Silver and Gold Coin Dealer to Pay $57 Million in SEC Fraud Suit

Safeguard Metals LLC and its owner were ordered to pay almost $57.4 million to the Securities and Exchange Commission, wrapping up a lawsuit claiming they swindled about 450 elderly investors out of roughly $67 million for gold and silver at severe markups.

The $25.6 million in disgorgement represents the total amount Safeguard and Jeffrey Ikahn reaped from investors, minus the $41.4 million the group paid to metals wholesalers, Judge John F. Walter said. They’re responsible for another $25.6 million in civil penalties, plus $6.26 million in prejudgment interest—all on a joint and several basis, the US District Court for the ...