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SEC.gov | SEC Files Fraud Charges Alleging a Multi-Million Dollar Scheme that Targeted Retirement Accounts
The Securities and Exchange Commission today announced charges against Safeguard Metals LLC, and its owner, Jeffrey Santulan, for engaging in a multi-million dollar fraudulent scheme involving hundreds of investors who were at or near retirement age.
According to the SEC’s complaint, from December 2017 through at least July 2021, Safeguard and Santulan acted as investment advisers and persuaded investors to sell their existing securities, transfer the proceeds into self-directed Individual Retirement Accounts, and invest the proceeds into gold and silver coins by making false and misleading statements about the safety and liquidity of the investors’ securities investments, Safeguard’s business, and its compensation.
As alleged, Safeguard fraudulently marketed itself as a full-service investment firm with offices in London, New York City, and Beverly Hills that employed prominent individuals in the securities industry and had $11 billion in assets under management. In reality, Santulan allegedly operated the company from a small leased space in a Woodland Hills, Calif. office building using sales agents. The complaint further alleges that Safeguard’s sales agents used prepared scripts, some written by Santulan, that were filled with false and misleading statements about how the market was going to crash and how their retirement accounts would be frozen under a new ‘unpublicized’ law.
"The federal securities laws prohibit deceptive conduct and material misrepresentations in the purchase or sale of securities," said Kathryn A. Pyszka, an Associate Director in the SEC’s Chicago Regional Office. "We will take action when, as alleged, parties fraudulently induce investors to sell their securities through lies and deception."
Safeguard and Santulan also allegedly misled investors about Safeguard’s commissions and markups on the coins, charging average markups of approximately 64% on its sales of silver coins, instead of the 4% to 33% markups that they disclosed to investors. According to the complaint, Safeguard obtained approximately $67 million from the sale of coins to more than 450 mostly elderly, retail investors, and kept approximately $25.5 million in mark ups.
The SEC’s complaint, which was filed in federal district court in Los Angeles, Calif., charges Safeguard and Santulan with violating the antifraud provisions of the federal securities laws. The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus interest, and civil penalties.
The SEC’s investigation was conducted by Jedediah B. Forkner and Jean M. Javorski of the SEC’s Chicago Regional Office, and was supervised by Anne C. McKinley. The litigation will be led by Jonathan S. Polish. The SEC appreciates the assistance of the Commodity Futures Trading Commission and state regulators that are members of the North American Securities Administrators Association.
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SEC.gov | Lori H. Price Named Acting Director of the Office of Credit Ratings; Ahmed Abonamah to Leave SEC
The Securities and Exchange Commission today announced that Lori H. Price will serve as Acting Director of the Office of Credit Ratings (OCR). Ms. Price replaces Ahmed A. Abonamah, who is leaving the agency at the beginning of February to serve as Chief Financial Officer for the City of Cleveland.
“Lori’s combined 30 years of experience with the agency will serve her well in this important role,” said SEC Chair Gary Gensler. “I look forward to working with her on the oversight of credit rating agencies. I thank Ahmed for his leadership of OCR and wish him well.”
Ms. Price joined OCR in August 2020. She previously served in the SEC’s Office of the General Counsel (OGC) in several roles of increasing responsibility, most recently as Associate General Counsel, where she and her team were responsible for advising on some of the agency’s most complex rulemaking initiatives and interpretive matters. Immediately before joining OGC in 2003, Ms. Price was in private practice for three years. Prior to that, she worked for various SEC offices and divisions from 1987 to 2000. Ms. Price received a J.D. (Order of the Coif) from the University of Maryland School of Law and a B.A. from the University of Maryland.
Mr. Abonamah was named Director of OCR in November 2021, after serving as Acting Director since October 2020. He joined the SEC in 2016 and has served in a variety of positions within the SEC’s Office of Municipal Securities, including Deputy Director. Prior to joining the SEC, he worked as a Public and Infrastructure Finance Associate at Squire Patton Boggs (US) LLP. Mr. Abonamah received a J.D. from Case Western Reserve University School of Law and a B.A. from the University of Dayton.
OCR is responsible for oversight of nationally recognized statistical rating organizations (NRSROs). The office conducts examinations of NRSROs, develops and administers rules affecting NRSROs, and works to ensure that credit ratings are not unduly influenced by conflicts of interest and that NRSROs provide greater transparency and disclosure to investors.
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