TBA Law Blog


Posted by: Stacey Shrader Joslin on Feb 2, 2022

The Tennessee Attorney General’s Office and the Tennessee Department of Commerce & Insurance are participating in a consolidated enforcement action to stop a fraudulent precious metals scheme that resulted in solicitations exceeding $68 million from at least 450 investors across the country. The state entities have joined a complaint filed by the U.S. Commodity Futures Trading Commission and 26 other state regulators to file a complaint in the U.S. District Court for the Central District of California. The suit alleges that Safeguard Metals and Jeffrey Santulan, aka Jeffrey Hill, solicited investors nationwide by touting precious metals at grossly inflated prices that were not disclosed. In Tennessee, nine investors were defrauded out of $2.1 million.