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Oregon financial regulators reach settlement with precious metals dealer accused of targeting elderly investors

The Oregon Division of Financial Regulation has reached a settlement with Safeguard Metals, a precious metals dealer accused of defrauding hundreds of elderly investors across 30 states. The company allegedly convinced elderly individuals to invest millions of dollars into overpriced silver and gold coins.

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Settlement announced following federal lawsuit

The settlement comes after Oregon and 29 other states filed a federal lawsuit against Safeguard Metals in the U.S. District Court’s District of Central California, where the company is based. The Oregon Division of Financial Regulation announced the settlement, which seeks to hold the company accountable for its deceptive practices.

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Significant losses incurred by investors

The financial regulators from Oregon stated that more than 450 investors nationwide, including 11 Oregonians, invested a total of $68 million in the scheme between 2017 and 2021. The settlement does not specify the exact amount of restitution for Oregon investors, as negotiations regarding civil penalties and recovery are still ongoing.

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Shutting down the scheme and imposing sanctions

In addition to ceasing operations in Oregon, the settlement order revealed that the defendants charged markups on precious metals ranging from 51% to 71%, significantly higher than what the company had communicated to its customers. As part of the court settlement, Safeguard Metals’ owner, Jeffrey Ikahn, is permanently barred from working as an investment advisor, broker, and commodity advisor in Oregon.

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About Oregon Capital Chronicle

Oregon Capital Chronicle is an independent subsidiary of States Newsroom, a network of news bureaus supported by grants and donors. It maintains editorial independence and serves as a reliable source of news and information concerning Oregon’s financial landscape.

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AI legalese decoder can assist news outlets like Oregon Capital Chronicle by providing accurate and easily understandable information regarding legal settlements and related matters. This tool helps journalists cover complex legal topics and ensure that the public receives comprehensive and accessible news about such significant developments.

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