The Final Judgment Against Safeguard Metals LLC and Jeffrey Ikahn Orders Restitution and a Civil Monetary Penalty; Underscores Commitment to Protecting Seniors from Investment Fraud
WASHINGTON, D.C. – (October 16, 2025) – The North American Securities Administrators Association (NASAA) today announced that 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 Commodity Futures Trading Commission (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 enjoined 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.
“The court’s final judgment in this matter provides meaningful restitution to investors harmed by this fraudulent action and it reinforces that state securities regulators will take decisive action to protect investors, especially those in vulnerable communities,” said NASAA President Marni Rock Gibson. “I want to thank the CFTC and the state regulators for their dedication and hard work.”
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. The court found that defendants systematically and widely disseminated false and misleading information and failed to communicate material facts to customers and fraudulently overcharged Safeguard Metals’ customers for the precious metals they sold.
“This outcome is an important reminder that state securities regulators play a critical role in fighting investment fraud in all forms. We urge investors to contact their state securities regulator with questions about any investment opportunity or the person offering it for sale before investing,” said Amanda Senn, 2024-2025 Chair of the NASAA Enforcement Section and Director of the Alabama Securities Commission. “State securities regulators also provide resources to help individuals recognize red flags and avoid becoming victims,” Senn added.
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 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 Alabama, Arizona, Arkansas, California, Connecticut, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kentucky, Maryland, Michigan, Mississippi, Missouri, Nebraska, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, South Carolina, South Dakota, Tennessee, Utah, Vermont, Washington, and Wisconsin.
– NASAA–
About NASAA:
Organized in 1919, the North American Securities Administrators Association (NASAA) is the oldest international organization devoted to investor protection. NASAA is a voluntary association whose membership consists of the securities regulators in the 50 states, the District of Columbia, Puerto Rico, Guam, the U.S. Virgin Islands, the 13 provincial and territorial securities regulators in Canada, and the securities regulator in México. For more information, visit www.nasaa.org.
For More Information:
Fred Baldassaro, Director of Communications
fbaldassaro@nasaa.org | 202-737-0900
Karen Grajales, Manager, Communications and Investor Outreach
kgrajales@nasaa.org | 202-737-0900
