Department of Finance, CFTC, and 29 States Reach Settlement with Safeguard Metals in $68 Million Fraud Targeting Elderly Adults

Thursday October 26, 2023

The Idaho Department of Finance (IDOF) announced today that, in partnership with the U.S. Commodity Futures Trading Commission (CFTC) and 29 other state regulators, the parties have reached a settlement with precious metals dealer Safeguard Metals, LLC and Jeffrey Ikahn in a federal lawsuit filed in February 2022, in the United States District Court for the Central District of California. The lawsuit alleged that Safeguard and Ikahn engaged in a $68 million fraudulent scheme that targeted the elderly.

A key finding in the Consent Order is that between October 2017 and July 2021, Safeguard and Ikahn deceived more than 450 customers nationwide into purchasing precious metals through false and misleading statements, including misrepresenting Safeguard’s and Ikahn’s credentials and the risk and safety of customer investments in traditional retirement accounts.

View the press release