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Articles Posted in Precious metals

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What do you do when your company is shut down after two federal investigations? If you’re “serial entrepreneur” Jeffrey Santulan, you just start another company and keep going. Santulan, also known as “Jeffrey Hill” and “Jeffrey Ikhan,” and his company, Safeguard Metals, LLC, were recently charged by the US Securities & Exchange Commission, the U.S. Commodity Futures Trading Commission, The Tennessee Attorney General’s Office and the Tennessee Department of Commerce & Insurance (TDCI) along with state securities regulators from 26 other states. Filed in the US District Court for the Central District of California, both complaints detail how the defendants convinced more than 450 investment customers to transfer funds from their retirement accounts with registered brokers into Safeguard’s self-directed IRAs to purchase precious metals. Some were convinced to use cash and credit to make the purchases.What do you do when your company is shut down after two federal investigations? If you’re “serial entrepreneur” Jeffrey Santulan, you just start another company and keep going.

Santulan, also known as “Jeffrey Hill” and “Jeffrey Ikhan,” and his company, Safeguard Metals, LLC, were recently charged by the US Securities & Exchange Commission, the U.S. Commodity Futures Trading Commission, The Tennessee Attorney General’s Office and the Tennessee Department of Commerce & Insurance (TDCI) along with state securities regulators from 26 other states. Continue reading ›

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Silver Law Group and Weinberg, Wheeler, Hudgins, Gunn & Dial (Weinberg Wheeler) recently won an arbitration award on behalf of an investor who suffered substantial losses investing in precious metals purchased through Safeguard Metals. After a week-long evidentiary hearing, the client was awarded more than $1,060,000, with interest accruing at over $100,000 per year. This represents a substantial recovery of virtually all of the investor’s losses. A copy of the award can be reviewed here - C.W. v. Safeguard Metals and Santulan Award. Amongst other findings, the arbitrator found that Respondent Safeguard and Santulan are alter egos and the award is joint and several between them. As the owner of Safeguard Metal’s, the arbitrator found that “Santulan developed and implemented Safeguard’s business plan” which Claimant’s alleged was akin to a boiler room operation.Silver Law Group and Weinberg, Wheeler, Hudgins, Gunn & Dial (Weinberg Wheeler) recently won an arbitration award on behalf of an investor who suffered substantial losses investing in precious metals purchased through Safeguard Metals. After a week-long evidentiary hearing, the client was awarded more than $1,060,000, with interest accruing at over $100,000 per year. This represents a substantial recovery of virtually all of the investor’s losses. Continue reading ›

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Silver Law Group is investigating Safeguard Metals on behalf of investors that have losses with the company’s precious metals IRAs or other accounts. Safeguard Metals is a Southern California-based company that sells investors self-directed retirement accounts that hold gold and silver. The company’s website pitches precious metals investing as a way to “hedge against uncontrolled government spending and dizzying money printing by the Federal Reserve.” Though precious metals investors hope to earn a return, or at least preserve their assets, they often suffer incredible losses. Silver Law Group has been contacted by Safeguard Metals investors who have lost more than 60% of their money in less than two years.Silver Law Group is investigating Safeguard Metals on behalf of investors that have losses with the company’s precious metals IRAs or other accounts.

Safeguard Metals is a Southern California-based company that sells investors self-directed retirement accounts that hold gold and silver. The company’s website pitches precious metals investing as a way to “hedge against uncontrolled government spending and dizzying money printing by the Federal Reserve.” Continue reading ›

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On July 1, 2021, the US attorney for the Southern District of New York announced that Ross Baldwin of Precious Commodities, Inc. (PCI) and National Coin Broker, Inc. (NCB) has been criminally charged for an alleged fraud related to a precious metals leasing scheme involving millions of dollars. Silver Law Group filed a federal court case (link to complaint) in the Southern District of Florida on behalf of several victims of the alleged scheme. Two other people were criminally charged in connection to the silver lease program, and a parallel civil enforcement action was also filed by the Commodity Future Trading Commission (CFTC) against Baldwin, PCI, NCB, and others. Alleged Precious Commodities/National Coin Broker Silver Leasing Scheme The CFTC’s complaint alleges that from 2014 through 2019, PCI and NCB “engaged in a fraudulent and deceptive scheme to solicit and misappropriate at least $8 million in funds and silver from at least 60 investors in connection with a fraudulent silver leasing program, referred to as the “Silver Lease Program.” The Silver Lease Program promised investors guaranteed monthly payments in exchange for use of silver that investors purchased from NCB or already owned. Investors were told that they would receive about 4%-5% for the lease of their silver, which would purportedly be used to fulfill purchase orders and then be replaced.On July 1, 2021, the US attorney for the Southern District of New York announced that Ross Baldwin of Precious Commodities, Inc. (PCI) and National Coin Broker, Inc. (NCB) has been criminally charged for an alleged fraud related to a precious metals leasing scheme involving millions of dollars.

