Safeguard Metals, Owner Fined $51 Million for Defrauding Elderly Investors

Oregon — The Oregon Division of Financial Regulation (DFR), in partnership with other states and federal regulators, announced a $51 million judgment against Safeguard Metals LLC and its owner, Jeffrey Ikahn, for operating a fraudulent investment scheme targeting elderly and retirement-age Americans.

The U.S. District Court for the Central District of California ordered approximately $25.6 million in restitution and an equal civil monetary penalty against the defendants, who defrauded investors between October 2017 and July 2021.

According to court findings, Safeguard Metals and Ikahn solicited roughly $68 million—mostly from retirees—for supposed precious metals purchases, primarily silver coins. Investigators found the company disseminated misleading information, concealed key facts, and overcharged customers, resulting in significant financial harm.

“The court’s final judgment provides meaningful restitution to investors harmed by this fraudulent action and reinforces that DFR will take decisive action to protect investors, especially those in vulnerable communities,” said DFR Administrator TK Keen.

The Commodity Futures Trading Commission (CFTC) and 30 state regulators secured the judgment after a 2023 consent order found the defendants liable for a nationwide scheme. The U.S. Securities and Exchange Commission (SEC) also pursued a parallel case, resulting in additional financial penalties.

“This outcome is an important reminder that state securities regulators play a critical role in fighting investment fraud in all forms,” Keen added.

The multi-state enforcement included regulators from Alabama, Arizona, California, Oregon, and 26 other states.

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