Secretary Michael Watson, Attorney General Lynn Fitch, CFTC, 29 State Regulators Reach Settlement with Safeguard Metals in $68 Million Fraud Targeting Elderly Adults
JACKSON, Miss – Secretary of State Michael Watson and Attorney General Fitch announced today, 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 Safeguard and Ikahn engaged in a $68 million fraudulent scheme which targeted the elderly.