Company defrauded 450 elderly investors nationwide

SANTA FE – Safeguard Metals LLC and its owner Jeffrey Ikahn will pay $51.2 million in restitution and penalties for defrauding 450 elderly investors out of retirement savings in a precious metals scheme, state and federal regulators announced today.

The judgment against Safeguard Metals and Ikahn includes $25.6 million in restitution to victims and an equal monetary penalty that will be divided between the U.S. Commodity Futures Trading Commission (CFTC) and 30 state regulators, including New Mexico.

Six New Mexico investors purchased $2.2 million in the scheme, which ran from October 2017 to July 2021. The defendants convinced victims to liquidate their retirement accounts to purchase overpriced metals and coins, generating approximately $68 million for Safeguard, including $25.5 million in markup fees.

“Six New Mexico families invested $2.2 million in retirement savings to this scheme,” said Alissa Berger, Securities Division attorney and lead counsel for New Mexico on the Safeguard Metals litigation. “This judgment sends a clear message: if you target elderly investors in our state, we will pursue every avenue to hold you accountable.”

In October 2023, the CFTC and 30 state regulators announced a settlement through a consent order that found the defendants liable for the fraud. The court found that defendants disseminated false and misleading information, failed to communicate material facts to customers and fraudulently overcharged customers for the precious metals they sold.

The U.S. Securities and Exchange Commission filed a parallel action against the same defendants in February 2022. The court entered partial judgments by consent in 2023 and in May 2025, ordering Safeguard and Ikahn to pay approximately $25.6 million in restitution, 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 and vice versa.

New Mexico residents who have questions about this settlement should contact the Securities Division at 505-476-4580 or online at www.rld.nm.gov/securities-division.