Attorney General Anthony G. Brown today announced that in a case brought by his office’s Securities Division and the Commodities Futures Trading Commission (CFTC), 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.
“Safeguard Metals defrauded elderly Marylanders by overcharging and deceiving them out of retirement savings they spent a lifetime earning,” said Attorney General Brown. “This final judgment holds Safeguard Metals accountable by securing $51.2 million in restitution and penalties, underscoring our commitment to protecting all Marylanders from investment fraud.”