Los Angeles, CA – November 20, 2025 – Jeffrey Ikahn, also known as Jeffrey Santulan and Jeffrey Hill, has been ordered to pay $51.2 million following a nationwide precious metals fraud scheme, the Commodity Futures Trading Commission (CFTC) announced today. A U.S. District Court for the Central District of California entered a final judgment against Ikahn and Safeguard Metals LLC on September 30, requiring them to pay $25.6 million in restitution to victims and a $25.6 million civil monetary penalty.
The CFTC, in coordination with 30 state securities regulatory agencies under the North American Securities Administrators Association (NASAA), brought the enforcement action in February 2022. The court previously found Ikahn and Safeguard Metals liable for defrauding over 450 customers, many of whom were elderly or retired, out of approximately $68 million.
According to court documents, the defendants falsely claimed traditional retirement investments were at risk and then sold customers silver coins and other precious metals at inflated prices. These prices included undisclosed markups, resulting in immediate and substantial losses for the victims.
“This resolution shows the impact the CFTC and state regulatory agencies have when joining forces to combat fraud,” said Charles Marvine, Acting Chief of the Division of Enforcement’s Retail Fraud and General Enforcement Task Force. “It is a testament to the hard work of staff at the CFTC and our state regulator co-plaintiffs.”
The judgment bars Ikahn and Safeguard Metals from future violations of the Commodity Exchange Act and CFTC regulations, as well as similar state laws. They are also prohibited from trading or registering with the CFTC and participating states.
In a related case brought by the Securities and Exchange Commission (SEC), Ikahn and Safeguard Metals were also ordered to pay $25.6 million in disgorgement and a $25.6 million civil monetary penalty, issued on May 2, 2025. Payments made in either the CFTC or SEC actions will be offset to satisfy the total amount owed.
The CFTC cautions that recovery of funds for victims may be limited, as wrongdoers may lack sufficient assets. The agency, along with NASAA and the SEC, will continue to pursue accountability and protect investors from fraudulent schemes.
Source: CFTC.gov
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