BALTIMORE, MD—Maryland Attorney General Anthony G. Brown has announced a major victory against investment fraud, confirming a final judgment that orders Safeguard Metals LLC and its owner, Jeffrey Ikahn, to pay approximately $25.6 million in restitution and an equal $25.6 million civil monetary penalty, totaling $51.2 million.
The judgment, issued by the U.S. District Court for the Central District of California, stems from a nationwide fraudulent scheme that aggressively targeted elderly and retirement-aged individuals. The case was brought by the Attorney General’s Securities Division in partnership with the Commodity Futures Trading Commission (CFTC) and 30 state regulators.
“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.”
Deceptive Tactics and Massive Losses
According to court findings, the defendants operated the scheme from October 2017 through at least July 2021, soliciting approximately $68 million, mostly from retirement savings, for the purchase of precious metals, primarily silver coins.
The court found that Safeguard Metals and Ikahn systematically:
- Fraudulently overcharged customers for the precious metals they sold.
- Disseminated false and misleading information.
- Failed to communicate material facts to customers.
In Maryland alone, six victims were identified as losing approximately $350,000 to the scheme.
The final judgment follows a settlement announced in October 2023, where 30 state regulators and the CFTC agreed to a consent order finding the defendants liable for the widespread fraud. The order permanently bars Ikahn and Safeguard Metals from future violations of the Commodity Exchange Act and various state laws.
Multi-Agency Collaboration
The judgment is the result of a significant collaborative effort involving the Maryland Attorney General’s Office, the CFTC, and securities regulators from 30 states.
Additionally, the U.S. Securities and Exchange Commission (SEC) filed a parallel action against the same defendants in February 2022. Final judgments in that matter, entered in 2023 and May 2025, ordered Safeguard and Ikahn to pay disgorgement, a civil penalty, and prejudgment interest, also totaling approximately $25.6 million in disgorgement and an equal civil monetary penalty. Any amounts paid in the SEC matter will be offset against the judgment announced today.
Attorney General Brown thanked Maryland Securities Commissioner Melanie Lubin and Assistant Attorney General Max F. Brauer for their work on the case, as well as the partner state agencies, the CFTC, and the SEC for their assistance.
Photo by Sora Shimazaki from Pexels
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