Oregon and 29 Other State Regulators Settle $68 Million Silver Scam

The Oregon Division of Financial Regulation, in partnership with the U.S. Commodity Futures Trading Commission and 29 other state regulators, announced last week it had reached a settlement with California-based Safeguard Metals LLC and its owner Jeffrey Ikahn in a federal lawsuit alleging they operated a fraudulent, $68 million silver coin scam in 30 states, including Oregon.

The lawsuit, filed in the U.S. District Court for the Central District of California in February 2022 alleged that between October 2017 and July 2021, Safeguard and Ikahn deceived 450 elderly and retirement-age customers with false and misleading statements over the value of its silver coins.

In Oregon, Safeguard and Ikahn had 11 investors, with investments totaling $2.3 million.

Read the source article at Oregon Business