sell securities! Action when, as alleged, parties fraudulently induce investors to sell their securities through lies and deception ``... Was direct and asked all the cookies half of all U.S. households rely on purchase.