LANSING, Mich. (WXMI) — A multistate settlement has been reached after older Americans were scammed out of $68 million.
More than 450 Safeguard Metals customers were tricked into buying precious metals between October 2017 and July 2021 due to statements that were either false or deceptive, according to the Michigan Department of Attorney General.
We’re told Michigan customers lost a total of $2.33 million in retirement savings.
“Michigan residents work hard to save for a comfortable retirement,” Attorney General Dana Nessel said. “Deceitfully targeting retirees for virtually worthless investments in order to generate profit is unethical and illegal. It is critically important to do research before making any investments. Ask lots of questions, and if the answers seem too good to be true, keep your money in trusted accounts.”
The state says Safeguard marked up their prices by an average of 51% to 71%, well above the agreed-upon margin of 23% to 42%.
Per the settlement agreement, Safeguard has agreed not to offer investment advice, Nessel’s office says. Owner Jeffrey Ikahn was ordered not to be employed as an investment adviser or similar positions in California. He also agreed not to seek jobs in the securities industry within the United States.
The restitution amount has yet to be determined.
Those who may believe they were deceived with false investment advice or commodity sales or were otherwise financially abused are encouraged to connect with the attorney general’s Consumer Protection Team online or by calling 877-765-8388.
