*FOR IMMEDIATE RELEASE FROM THE* *WASHINGTON DEPARTMENT OF FINANCIAL INSTITUTIONS*

*Friday, Nov. 21, 2025**
**CONTACT*:
Lyn Peters, DFI Director of Communications
PH 360-902-8731, [email protected]

Faith Anderson, DFI Acting Director of Division of Securities
PH 360-902-8760, [email protected]

*DFI and 29 other states join CFTC in securing final judgment including $25.6 million restitution against precious metals firm that defrauded elderly adults *

Final judgment against Safeguard Metals LLC and Jeffrey Ikahn shows state and federal regulatory commitment to protecting seniors from investment fraud

Olympia – The Washington State Department of Financial Institutions (DFI) is pleased to announce a final judgement in the case against Safeguard Metals LLC and its owner Jeffrey Ikahn. The U.S. District Court for the Central District of California has entered a final judgment [ [link removed] ] imposing approximately $25.6 million in restitution and an equal civil monetary penalty against the metals firm and owner for operating a fraudulent scheme targeting elderly and retirement-aged individuals. The average amount owed to individual Washingtonians who were impacted is expected to be approximately $56,888.

The judgment stems from a fraudulent scheme conducted by the defendants from October 2017 through at least July 2021. On Oct. 25, 2023, 30 state regulators and the Commodity Futures Trading Commission (CFTC) announced a settlement [ [link removed] ] with the defendants through a consent order that found the defendants liable for conducting a nationwide scheme. The consent order also orders the defendants to never again violate the Commodity Exchange Act, or state laws and regulations outlined in the complaint.

“The court’s final judgment in this matter provides meaningful restitution to investors harmed by this fraudulent action and it reinforces that DFI will take decisive action to protect investors, especially those in vulnerable communities,” DFI Director Charlie Clark said. “I want to thank the many other state regulators and the CFTC for their dedication and hard work.”

According to the court’s findings, the defendants solicited approximately $68 million, the majority of which was retirement savings, from at least 450 persons (an estimated 28 from Washington State) for the purpose of purchasing precious metals, primarily consisting of silver coins. The court found that defendants systematically and widely disseminated false and misleading information and failed to communicate material facts to customers and fraudulently overcharged Safeguard Metals’ customers for the precious metals they sold.

“This outcome is an important reminder that state securities regulators play a critical role in fighting investment fraud in all forms,” Clark said.

The U.S. Securities and Exchange Commission (SEC) filed a parallel action against the same defendants in February 2022. The court entered partial judgments by consent in 2023 and in May 2025 ordered Safeguard and Ikahn to pay approximately $25.6 million from their ill-gotten profits, an equal civil monetary penalty, and prejudgment interest. Any amounts paid in the SEC action will reduce judgment amounts in this settlement. Any amounts paid in this settlement will reduce the judgement amounts in the SEC action.

The case was brought by Washington’s DFI in partnership with state regulators from Alabama, Arizona, Arkansas, California, Connecticut, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kentucky, Maryland, Michigan, Mississippi, Missouri, Nebraska, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, South Carolina, South Dakota, Tennessee, Utah, Vermont, and Wisconsin and the CFTC.

Before giving anyone your hard-earned money, DFI encourages you to ask questions and verify answers to make sure you are investing with a licensed professional and understand what you are buying.


* Learn more about how to identify, prevent and report financial fraud at wa.gov/10B [ [link removed] ].
* Verify the license [ [link removed] ] of financial professionals.
* Verify the product [ [link removed] ] being sold.
* Research whether others have filed complaints against the company or product.
* Visit DFI’s Investment Scam Tracker [ [link removed] ] to learn more about investment frauds.
* Visit DFI’s Consumer Alerts [ [link removed] ] page to learn more about potential scams.

* If you think you may have been scammed, file a complaint [ [link removed] ].

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*About DFI* ▪ www.dfi.wa.gov [ [link removed] ] ▪ 360-902-8700 ▪ 877-RINGDFI (746-4334)
The Washington State Department of Financial Institutions regulates a variety of financial service providers such as banks, credit unions, mortgage brokers, consumer loan companies, payday lenders and securities brokers and dealers. The department also works to improve financial education throughout Washington through its outreach programs and online clearinghouse www.dfi.wa.gov/financial-education [ [link removed] ]. In addition to posting information about licensees and administrative actions, DFI uses the Web and social media to provide financial education information: [link removed] ■ www.instagram.com/wastatedfi/ [ [link removed] ] ■ [link removed] ■ [link removed] ■ [link removed] ■ www.homeownership.wa.gov [ [link removed] ] ■ www.linkedin.com/company/state-of-washington-department-of-financial-institutions/ [ [link removed] ] ■ [link removed]

*About the Division of Securities* ▪ www.dfi.wa.gov/securities [ [link removed] ] ▪ 360-902-8760 ▪ 877-746-4334
The Division of Securities regulates securities investments, franchises, business opportunities, and off-exchange commodities sold in Washington and the firms and individuals that sell these products or provide investment advice. The Division handles complaints, conducts investigations, and takes appropriate enforcement actions to protect investors and combat fraud.

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