June 20, 2023
The SEC amended its complaint charging Safeguard Metals LLC and its owner Jeffrey Ikahn with engaging in a multi-million fraudulent scheme involving hundreds of investors who were at or near retirement age. The amendment complaint reflects defendant Jeffrey S. Santulan’s name change to “Jeffrey Ikahn.”
Safeguard and Ikahn allegedly convinced investors to sell their existing securities, transfer the proceeds into self-directed IRAs, and invest the proceeds into gold and silver coins. Ikahn made misleading statements about the risks and the liquidity of the investments.
Safeguard was marketed as a full-service investment firm with multiple offices; however, in reality, Ikahn allegedly operated the company from one location in California using sales agents. The sales agents used pre-written scripts filled with false and misleading statements. Safeguard also misled investors about commissions and markups.
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