document.getElementsByTagName('p').innerHTML = text; For contact information, visit the NASAA website here. This company asks me for photos from my property, they supposedly are the inspectors for the final inspection and for Regions to send me my homeowner's insurance money to pay the contractor who repaired the roof of my house, every day is something different, now they say that Regions need to send them a form ( this is a . Brazen attempts to target senior citizens or other vulnerable populations will not be tolerated in California, DFPI Commissioner Clothilde Hewlett said. Contact Us Now For a Free Consultation $25 MILLION Recovery Against National Brokerage Firm $9.1 MILLION FINRA Arbitration Award Against Brokerage Firm Safeguard Metals LLC and its principal and owner, Jeffrey Santulan, also known as Jeffrey Hill, of Tarzana, are charged with having engaged in ongoing fraud to solicit $68 million from more than 450 individuals nationwide to purchase fraudulently overpriced metals and coins from its office in the San Fernando Valley, according to the state Department of Financial Protection and Innovation. Your email address will not be published. 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. The CFTC has issued several customer protection Fraud Advisories that provide the warning signs of fraud, including the Precious Metals Fraud Advisory, which alerts customers to precious metals fraud and lists simple ways to spot precious metals scams. 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. 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 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. To learn more about Safeguard Metals and the asset preservation services we provide, contact us today! The markup that customers paid on silver coins, for example, averaged from 51 percent to over 70 percent. 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. BBB Business Profiles generally cover a three-year reporting period. This category only includes cookies that ensures basic functionalities and security features of the website. Are silver ETFs listed on any stock exchanges? Contact our office today to discuss your case. 10. 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. This website uses cookies to improve your experience while you navigate through the website. 06:39 PM. Monsanto has not acknowledged any contingent liability but has agreed to pay $39.5 million to settle the lawsuit in court. Given the complexity of investment products, our jobs have never been more important, or more demanding.. 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 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 . 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. According to the complaint, Safeguard Metals charged an average markup of 71 percent and more recently 51 percent on the precious metals. 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. You also have the option to opt-out of these cookies. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. In the end, nearly every customer suffered an immediate loss of their investment on the purchase of precious metals from Safeguard Metals. 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. 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. Self-directed IRAs should not be confused with traditional IRAs or other retirement vehicles. Investors are advised to check the registration of all investment products and professionals, and ask tough questions about fees, markups, risks, and potential returns. BBB Business Profiles are subject to change at any time. The company disclosed markups to consumers, which the company referred to as operating margins, of 23 percent and later up to 42 percent. Feb. 23, 2023. The Sonn Law Group is currently investigating allegations surrounding Safeguard Metals, LLC and Jeffrey Santulan. 2023 DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. All News, Articles, Commentary and Opinions are contributed by the author(s), with or without compensation, who are solely responsible for the content, and do not represent CoinWeek Management. Learn how your comment data is processed. Jeffrey S. Santulan, age 41 is a resident of Tarzana, California. Thurston, Teply and a third Idaho Safeguard distributor, Craig Empey, of Idaho Falls, who was not involved in the lawsuit, had combined annual sales of $1.82 million. I was unable to withdraw my funds and customer service was not responsive. This is a whole series of standard personal injury claims where the plaintiff sues the defendant. Proudly powered by WordPress Because Safeguard Metals charged exorbitant markups and severely inflated the price of the coins sold, customers allegedly suffered an immediate loss to their investments. 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. Buckhead Tower, Suite 400 3399 Peachtree Rd. 2023 2 oz Silver Tudor Beasts Yale of Beaufort Coin. . 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. As a matter of policy, BBB does not endorse any product, service or business. Contact the Idaho Department of Finance at securities@finance.idaho.gov. 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. 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). companies or divisions. How many pounds does a kilo of silver weigh? City, State. text = text.replace("https://docqnet.dfpi.ca.gov/LicenseSearch","https://portal.dfpi.ca.gov/csp?id=ssp_license_search"); This joint investigative effort between the CFTC and 27 state regulators represents our mutual interest in protecting main street investors, said CFTC Chairman Rostin Behnam. STAY CONNECTED Its reporting and editing staff cover public safety, courts, local government and general assignment stories. We fight to level the playing field between large corporations and the public investor. You can review our Community Guidelines by clicking here. 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. The complaint charges defendants Safeguard Metals LLC (Safeguard Metals) 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. Their fee structure includes a $50 account-opening fee, an $80 administration fee as well as a $100 storage fee, totaling $230. 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. "I spoke to Mr Sonn on a complex legal matter. If unregistered, a customer should be wary of providing funds to that entity. If the answers seem too good to be true or dont make sense, protect your savings by just walking away.. Daily Weather Forecast Safeguard and Santulan reportedly used false and misleading statements about the safety and liquidity of the investments, Safeguards business practices, and its compensation structure. 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. "-Sonn Law Group Client. 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