Attorney General Lynn Fitch and Secretary of State Michael Watson announced that Safeguard Metals LLC and its owner, Jeffrey Santulan, also known as Jeffrey Ikahn or Jeffrey Hill, have been ordered to pay more than $51 million in restitution and civil penalties for defrauding investors across the country. The action was brought in partnership with the U.S. Commodity Futures Trading Commission and 29 other states.

State officials said six Mississippians lost nearly $892,000 in the scheme. Secretary Watson also issued an order barring Ikahn from any position of employment, management, or control of any investment adviser, broker-dealer, or commodity adviser in Mississippi.

The final judgment follows an October 2023 court finding that Safeguard Metals used aggressive sales tactics to pressu

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