Office of Maryland Attorney General and CFTC Secure Final Judgment Against Precious Metals Firm that Defrauded Elderly Adults

Published: 10/16/2025

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​​​​​​​​​​FOR IMMEDIATE RELEASE

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Final Judgment Against Safeguard Metals LLC and Jeffrey Ikahn Orders Restitution and Civil Monetary Penalty; Underscores Commitment to Protecting Seniors from Investment Fraud 

 

BALTIMORE, MD –  Attorney General Anthony G. Brown today announced that in a case brought by his office’s Securities Division and the Commodities Futures Trading Commission (CFTC), the U.S. District Court for the Central District of California has entered a final judgment imposing approximately $25.6 million in restitution and an equal civil monetary penalty against Safeguard Metals LLC and its owner, Jeffrey Ikahn, for operating a fraudulent scheme targeting elderly and retirement-aged individuals. 

The judgment stems from a fraudulent scheme conducted by the defendants from October 2017 through at least July 2021. On October 25, 2023, 30 state regulators and the CFTC announced a settlement with the defendants through a consent order that found the defendants liable for employing a nationwide scheme. The consent order also bars the defendants from future violations of the Commodity Exchange Act, as well as future violations of state laws and regulations set forth in the complaint. ​

“Safeguard Metals defrauded elderly Marylanders by overcharging and deceiving them out of retirement savings they spent a lifetime earning,” said Attorney General Brown. “This final judgment holds Safeguard Metals accountable by securing $51.2 million in restitution and penalties, underscoring our commitment to protecting all Marylanders from investment fraud.” 

According to the court’s findings, the defendants solicited approximately $68 million, the majority of which was retirement savings, from at least 450 persons for the purpose of purchasing precious metals, primarily consisting of silver coins. Six Maryland victims lost approximately $350,000. The court found that defendants systematically and widely disseminated false and misleading information, failed to communicate material facts to customers, and fraudulently overcharged Safeguard Metals’ customers for the precious metals they sold. 

The U.S. Securities and Exchange Commission (SEC) filed a parallel action against the same defendants in February 2022. The court entered partial judgments by consent in 2023 and in May 2025, and ordered Safeguard and Ikahn to pay approximately $25.6 million in disgorgement, an equal civil monetary penalty, and prejudgment interest. Any amounts paid in the SEC matter will be offset against any amounts paid in the judgment announced today and vice versa. 

The case was brought by the CFTC in partnership with state regulators from Maryland, Alabama, Arizona, Arkansas, California, Connecticut, Florida, Hawai‘i, Idaho, Illinois, Indiana, Iowa, Kentucky, Michigan, Mississippi, Missouri, Nebraska, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, South Carolina, South Dakota, Tennessee, Utah, Vermont, Washington, and Wisconsin. 

In making today’s announcement, Attorney General Brown thanked Securities Commissioner Melanie Lubin and Assistant Attorney General Max F. Brauer for their work on the case. Attorney General Brown would also like to thank his office’s fellow state agencies, the CFTC, and the SEC for their assistance in this action. 

 

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