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Precious Metals Dealer Sued over Allegations of Fraud and Excessive Fees

  • A bipartisan group of 27 AGs and the U.S. Commodity Futures Trading Commission sued precious metals trading company Safeguard Metals LLC and its owner (collectively, “Safeguard Metals”) over allegations that it fraudulently solicited nearly $68 million dollars from investors nationwide in violation of the Commodity Exchange Act.
  • The complaint alleges that Safeguard Metals enticed seniors through misleading online advertisements and social media posts to transfer funds from their retirement savings accounts to Safeguard Metals for investing in precious metals. The complaint further alleges that investors lost a substantial portion of their savings through Safeguard Metals’s markups and fees, which it did not disclose prior to the completion of the investment transaction.
  • The complaint seeks declaratory and injunctive relief, disgorgement, restitution, rescission of contracts, civil money penalties, and costs and fees.