Silver Law Group filed a federal court case in the Southern District of Florida on behalf of several victims of the alleged scheme. Continue reading ›

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Silver Law Group is representing investors who suffered losses after investing in Worth Group’s and/or Treasure Coast Bullion Group’s leveraged silver program, sometimes referred to as the “Midas Program”. Worth Group and Treasure Coast operated nationwide through a network of salesmen who called investors to convince them to invest in precious metals. Silver Law Group is currently representing victims who lost their entire investment of precious metals and Silver Law Group’s attorneys are continuing to investigate additional potential claims against Worth Group and Treasure Coast.  Investors’ Funds Were Wiped Out In March 2020 Many investors with Worth Group and/or Treasure Coast were convinced not only to purchase precious metals—usually silver—but also to invest in additional metals on “margin” or on a “leveraged basis”. Investors are alleging that they were promised more upside by purchasing silver on margin with minimal risk. Unfortunately, in March 2020, after a fluctuation in silver, many investors who purchased precious metals on this leveraged basis were wiped out, losing their entire investment. Silver Law Group is investigating the nature of this wipeout event, as well as whether Worth Group and Treasure Coast investors were charged unfairly high commissions and fees, above and beyond the spot price for the silver they were purchasing, which magnified their losses.Silver Law Group is representing investors who suffered losses after investing in Worth Group’s and/or Treasure Coast Bullion Group’s leveraged silver program, sometimes referred to as the “Midas Program”. Worth Group and Treasure Coast operated nationwide through a network of salesmen who called investors to convince them to invest in precious metals. Continue reading ›

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Silver Law Group is representing investors who purchased precious metals on a leveraged basis or on margin, particularly silver, through Worth Group and/or Treasure Coast Bullion Group and lost their entire investment after a “wipeout” event in March 2020. Worth Group and Treasure Coast are precious metals sales companies with a network of “salesmen” operating throughout the United States. These companies frequently cold-call investors to convince them to invest in precious metals. Worth Group and Treasure Coast would often encourage investors not only to buy precious metals, but to obtain more silver on a leveraged basis or on margin, sometimes referred to as a “Midas Account”. Salesmen would tout that this program offered huge upside with minimal risk, and was even appropriate for retirees.Silver Law Group is representing investors who purchased precious metals on a leveraged basis or on margin, particularly silver, through Worth Group and/or Treasure Coast Bullion Group and lost their entire investment after a “wipeout” event in March 2020. Continue reading ›

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Boca-Raton-Oppenheimer-Employees-Settle-SEC-Investigation-300x208The CFTC, along with the Utah Department of Commerce, Division of Securities, through its Attorney General, jointly filed a civil enforcement action in the U.S. District Court for the District of Utah, Central Division. They filed against Gaylen Dean Rust and his business Rust Rare Coin (RRC). The complaint charges Rust and his company with committing fraud against approximately 200 individuals from Utah, and also from 16 other states. Rust allegedly obtained more than $170 million from investors since May 2013 in a precious metals ponzi scheme.

The complaint states that Rust’s fraudulent actions are ongoing. From January to August of 2018, Rust received $42 million from investors, which he claimed he used to buy and sell silver. He also allegedly attempted to solicit new investors recently.

On November 15, 2018, the U.S. District Court Judge for the District of Utah, Honorable Tena Campbell, entered a restraining order to freeze Rust’s assets and to permit the CFTC and State of Utah to inspect his records. Jonathan O. Hafen was appointed as a temporary receiver to take control of RRC and Rust’s assets.

Continue reading ›

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Class-Action-1-300x150-300x150A putative class of investors sued JPMorgan Chase & Co. and a group of precious metals traders employed by the bank in New York federal court Wednesday, saying they manipulated futures contracts through spoofing, days after the U.S. Department of Justice announced a former trader had pled guilty to his role in the alleged scheme.

The complaint accuses JPMorgan and its employees of manipulating the prices of precious metals futures contracts on the New York Mercantile Exchange and Commodity Exchange Inc. through a spoofing scheme where its traders would place orders for futures contracts with the intent to cancel those orders before execution, which would cause investors to buy and sell at artificial prices.

According to the complaint, JPMorgan, Edmonds and several unnamed employees orchestrated a scheme “to inject materially false and illegitimate signals of supply and demand into the market and … to induce other market participants to trade against” the orders that were placed by the defendants, which resulted in the investors trading at prices, quantities and times that they may have not traded at or during that timeframe.

Continue reading ›

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There are many different types of investment and securities fraud scams designed to bilk investors out of millions of dollars. Sometimes even billions.

As was the case of one of the world’s most famous Ponzi schemers, Bernie Madoff, who is spending the rest of his life in prison.

Attorney Scott Silver, of the Silver Law Group says:

Continue reading ›
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