Safeguard Metals silver coin fraud

[pmbug]

COLUMBIA, S.C. (WCSC) - State Attorney General Alan Wilson has announced that he and Secretary of State Mark Hammond have reached a Multistate Settlement Agreement with Safeguard Metals.

The settlement follows a 2022 enforcement action that alleged Safeguard and Ikahn targeted retirees in a nationwide, $68 million fraud.

“Safeguard Metals used fraudulent and deceptive practices to solicit millions of dollars from vulnerable retirees, resulting in substantial losses in their retirement accounts,” Wilson said. “South Carolina, along with the CFTC and other state regulators, will continue to hold these bad actors accountable in the precious metals industry.” Secretary Hammond stated, “Today, I am pleased to join Attorney General Wilson and stand up for South Carolinians against this insidious type of financial exploitation.”

The attorney general’s office said Safeguard convinced mostly elderly and retirement-aged people to transfer their retirement savings into one that would allow them to buy silver coins. Safeguard claimed the coins were worth more than the value of the precious metals inside them.

Safeguard represented the typical markup of the coins as 20-23% when they were more than 40% in most cases and sometimes as high as 71%, the attorney general’s office said.
...

Multistate settlement reached in silver coin fraud case

State Attorney General Alan Wilson has announced that he and Secretary of State Mark Hammond have reached a Multistate Settlement Agreement with Safeguard Metals.

www.live5news.com