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Have Harvard Gold Group ever been sued? Are there many lawsuits filed against them? Are Provident Metals one of the best gold US gold investment companies?
Read my guide below to find out!
- Have Safeguard Metals Ever Been Sued?
- Safeguard Metals LLC and Jeffrey Ikahn (f/k/a Jeffrey S. Santulan) U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No.26307 / May 9, 2025
Table of Contents
Have Safeguard Metals Ever Been Sued?
Yes, Safeguard Metals have been sued and I detail that lawsuit right below.
Safeguard Metals LLC and Jeffrey Ikahn (f/k/a Jeffrey S. Santulan) U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No.26307 / May 9, 2025
Securities and Exchange Commission v. Safeguard Metals LLC and Jeffrey Ikahn
Case No. 2:22-cv-00693 (C.D. Cal.)
Filed: February 1, 2022 | Amended Complaint: April 5, 2023
Final Judgment Secured Against Precious Metals Investment Fraud
The Securities and Exchange Commission successfully concluded its enforcement action against Safeguard Metals LLC and company owner Jeffrey Ikahn on May 2, 2025. The defendants operated from California, with Ikahn based in Tarzana.
The Fraudulent Scheme
Beginning in 2022, the SEC pursued charges against both defendants for orchestrating a sophisticated investment fraud targeting vulnerable populations. The scheme specifically focused on investors approaching or already in retirement, exploiting their concerns about financial security.
Deceptive Investment Strategy
The defendants positioned themselves as unregistered investment advisers, employing a systematic approach to defraud victims. Their methodology involved convincing investors to liquidate existing securities portfolios, redirect proceeds into self-directed Individual Retirement Accounts, and subsequently purchase gold and silver coins through Safeguard Metals.
False Representations and Misleading Practices
The enforcement action revealed multiple layers of deception employed by the defendants:
Security and Liquidity Misrepresentations: Defendants made false claims about the safety and liquidity characteristics of investors’ existing securities holdings
Business Operations Deception: Misleading statements about Safeguard’s actual business practices and operational structure
Compensation Concealment: Failure to properly disclose the company’s compensation structure and conflicts of interest
Excessive Markup Concealment: Defendants systematically concealed substantial markups on precious metals transactions, with silver coin sales carrying average markups of approximately 64%
Legal Proceedings and Outcomes
Partial Consent Judgment
On June 14, 2023, the Court entered partial judgments by consent, establishing permanent injunctive relief against both defendants. This action prohibited future violations of:
Investment Advisers Act of 1940, Sections 206(1) and 206(2) (antifraud provisions)
Securities Exchange Act of 1934, Section 10(b) and Rule 10b-5 (antifraud provisions)
Financial Penalties and Restitution
The Court’s final judgment imposed substantial financial consequences on both defendants, to be paid jointly and severally:
Disgorgement: $25,569,303 (ill-gotten gains recovery)
Prejudgment Interest: $4,821,263
Civil Penalties: $25,569,303
Total Financial Impact: Over $55.9 million
SEC Investigation and Litigation Team
Investigation Leadership
The enforcement investigation was conducted by experienced SEC attorneys from the Chicago Regional Office:
Lead Investigators: Jedediah B. Forkner and Jean M. Javorski
Supervisory Oversight: Anne C. McKinley
Litigation Management
Lead Litigation Counsel: Jonathan S. Polish
Regulatory Coordination
The SEC acknowledged collaborative assistance from:
Commodities Futures Trading Commission (CFTC)
State regulatory authorities within the North American Securities Administrators Association (NASAA)
Significance of the Case
This enforcement action demonstrates the SEC’s continued focus on protecting elderly and retirement-age investors from sophisticated precious metals investment schemes. The substantial financial penalties reflect both the scope of investor harm and the Commission’s commitment to deterring similar fraudulent activities in the precious metals investment sector.
Safeguard Metals Lawsuit Guide- Everything You Need to Know (Regularly Updated)! Conclusion
There’s only one lawsuits filed against Safeguard Metals.
They’re a legit gold investment and IRA company that does good work for Americans looking to diversify their investment portfolios with precious metals. Safeguard Metals are neither a pyramid scheme nor a scam and I’ll make sure to update my Safeguard Metals lawsuit guide once a new lawsuit against this gold IRA company drops.
References:
- Safeguard Metals LLC and Jeffrey Ikahn (f/k/a Jeffrey S. Santulan)- https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26307
Nikola Roza
Nikola Roza is a blogger behind Nikola Roza- SEO for the Poor and Determined. He writes for bloggers who don't have huge marketing budget but still want to succeed. Nikola is passionate about precious metals IRAs and how to invest in gold and silver for a safer financial future. Learn about Nikola here.
