Leading precious metals dealer Lear Capital recently helped the FBI thwart a sophisticated gold scheme that targeted senior citizens, according to the company’s founder Kevin DeMeritt.

The deception typically begins with victims receiving an alert on their computer that says it has been hacked; they’re urged to call a number shown on the screen.

Posing as government officials, bank representatives, or Microsoft support experts, the thieves then attempt to convince the victims to buy gold to protect their funds because their financial accounts are at risk.

When the assets arrive, the scammers press the victims to hand the gold over, promising to safely store it in a federal vault — but then disappear with it.

“Typically, thieves target older adults and will use an urgent and aggressive tone, refusing to speak to or leave a message with anyone other than their targeted victim, and will urge victims not to tell anyone else, including family, friends, or financial institutions, about what is occurring,” said Douglas A. Olson, special agent in charge of the FBI Portland field office in Oregon. “The FBI appreciates the assistance of companies, organizations, and the public in spreading this critical information to prevent others from becoming victims.”  

Lear Capital Assists With Catching Gold Thief in Oregon 

In July, the FBI’s Portland field office and the West Linn, Oregon, police department contacted Lear Capital to help halt a fraudulent scheme in which a West Linn couple had already lost approximately $279,000.

In early June, a number appeared on the husband’s computer screen with instructions to call it, according to an article published in The Chronicle.

A person who claimed to be an FBI agent named John Stryker told the man the couple’s financial assets were in danger of either being seized by hostile actors or frozen by the IRS — and asserted they would need to maintain constant contact to protect themselves.

In addition to being instructed to download a program so their computer could be taken over remotely, the impostor convinced the couple to share personal information and bank statements. They were instructed to purchase gold bars and package them in a cardboard box so an alleged agent could collect them to transport the gold to an FBI secure vault — which, according to The Chronicle, does not exist.

The couple made a wire transfer on June 17 through their bank account to buy gold bars for a total of $279,475, and, as told, the wife placed the box into the back seat of a Jeep Wrangler that pulled up outside their home on June 22.

When Stryker told them to buy another $193,000 in gold bars, the couple contacted the FBI on July 3.  

On the day the scammer had arranged to pick up the second gold purchase, shortly after the wife placed a decoy package in the back seat of the vehicle that arrived at their home, the West Linn police pulled the driver over and, working with FBI agents, arrested him. He was in custody, on a federal hold, at the Multnomah County Detention Center as of July 16, The Chronicle reported. 

Taking Steps To Protect Lear Capital Clients

Since learning about the gold fraud scheme, Lear Capital has begun personally calling customers to verify each gold bar order it receives and ensure they are not being defrauded. In collaboration with the FBI, this proactive approach has successfully prevented significant financial losses.

The company is also continuing to assist the FBI however it can and has worked with state regulators to develop a protocol for contacting customers who may have been impacted by a scam.

To help prevent customers being taken advantage of by bad actors, Lear Capital has also added a warning to its website about the fraudulent activities.

“As of July 22, 2024, Lear Capital has worked with the FBI and local law enforcement to successfully prevent approximately $8 million from falling into the hands of thieves just between May 22 and July 21,” said Kevin DeMeritt. “Protecting our customers from fraud is our top priority. We are committed to [continuing] our collaboration with law enforcement to ensure our clients’ safety.”

Other incidents have occurred, according to Lear Capital says — including one involving a Lear customer who was in her car, about to hand over gold to a group of thieves when Lear Capital’s director of sales development warned her about the elaborate scheme. The company’s intervention prevented the customer from experiencing a significant financial loss. 

Another Lear Capital customer, Slyvvis S., shared information about a similar close call in one of the Lear Capital reviews shared on the Better Business Bureau’s website.

“The Director of Sales at Lear Capital astutely detected the scheme and warned me of fraudulent activity,” Slyvvis wrote. “Her intervention prevented me from being a victim and saved me a very large sum of money. I want to emphasize that Lear Capital played no part whatsoever in the perpetration of this scheme and attempted theft. I highly recommend this company for its high standard of ethics and its dedication to customer safety and welfare." 

Sharon B., in another of the Lear Capital reviews on the Better Business Bureau’s site, said she recently worked with Lear to foil a scammer trying to gain possession of gold.

“Lear Capital supported law enforcement to assist in the capture of the scammer, receiving no compensation,” Sharon said. “We should all take investments seriously and do our homework. If you are looking for professionalism and high ethical standards, may I suggest that you start that process at Lear Capital.”