The Brief
- Six people were arrested for an organized “gold bar” scam that defrauded elderly Texas residents of approximately $2.8 million.
- Scammers posed as federal employees, convincing victims to convert their savings into gold coins to “protect” compromised accounts.
- The investigation remains ongoing, with authorities tracing connections to additional victims and potential leads outside the United States.
HOUSTON – Six people have been arrested in connection with an organized “gold bar” scam that authorities say defrauded at least six elderly victims across Texas, for about $2.8 million.
One of the victims included an 81-year-old Friendswood resident, who lost $766,000 before most of the money was recovered.
Texas gold bar scam targeted elderly
What we know:
The Friendswood Police Department said the investigation began in December 2025 after the 81-year-old victim was persuaded to convert $766,000 into 177 one-ounce Canadian Gold Maple Leaf coins.
According to police, a scammer posing as a federal employee told the victim their financial accounts had been compromised and instructed them to purchase gold to “protect” their assets.
Police uncover multi-million dollar fraud operation
Local perspective:…