A 67-year-old man in Manhattan lost gold bars valued at $9 million after falling for an elaborate scheme that began with a fake security alert on his computer last March. The fraudsters convinced him his bank accounts had been compromised and urged him to convert his savings into physical gold for safekeeping.
Following their instructions, he purchased the bullion and handed it over to an individual claiming to be an agent on April 16, 2025, in the Upper West Side. The exchange happened in broad daylight, and the victim never saw his money again.
Police released surveillance images of a suspect on November 11, 2026, but leads remain scarce.
This case is hardly isolated. Since August 2026, authorities have logged more than 100 similar gold bar scams across the city, with combined losses topping $100 million. The pattern targets older adults almost exclusively.
Investigators stress that legitimate banks and government agencies never request asset conversion into gold. Anyone with information should call 1-800-577-TIPS. The department hopes public awareness will slow the tide.
