Two Boulder residents lost approximately $700,000 in gold bars after scammers convinced them that their financial accounts were tied to fraud or criminal activity and that converting their savings into gold would protect the money.
One victim, a Boulder woman, lost about $200,000 after people posing as Apple and Federal Trade Commission representatives persuaded her to liquidate her life savings. A second victim lost roughly $500,000 after scammers impersonated Geek Squad, Best Buy, the IRS and other organizations.
In both cases, victims purchased gold and turned it over to couriers presented as people connected to the supposed investigations. The Boulder Police Department is now seeking information about a man connected to the fraud investigation and has released a composite sketch and images of a vehicle.
The second victim was later targeted again. Police say another fraudulent Geek Squad invoice led him to withdraw $20,000, ship $18,000 in cash through UPS and deposit the remaining $2,000 into a Bitcoin ATM.
A Fake Apple Warning Led to $200,000 in Gold
The first case began in May when a Boulder woman was contacted by someone pretending to represent Apple and warning her about a fraudulent purchase.
She was then convinced she was speaking with an FTC agent. The scammers claimed her financial accounts had been compromised and that charges originating from her account were connected to illicit activity.
Police say the woman was instructed to liquidate her life savings and purchase approximately $200,000 in gold bars. She eventually handed the gold to a man presented as an “undercover agent” with the FTC.
Police Released a Description of the Man Who Collected the Gold
Surveillance footage places the handoff at approximately 10:30 a.m. on June 2 in the Iris-area Safeway parking lot at 3325 28th Street.
Police described the suspect as an Asian man approximately 25 to 35 years old, between 5 feet 8 inches and 5 feet 9 inches tall, with a slight build and thick, wavy black hair approximately two to three inches long.
The suspect and suspected driver used the name “Jason.” Police say he also supplied a four-digit “passcode” corresponding to the victim’s date of birth.
Investigators released images of a silver or gray, possibly blue-gray, Hyundai Ioniq 5 seen in the area. The vehicle had no front license plate, sunroof or roof rails. Police said the plate may have been obscured or temporary.
An $800 Geek Squad Invoice Turned Into a $500,000 Gold Loss
The second case began in June when a Boulder man received an email that appeared to come from Geek Squad or Best Buy concerning an $800 invoice.
When he attempted to cancel the charge online, the scammers claimed the amount had somehow changed to $80,000 and told him he was involved in a money-laundering investigation that could expose him to serious IRS penalties.
Over the following weeks, a man identifying himself as “Ron Bulton” repeatedly contacted the victim and claimed he had connections with the IRS that could resolve the problem.
Police say the victim was instructed to liquidate retirement funds and purchase gold before the government supposedly seized his assets.
Passwords, Fake Letters and Secrecy Kept the Story Going
The scammers used several layers of apparent verification to make the supposed investigation seem legitimate. According to Boulder police, they supplied passwords, fraudulent letters and detailed instructions. They also warned the victim not to discuss the situation with family members, bank employees or other people.
The man purchased gold on multiple occasions. Couriers collected the bars either at his home or during meetings in parking lots. Police described the couriers as two Asian men and a white woman driving a white or cream-colored Toyota SUV. One of the men identified himself as “Alex.”
The Same Victim Was Targeted Again for Another $20,000
After losing approximately $500,000 in gold, the second victim was targeted in another scam involving a fraudulent Geek Squad invoice. This time, he was instructed to withdraw $20,000 in cash.
Police say he sent $18,000 to an address in New Jersey through UPS and deposited the remaining $2,000 into a Bitcoin ATM using a QR code supplied by the scammers.
Boulder police warn that people who have already lost money or valuables to fraud may be targeted again, including by scammers offering to resolve the original problem or recover what was lost.
No Government Agency Will Collect Gold for ‘Safekeeping’
The Federal Trade Commission warns that scammers may claim a bank account, computer or identity has been compromised or connected to crimes, then pose as government officials and instruct the victim to buy gold, withdraw cash or move money to supposedly protect it. The FTC says government officials will never tell someone to purchase gold bars and give them to another person, move savings into a “secure government” account or hand cash to a courier for safekeeping.
Anyone receiving that instruction should stop communicating with the caller and independently contact the bank, company or government agency through contact information obtained from an official source. Do not use a phone number or link supplied by the person making the threat.
Anyone who has already purchased gold but has not yet handed it over should contact local police before meeting a courier. If money or valuables have already been transferred, notify law enforcement and the financial institutions involved immediately and preserve messages, letters, phone numbers, receipts, cryptocurrency transaction details and descriptions of couriers or vehicles.
Boulder police are asking anyone with information about these cases to contact Investigation Specialist Alex Graber at grabera@bouldercolorado.gov or Detective Sharon Ramos at ramoss@bouldercolorado.gov and reference case numbers 2604753 or 2605840.