In a case brought by his office’s Securities Division and the Commodities Futures Trading Commission (CFTC), the U.S. District Court for the Central District of California has entered a final judgment imposing approximately $25.6 million in restitution and an equal civil monetary penalty against Safeguard Metals LLC and its owner, Jeffrey Ikahn, for operating a fraudulent scheme targeting elderly and retirement-aged individuals.

The judgment stems from a fraudulent scheme conducted by the defendants from October 2017 through at least July 2021. According to the court’s findings, the defendants solicited approximately $68 million, the majority of which was retirement savings, from at least 450 persons for the purpose of purchasing precious metals, primarily consisting of silver coins. Six Maryland victims lost approximately $350,000. The court found that defendants systematically and widely disseminated false and misleading information, failed to communicate material facts to customers, and fraudulently overcharged Safeguard Metals’ customers for the precious metals they sold. Source: Maryland Attorney General's Office