JACKSON, Miss. (WJTV) – On Wednesday, Secretary of State Michael Watson (R-Miss.) and Attorney General Lynn Fitch (R-Miss.) announced a settlement has been reached with precious metals dealer Safeguard Metals, LLC and Jeffrey Ikahn in a federal lawsuit filed in February 2022.

The lawsuit alleged Safeguard and Ikahn engaged in a $68 million fraudulent scheme which targeted the elderly.

In Mississippi, officials said six investors were defrauded out of nearly $892,000 in the execution of this national scheme.

“Mississippians should be able to invest their hard-earned money without worry,” said Watson. “I am incredibly proud of our Securities team for being an integral part of this enforcement action and for taking action on behalf of the people of this state. Our office will continue to work to protect all Mississippians.”

As part of the court approved settlement, Safeguard and Ikahn agreed to a permanent injunction which enjoins them from violating several federal and state laws including laws prohibiting commodities fraud, securities and investment adviser fraud, and providing unlicensed investment advice.

In addition, Ikahn agreed to an order barring him from any position of employment, management, or control of any investment adviser, broker-dealer, or commodity adviser in Mississippi.