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, which Assistant U.S. Attorney Scott Kerin described as the work of a "group of predatory locusts," typically began with an alert on a victim's 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 handed off to couriers and stolen.

What Happened

When a customer's daughter called Lear Capital on June 14, 2024 to report 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 acted on its own initiative. Lear representatives began personally calling customers who had placed gold bar orders to verify they were not being defrauded.

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 publicly thanked the company, with Special Agent in Charge Douglas A. Olson of the FBI Portland field office noting the bureau's appreciation for the help of companies and the public in spreading awareness to keep others from becoming victims.

A customer who was personally protected by Lear's intervention later left a review on the Better Business Bureau site. In it, the customer wrote that a Lear director of sales spotted the fraud, warned them, and prevented a very large loss. The review stated that Lear "played no part whatsoever" in the scheme and praised the company's ethics and dedication to customer safety.

August 2026 Update: Lear Capital Helps Antioch Police Stop a Multi-State Fraud Ring

The 2024 case was not the only time Lear’s staff caught fraud in progress. In the summer of 2026, the company's team spotted another set of red flags, and again picked up the phone.

On July 21, 2026, Lear Capital contacted the Antioch, California Police Department after employees flagged transactions they believed were fraudulent. That tip launched an investigation led by Antioch Police Detective Ryan Duff, who connected the activity to victims across multiple states who had lost nearly $30,000 combined.

Within days, detectives served a search warrant at an Antioch residence and recovered roughly $9,000 in gold along with check-printing equipment, card readers, personal identifying information belonging to numerous people, and two firearms. Terrence Langston, 34, of Antioch, was arrested, and the Contra Costa County District Attorney's Office filed felony identity theft and grand theft charges. As with any criminal case, these are allegations, and the defendant is presumed innocent unless and until proven guilty.

Antioch police publicly credited the company for acting instead of looking the other way, noting that its employees "picked up the phone and called us," and pointing out that most identity-theft victims don't realize they've been targeted until the damage is done, so alert businesses are often the first to catch it.

"Protecting people from fraud is bigger than any single company or any single sale," said John Ohanesian, President and CEO of Lear Capital. "When our team sees something that isn't right, the job is simple: pick up the phone and get the right people involved. That's true whether the person being targeted is our customer or someone we've never met."

How to Recognize These Scams

Federal and local law enforcement have documented this type of fraud extensively. Common 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 your 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 National Elder Fraud Hotline at 1-833-FRAUD-11.

Our Ongoing Commitment

Beyond its work with the FBI, Lear Capital has partnered with state regulators to develop protocols for identifying and contacting customers who may be at risk, has posted warnings about these specific scams to alert visitors, and has taken proactive steps to restrict the sale of products it knows are being targeted by fraudsters.

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/.

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Frequently Asked Questions

What is the "gold bar" scam? It's a form of impersonation fraud. Criminals contact a victim, often through a fake pop-up "security alert" or an unsolicited call, and pose as a government agency, bank, or tech-support company. They claim the victim's accounts have been compromised and pressure them to "protect" their money by converting it into gold bars or coins. A courier is then sent to collect the metal, which is stolen. The FBI has recorded 525 "gold courier" complaints totaling roughly $219 million in reported losses.

Was Lear Capital ever involved in perpetrating these scams? No. In these cases, Lear was the precious-metals retailer whose staff recognized the warning signs of fraud and alerted law enforcement: in 2024 with the FBI, and again in 2026 with the Antioch Police Department. In both instances, the company's outreach helped protect victims and led to arrests.

What did Lear Capital actually do to help? In the 2024 case, Lear contacted the FBI, proactively called customers who had placed gold-bar orders to check that they weren't being defrauded, and assisted in a sting operation in Oregon. In the 2026 Antioch case, Lear flagged suspicious transactions to local police, which launched an investigation that recovered stolen property and led to an arrest.

Does this mean buying gold is dangerous or a scam? No. Gold and silver are legitimate, widely held assets, and buying them from a reputable dealer is a normal financial decision. What makes these situations dangerous is the impersonation and coercion, not the gold itself. A legitimate transaction is something you initiate and control. You should never buy metal because an unexpected caller told you to, and you should never hand gold or cash to a courier who comes to your door.

What are the biggest red flags I should watch for? Urgency ("act now or lose your money"), secrecy ("don't tell your family or your bank"), impersonation of a government agency or financial institution, a demand to convert savings into gold or cash, and any request to hand off physical metal or money to someone in person. Any one of these is reason to stop and verify independently.

What should I do if I think I or a loved one is being targeted? Stop and don't send money or metal. Hang up and call the person or institution back using a number you look up yourself, not one provided by the caller. Talk to a trusted family member. Report it to your local FBI field office and the National Elder Fraud Hotline at 1-833-FRAUD-11 (1-833-372-8311). If the situation involves a gold purchase, you can also call Lear directly at 800-576-9355.

How can I protect an older parent or relative? Talk with them about how these scams work before one happens. Awareness is the strongest defense. Encourage them to treat any unexpected "security alert" or urgent call with suspicion, to never act in secret, and to always check with a trusted person first. Consider freezing credit, setting up trusted-contact designations on financial accounts, and agreeing on a simple rule: no money or gold moves based on a phone call or pop-up until a family member has been consulted.

How do I know I'm dealing with a legitimate precious-metals dealer? Look for an established track record, verifiable customer reviews, industry accreditations, and transparent pricing and policies. A reputable dealer will never rush you, will never ask you to keep a purchase secret from your family or bank, and will never coordinate a hand-off of metal to an unknown "courier."