The CFTC and 27 State Securities Regulatory Agencies Charge Los Angeles Area Precious Metals Dealer in Ongoing $68 Million Fraud Targeting the Elderly

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— The Commodity Futures Trading Commission 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 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. Safeguard Metals is located in Woodland Hills, California, and Jeffrey Santulan resides in Tarzana, California.

In the continuing litigation against the defendants, the CFTC and…

Read full article at www.cftc.gov