INDIANAPOLIS — Officials with the Indiana Secretary of State’s Office recently announced that a settlement has been reached with Safeguard Metals LLC and Jeffrey Ikahn after the company engaged in a multi-million dollar fraudulent scheme that reportedly targeted the elderly.
According to a news release from the office, the settlement from Safeguard Metals, LLC, a precious metals dealer, and Jeffrey Ikahn came out of a federal lawsuit that alleged the company and Ikahan engaged in a nationwide $68 million fraudulent scheme that targeted the elderly.
More than a dozen Indiana residents were reported victims in the investment scam and are expected to receive payments exceeding $850,000 because of the settlement. The defendants charged an average markup of 51 to 71 percent on the precious metals. Most of its sales were from “inexperienced investors into overprice silver coins” that generated around $66 million for the company.
“The Indiana Securities Division and its investigators continue to work diligently with agencies nationwide to stand up for Hoosiers and take down the bad actors,” Indiana Secretary of State Diego Morales said in the release. “Hoosier investors lost a significant amount of money in this case. Those who prey on our vulnerable, elderly population should be held accountable. Our officials remain focused on educating all Hoosiers on best practices to protect themselves and to avoid schemes.”
The release said the investigation and settlement were in partnership with the Indiana Secretary of State’s office, the Indiana Securities Commissioner’s Office, the U.S. Commodity Futures Trading Commission and 29 other state regulators.