The Office of the Maryland Attorney General, in conjunction with the Commodity Futures Trading Commission (CFTC), has secured a significant final judgment against Safeguard Metals LLC and its owner, Jeffrey Ikahn. This legal action, brought forth by the Securities Division of the Maryland Attorney General’s office and the CFTC, targets a fraudulent scheme that specifically preyed on elderly and retirement-aged individuals. The U.S. District Court for the Central District of California has ordered the defendants to pay approximately $25.6 million in restitution to victims and an equal amount in civil monetary penalties, totaling over $51 million. This judgment aims to recover losses sustained by seniors who entrusted their hard-earned savings to the company.
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The court’s decision follows a nationwide scheme orchestrated by Safeguard Metals and Ikahn between October 2017 and at least July 2021. A prior settlement, announced on October 25, 2023, involved 30 state regulators and the CFTC, finding the defendants liable for their fraudulent practices. This earlier consent order also stipulated that Safeguard Metals and Ikahn are permanently barred from engaging in future violations of the Commodity Exchange Act, as well as state laws and regulations. The scheme involved systematically misleading customers, failing to disclose crucial information, and fraudulently inflating prices for precious metals, primarily silver coins. The defendants solicited approximately $68 million, largely comprising retirement funds, from at least 450 individuals. Six victims in Maryland alone lost an estimated $350,000. The U.S. Securities and Exchange Commission (SEC) also pursued a parallel action against the same defendants, resulting in partial judgments by consent in 2023 and May 2025, ordering disgorgement and civil penalties. Any payments made in either the CFTC or SEC matters will be credited against the other to prevent double recovery.
Article by Mel Anara, based upon information from the Office of the Maryland Attorney General.
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