How Lear Capital Helped the FBI Shut Down a Nationwide Gold Bar Scam

In June 2024, Lear Capital played a direct role in helping the FBI disrupt a sophisticated, nationwide fraud operation targeting elderly Americans. The scheme — described by an Assistant U.S. Attorney as the work of a "group of predatory locusts" — targeted victims through an alert on their computer claiming it had been hacked. Scammers posing as government officials, bank representatives, or tech support agents then convinced victims that their financial accounts were at risk and urged them to convert their savings into gold bars for "safekeeping."

The gold was then stolen by couriers dispatched to collect it.

What Happened

When a customer's daughter called Lear Capital on June 14, 2024 to alert Lear that her father had become entangled in one of these schemes, Lear Founder Kevin DeMeritt contacted the FBI immediately. That call set off a chain of events that ultimately led to arrests and the protection of approximately $8 million in customer assets.

What Lear Did

Once Lear understood the scope of the scheme, the company sprung into action didn't wait. Lear representatives began personally calling customers who had placed gold bar orders to verify they were not being defrauded. Lear took this step on its own initiative, before being asked.

When the FBI's Portland field office and the West Linn, Oregon police department contacted Lear for help with a specific case involving a couple being directed to purchase $193,000 in gold bars, Lear assisted the FBI in running a sting operation that resulted in the arrest of at least one suspect.

"The FBI appreciates the assistance of companies, organizations, and the public in spreading this critical information to prevent others from becoming victims," said Douglas A. Olson, Special Agent in Charge of the FBI Portland field office.

One customer who was personally protected by Lear Capital's intervention wrote on the Better Business Bureau site: "The Director of Sales at Lear Capital astutely detected the scheme and warned me of fraudulent activity. 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."

How to Recognize This Scam

The FBI has documented this type of fraud extensively. According to law enforcement, warning signs include:

• An unsolicited computer alert urging you to call a support number
• Someone claiming to be a government official, bank representative, or tech support agent telling you your accounts are at risk
• An urgent request to convert savings into gold or cash for "protection"
• Instructions not to tell family, friends, or your financial institution what is happening
• A courier arriving to pick up gold or cash in person

If any of these situations arise, do not comply. Hang up, call a trusted family member, and contact your local FBI field office or the DOJ Elder Justice hotline at 1-833-FRAUD-11.

Our Ongoing Commitment

Beyond its work with the FBI, Lear Capital has partnered with state regulators to develop formal protocols for identifying and contacting customers who may be at risk. Lear displayed warnings about this specific scam on its website to alert visitors and took proactive steps to restrict the sale of products it knew were being targeted by fraudsters.

"Twenty-nine years in this industry has taught us that our customers' trust is not a given. It is earned transaction by transaction, and this is how we earn it," DeMeritt said

If you have questions about a purchase or are concerned that you or a loved one may have been targeted by a scheme involving gold, call Lear directly at 800-576-9355.

For more information about Lear Capital's services, visit https://www.learcapital.com/about-lear-capital/.