Precious Metals Regulator Actions (2026): What Federal and State Cases Reveal
Major enforcement cases, from official .gov sources, and the patterns they share.
On This Page
- Why These Cases Matter
- Metals.com (2020)
- Safeguard Metals (2022 to 2025)
- Red Rock Secured (2023)
- Crown Bullion and Bright Future (2023)
- Regal Assets (2023)
- Lear Capital (2022 and 2023)
- The Warning Signs These Cases Share
- Choosing a Company With a Clean Approach
- How to Report a Problem
- Frequently Asked Questions
Why These Cases Matter
Most precious metals dealers aren't fraudulent, but regulators have brought a string of major cases against dealers that targeted retirement savers. Reading what was alleged is one of the best ways to recognize the warning signs. Every case below comes from an official government source. Allegations in complaints are not findings unless a court or settlement says so.
| Year | Company | Regulators | What Was Alleged or Found |
|---|---|---|---|
| 2020 | Metals.com (TMTE) and Barrick Capital | CFTC and 30 states | $185 million scheme selling overpriced bullion to elderly people |
| 2022 | Lear Capital | New York Attorney General | $6 million settlement over undisclosed commissions |
| 2022 to 2025 | Safeguard Metals | CFTC, SEC and 30 states | About $68 million from 450+ customers; undisclosed markups; $25.6M restitution ordered |
| 2023 | Red Rock Secured | CFTC, SEC, California, Hawaii | $61.8 million scheme with markups of about 100% to 130% |
| 2023 | Crown Bullion, Bright Future (Oakhurst Metals) | CFTC | More than $7 million from 100+ people; most misappropriated |
| 2023 | Regal Assets | CFTC and California DFPI | More than $21 million misappropriated, mostly retirement savings |
| 2023 | Lear Capital bankruptcy | Multistate group | $5.5 million distribution to buyers |
Metals.com (2020)
The CFTC and 30 state regulators charged TMTE, Inc. (doing business as Metals.com), Chase Metals, Barrick Capital and their principals with a $185 million scheme that targeted elderly people nationwide with fraudulently overpriced gold and silver bullion. The defendants were all located in Los Angeles.
Safeguard Metals (2022 to 2025)
In February 2022 the CFTC and 30 states sued Safeguard Metals and Jeffrey Ikahn. A consent order found the defendants liable for a scheme that took about $68 million from more than 450 customers, most elderly or retirement-aged, using false claims about traditional retirement investments and undisclosed markups on silver coins. In November 2025, the CFTC announced a final judgment ordering $25.6 million in restitution and a $25.6 million penalty. A separate SEC case reached matching amounts, with payments offsetting.
Red Rock Secured (2023)
The CFTC, California and Hawaii alleged that Red Rock Secured took $61.8 million from more than 950 customers, many using IRAs and the Thrift Savings Plan, selling coins at markups of about 100% to 130% while claiming much lower ones. Read our Red Rock Secured review.
Crown Bullion and Bright Future (2023)
The CFTC alleged that a Dallas-based dealer and two companies received more than $7 million from over 100 mainly elderly and retirement-aged people through self-directed IRAs since March 2018, and misappropriated most of it.
Regal Assets (2023)
The CFTC and California DFPI alleged that Regal Assets misappropriated more than $21 million, mostly from retirement accounts. Read our Regal Assets review.
Lear Capital (2022 and 2023)
The New York Attorney General secured $6 million from Lear Capital in 2022 over commissions it failed to disclose. In 2023, a multistate group announced a $5.5 million distribution to buyers through Lear's bankruptcy. Read our Lear Capital review.
The Warning Signs These Cases Share
- Fear about traditional retirement accounts used to push a fast rollover.
- Premium or "exclusive" coins with markups far above bullion.
- Misstated markups or "discounts" and "bonuses."
- Targeting older savers and retirement accounts.
- Metals not delivered or funds used for other purposes.
The CFTC's 10 things to ask before buying physical gold or silver is a good checklist. See also our guide to gold IRA scams.
Choosing a Company With a Clean Approach
Look for companies that publish fees, discuss spreads and buyback bids, and favor bullion. Our top pick, Augusta Precious Metals, offers a free guide to dealer tactics. Our budget pick Noble Gold starts at $20,000.
How to Report a Problem
- Keep invoices, statements and call notes.
- Contact your custodian to confirm holdings.
- File a tip with the CFTC.
- Contact your state securities regulator.
- Avoid paid "recovery" services.
Frequently Asked Questions
Who Regulates Precious Metals Dealers?
The CFTC can act against fraud in precious metals, alongside the SEC and state securities regulators in some cases.
What Is the Most Common Fraud?
Selling coins at undisclosed markups, often to retirement savers.
Will Victims Get Money Back?
Courts may order restitution, but the CFTC notes repayment may not recover all funds.
How Do I Check a Dealer?
Search CFTC, SEC and state regulator press releases for the company name.
Precious metals prices can fall as well as rise, and a gold IRA carries setup, custody and storage fees. This page is general information, not financial, tax or legal advice. Consider speaking with a licensed financial professional before moving retirement savings.
Learn the Tactics to Avoid
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