Attorney General Lynn Fitch and Secretary of State Michael Watson announced that Safeguard Metals LLC and its owner, Jeffrey Santulan, also known as Jeffrey Ikahn or Jeffrey Hill, have been ordered to pay more than $51 million in restitution and civil penalties for defrauding investors across the country. The action was brought in partnership with the U.S. Commodity Futures Trading Commission and 29 other states.
State officials said six Mississippians lost nearly $892,000 in the scheme. Secretary Watson also issued an order barring Ikahn from any position of employment, management, or control of any investment adviser, broker-dealer, or commodity adviser in Mississippi.
The final judgment follows an October 2023 court finding that Safeguard Metals used aggressive sales tactics to pressure more than 450 people, mostly elderly, to liquidate retirement accounts to buy overpriced metals and coins. Authorities said the conduct violated federal and state commodities and securities laws, including prohibitions on unlicensed investment advice, fraudulent schemes, material misrepresentations or omissions in commodity sales, and financial exploitation of the elderly.
“This con artist was preying on seniors, betraying their trust and taking their hard-earned retirement money from them,” Attorney General Fitch said. “This kind of exploitation will not be tolerated in Mississippi. My office is proud to work with Secretary Watson and his team to protect Mississippi seniors and other investors.”
“Through the diligent work of our Securities team, this final judgment places honest earnings back in the pockets of those Mississippians affected,” Secretary Watson said. “I am grateful to the Mississippi Attorney General’s Office for joining us in our efforts to fight investment fraud in our state.”
Officials urge anyone who suspects similar precious metals investment schemes to contact the Attorney General’s Consumer Protection Division or the Secretary of State’s Securities Division.
