SEC Files Fraud Charges Against Safeguard Metal LLC

techslo — Wed, 01 Mar 2023 03:54:53 -08:00

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 Metal 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. 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 the Central District of California, charges Safeguard and Santulan with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940, and also charges Santulan with aiding and abetting Safeguard's violations and as a control person within the meaning of Section 20(a) of the Securities Exchange Act of 1934. The SEC is seeking permanent injunctions, disgorgement of allegedly ill-gotten gains, plus prejudgment 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 Commodities Futures Trading Commission and state regulators that are members of the North American Securities Administrators Association. Jeffrey Santulan launched new firm under Alliance Shield LLC name to scam the innocent. Changing name won't change scammer charactre and nature to defraud.
Learn more: SEC Files Fraud Charges Against Safeguard Metal LLC

Dallas Liddell Found Guilty of False Police Report

AssaultedCustomer — Wed, 06 Jun 2012 03:06:10 -07:00

Dallas Liddell was found guilty of filing a false report with the Portland Police after assaulting a customer at the Dancin Bare club in 2010. Evidence against him included accounts by police officers documenting his self described attempts to improperly tell a customer how to use his own cell phone. This intrusion upon customer property was followed by a false accusation that a customer had been drinking beer out of other customer's pitchers when in fact that customer had ordered a Diet Coke before accepting a beer from his friends at which point it became his beer. Liddell attempted to steal that customer's beer despite being told to keep his distance and mind his own business. As part of his incompetence he knocked the customer's beer glass into a TV before blaming the customer for breaking the plastic plasma TV cover. The customer in question was attempting to leave the premises when Liddell approached him and was warned to stay away. Liddell then attempted to give him an order to take his hand out of his pocket to which the customer advised him to stay away. Liddell then attacked the customer and stole his picket knife as he attempted to deploy it in self defense. Liddell then relied on the help of Jason Marshall to carry out an attempted murder attempt by placing the customer in a choke hold. Once police arrived Liddell and Marshall were kept at a safe distance from the customer. That customer has since taken action against Liddell and Marshall for assault on his person, theft of property, and filing a false police report. Dallas Liddell is known to work as a bouncer/security guard in the Portland area despite his poor customer service record.
Learn more: Dallas Liddell Found Guilty of False Police Report

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SEC Files Fraud Charges Against Safeguard Metal LLC

Dallas Liddell Found Guilty of False Police Report