Safeguard Properties Safeguard Equities, Inc BRE#02112381 Real Estate Agents Safeguard Properties aka Safeguard Equities to be avoided at all costs. 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 markup that customers paid on silver coins, for example, averaged from 51 percent to over 70 percent. 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. 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. If you would like to share a story idea, please submit it here. Share your feedback. Maria Nikolova 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. In this case, it was silver coins. 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 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 . To learn more about Safeguard Metals and the asset preservation services we provide, contact us today! The Supreme Court is reviewing a legal shield that tech companies have long relied on to avoid liability for content on their platforms. 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. The Idaho Department of Finance encourages investors to come forward if they suspect they have been targeted by similar precious metals investment schemes. . Do THIS Or Pledge Your Retirement To The Democrats, ALERT: Secret IRS Loophole May Change Your Life. Are silver ETFs listed on any stock exchanges? The SEC issued a litigation release on February 2, 2022 announcing charges against Safeguard Metals, LLC and its owner, Jeffrey Santulan. The Securities and Exchange Commission (SEC) has filed a civil enforcement action against the same defendants alleging violations of federal Securities Laws. 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. I thought I was buying silver at spot plus a 12% commission. ON SALE. 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. Shop Now. In the end, nearly every customer suffered an immediate loss of their investment on the purchase of precious metals from Safeguard Metals. 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. 01/23/2023. All products are presented without warranty. 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. 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. The SEC also alleged that Safeguard and Santulan represented 4% to 33% markups, but actually charged average markups of approximately 64% on its sale of silver coins. 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BBB Business Profiles generally cover a three-year reporting period. Safeguard's website pitches the investments as a way to "hedge against uncontrolled government spending and dizzying money printing by the Federal Reserve." | 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. 6LinkedIn 8 Email Updates. this is against Safeguard Metals. Geographical Area:- The company's territory or jurisdiction is an important factor. Contests and Promotions, 2023, NPG of Idaho, Inc. Idaho Falls, ID USA, Yellowstone Teton Territory Travel and Tourism, View all our Vallow-Daybell coverage here, Idaho budget committee cuts funding to child care assistance, Idaho joins Texas lawsuit over new federal clean-water rules, Police continue to search for 16-year-old runaway, Southeastern Idaho Public Health provides free health screenings, Mortgage applications drop to 28-year low as rates climb, Report shows troubling rise in colorectal cancer among US adults younger than 55, Covid vaccine maker Novavax says it may not survive. allPs[i].innerHTML = text; 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. You also have the option to opt-out of these cookies. According to the SEC's 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, Safeguard's business, and its compensation. He is the only member of . 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 . Address: 21550 Oxnard St FL 3 Woodland Hills, CA, 91367-7105 United States Phone: Website: www.safeguardmetals.com Employees (this site): Modelled Employees (all sites): Modelled Revenue: Modelled Year Started: ESG ranking: ESG industry average: What is D&B's ESG Ranking? 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. "I spoke to Mr Sonn on a complex legal matter. 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. 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. The CFTC also strongly urges the public to verify a companys registration with the CFTC before committing funds. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. 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. 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 . The litigation will be led by Jonathan S. Polish. Safeguard Metals and its sales associates are alleged to have defrauded customers into transferring proceeds from retirement accounts, often consisting of funds from liquidated securities to self-directed individual retirement accounts known as SDIRAs for the purchase of precious metals. Investors should also contact their state or provincial securities regulator with questions about any investment opportunity or the person offering it for sale before investing in the product. Tempe, Arizona. City News Service is a regional wire service covering Los Angeles, Orange, Riverside and San Diego counties. Elizabeth SmithElizabeth.Smith@dfpi.ca.gov. The defendants also deceived customers into purchasing silver coins at grossly inflated prices that bore no relationship to the ranges represented to customers. Criminal cases involve acts that are considered prejudicial to the tradition as a whole (thus they are generally considered crimes against the state or against the jurisdiction of the competent prosecutor). In many cases, the actual market value of the precious metals purchased was substantially lower than the value of the investors retirement savings liquidated to fund their purchase. 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. Safeguard Properties Reviews, Complaints & Contacts | Complaints Board. NASAA and its members have issued a series of investor advisories, including an advisory on matters to consider before making gold-related investments. Help us improve the DFPI website! 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. Hello, I need a recommendation on attys in CA that specializes in precious metals. Jun 21 2021. Summerlin, Nevada. Website visitors should be aware that investment markets involve inherent risks and past performance is no guarantee of future performance. 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.. 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