Texas Gold Scam Drains Quarter Billion From Elderly Victims
A massive gold scam has drained over $250 million from more than 200 elderly victims across Texas and the nation, authorities have reported. The alleged operation involved scammers posing as bank officials who contacted seniors with urgent calls claiming their accounts or personal data were at risk of compromise.
The scammers directed victims to withdraw their savings and purchase gold bars, Bitcoin, or prepare cash for pickup by individuals pretending to be federal agents. Stolen gold and cash moved through shell companies in New Jersey before being melted into jewelry at a Florida refinery destined for overseas markets.
Proceeds were converted into cryptocurrency and transferred out of the country to conceal the trail. One Texas victim lost over $2 million in the scheme, while investigators seized more than $130 million in gold during raids on local jewelry stores.