Residents in Maryland Warned of Gold Bar Scam

Montgomery County law enforcement has issued a stark warning regarding a sophisticated gold bar scam that has reportedly drained the life savings of local residents, particularly targeting senior citizens. Scammers impersonate federal agents, using cold calls and deceptive online ads to lure victims into converting their money into gold bars. Once convinced, victims are instructed to meet with individuals posing as federal agents to hand over their gold for "safekeeping" at the U.S. Department of Treasury. FBI Special Agent in Charge Bill DelBagno emphasized that legitimate law enforcement agencies will never contact individuals by phone with threats of arrest or requests for cash or gold. The emotional and financial toll on victims has been severe, with many losing their homes and sense of security. So far, seven victims aged between 61 and 94 have been identified, with five suspects charged in connection to the scam. Detective Sean Petty from the Montgomery County Police Department reported that approximately $6.3 million in gold bars has been stolen, with estimates suggesting that the total number of victims could reach 20, resulting in even greater financial losses. The suspects are currently being held without bond after being deemed flight risks by a judge. Investigators have expressed concern that the stolen funds are unlikely to be recovered. Petty stated that while arrests have been made, the priority remains on preventing further losses from similar scams, including cash pickups and cryptocurrency fraud.