Reno Police Warn Of Fake Gold Bar Scam
Source: City of Reno
May 11, 2008 - 12:04:43 PM
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Reno Police detectives are investigating a fraudulent scheme in which a Reno woman spent thousands of dollars on what she believed was a real gold bar only to discover it was fake.
Posted Date: 5/9/2008
A Reno woman spent thousands of dollars on what she believed was a real gold bar only to discover it was fake.
Detectives in the Reno Police Department’s Financial Crimes Unit say the elaborate scam that took place while the woman was shopping in a store on Northtowne Lane on May 5 is similar to other gold bar fraud schemes that have been reported in many parts of the nation, and in many cases targeting Hispanic members of the community.
Reno detectives say the victim, who is Hispanic, was approached by an older Hispanic man who asked if she knew of a female doctor with an office in the area and showed her the alleged doctor’s name on a piece of paper. The suspect then relayed a story about an uncle being beaten and robbed in Reno.
According to detectives a second, younger Hispanic male suspect then walked by and was asked by the older man if he knew of the doctor. The younger suspect said he did not know of the doctor and that he was on break from his job with a local insurance company.
The older suspect then related a story about his uncle’s beating indicating the suspects in that incident had dropped their bag when running away and that police had recently released the bag and contents of gold bars to him. He then said that he needed to sell the gold bars for cash to pay for his uncle’s hospital treatment.
The younger suspect said he had a friend who worked nearby who could put a value on the gold bar then gave his wallet to the older suspect as a sign of good faith that he would return with cash from sale of the gold bar or would bring the gold bar back. After approximately 15 minutes the younger suspect returned with an envelope filled with bills he said amounted to $15,000.00 for sale of the gold bar to his friend who he reported would be happy to purchase any other gold bars for $17,000.00 each.
The older suspect then offered to sell a gold bar to the victim and the younger suspect for $10,000.00 each because he needed cash quickly and had to return to his job at an unnamed ranch immediately, which would give them a $7,000.00 profit when she sold the gold bar later. The victim was convinced to withdraw funds from her bank account and obtain other money on hand at her residence and return to pay for the gold bar.
After she returned to the store and paid the older suspect $10,000.00 and obtained the gold bar, the younger suspect told her to meet him later at the store and they would go to his friend’s location and sell their gold bars together. When she returned home and showed the gold bar she was told by her husband that it didn’t appear to be gold, and they went to a local jewelry store which confirmed that the gold bar was another metal with a gold colored coating.
When she returned for the planned meeting at the store where she met the suspects, the younger suspect did not show up as planned.
Detectives are asking anyone who has information about this or similar incidents or the identities of the suspects, to contact them at (775) 334-2115, or the Secret Witness Program at (775) 322-4900.
Reno police say if something sounds too good to be true, it probably is and should be avoided, and suggest the following to help keep from becoming a victim of fraud:
---Do not become involved in unsolicited financial “bargains,” get-rich quick schemes or other deals offered by people with whom you are not familiar.
---Be aware that con artists will use emotional appeals to play on sympathies by talking about family members they say have medical situations they don’t have the money to pay for.
---Be aware that those involved in fraud activities often work in teams that can include both male and female members.
---Research the situation and the individuals involved before making any kind of financial commitment. Make sure you know exactly with whom you are dealing.
---Do not be fooled by documents that appear to certify an offer or are testimonials from people with whom you are not familiar.
---Do not disclose personal or financial information.
---Never be pressured into agreeing to an immediate purchase, or going to a bank or other location to retrieve your money, and never withdraw large sums of cash from the bank, especially at the urging of the people trying to make a deal.
Suspect #1: Hispanic male, approximately 63 years of age; 5- feet 2-inches tall, approximately 175 pounds; last seen wearing a black baseball cap, red checked shirt, blue jeans and grey tennis shoes.
Suspect #2: Hispanic, light skinned male, approximately 35 years of age; 6-feet tall; last seen wearing a tan or cream-colored t-shirt and tan or khaki slacks, with sun glasses worn on top of his head.
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