A Wisconsin retiree has lost more than $400,000 of her retirement savings in a fraud scheme involving gold coins and cryptocurrency, according to local authorities.
The victim, identified as Mary, initially encountered a pop-up displaying her financial advisor's logo that locked her computer. Callers then posed as representatives of her investment company, the sheriff's office, the FBI, and the Federal Trade Commission, claiming her account had been compromised.
The scammers told her she was a suspect in weapons dealing and money laundering. Over three months, she was instructed to purchase gold coins, Bitcoin, and gift cards totaling hundreds of thousands of dollars.
Gold Purchase and Courier Pickup
Mary spent $131,208 on 24 gold coins. An imposter posing as a Better Business Bureau representative arranged for a courier to collect the coins from her in a fast food parking lot.
Warning Signs Ignored
Despite red flags from financial institutions, the fraud continued. Employees at her bank and the gold seller questioned the large cash withdrawals, but Mary continued making withdrawals using various explanations.
The scam ended when she called the supposed Better Business Bureau contact and discovered the number had been disconnected.
Lisa Schiller of the Wisconsin Better Business Bureau stated: "The extent was unprecedented. I mean, this is probably the largest amount of money loss that we've had reported in one single scam."
Local police say the investigation is ongoing with no arrests made. Robin Jacobs of the Wisconsin Department of Financial Institutions advised: "Hang up your phone or shut down your computer, because once you engage with them, you go down the rabbit hole with them and it's very hard to disengage at that point, psychologically."
