Restitution Ordered for Defrauded Mississippi Investors
A California-based company, Safeguard Metals LLC, and its owner, Jeffrey Santulan, have been ordered to pay over $51 million in restitution to defrauded investors nationwide.
Attorney General Lynn Fitch and Secretary of State Michael Watson announced the settlement, which includes civil penalties, in partnership with the U.S. Commodity Futures Trading Commission and 29 other states.
Santulan, also known as Jeffrey Ikahn or Jeffrey Hill, has been barred from holding any position of employment, management, or control of any investment advisor, broker-dealer, or commodity adviser in Mississippi.
No comment from the company or its owner has been released.
Author's summary: A $51M restitution is ordered for defrauded investors.