Lear Capital Assists FBI in Disrupting Nationwide Gold Theft Ring

Los Angeles gold dealer provided key information to law enforcement, helped save customers millions of dollars.

LOS ANGELES, July 30, 2024 /PRNewswire/ -- Lear Capital, a leading precious metals dealer, played a crucial role in helping the FBI protect customers and foil a sophisticated gold scheme. On June 14, 2024, a customer's daughter alerted Lear Capital about her father's involvement in a fraud scheme under FBI investigation.

Founder and Chairman Kevin DeMeritt took the initiative and alerted the FBI immediately.

Assistant U.S. Attorney Scott Kerin described the alleged thieves in an interview with The Chronicle as a "group of predatory locusts" who target elderly citizens.

Like something out of a movie, the scheme begins with an alert on the user's computer claiming the computer has been hacked and urges the user to call a number on the screen. Thieves pose as government officials, bank representatives, or Microsoft support experts, convincing victims that their financial accounts are at risk. They urge victims to buy gold to protect their funds. When the gold arrives, the thieves persuade victims to hand it over for "safekeeping" in a federal vault, never to be seen again.

When Lear Capital learned about the fraud, the Los Angeles precious metals dealer began verifying each gold bar order by personally calling customers to ensure they were not being defrauded. In collaboration with the FBI, this proactive approach successfully prevented significant financial losses.

"Typically, thieves target older adults and will use an urgent and aggressive tone, refusing to speak to or leave a message with anyone other than their targeted victim, and will urge victims not to tell anyone else, including family, friends, or financial institutions, about what is occurring," said Douglas A. Olson, special agent in charge of the FBI Portland field office in Oregon. "The FBI appreciates the assistance of companies, organizations, and the public in spreading this critical information to prevent others from becoming victims." 

In addition to continuing to assist the FBI in any way they can, Lear Capital has worked with state regulators to develop a protocol for contacting customers who may have been impacted. Additionally, it has put a warning on its website about the scam as a preventive measure—and with thieves on the rise, Lear Capital is invested in protecting its clients.

One notable incident involved a customer who was about to hand over gold to the thieves. Katya Askar, Lear Capital's director of sales development, warned the customer of the elaborate scheme, who admitted she was in her car, gold in hand, ready to meet them. This intervention prevented a significant financial loss.

Another customer shared their experience on BBB, writing, "I recently had a close call with a scheme involving the purchase of gold. The Director of Sales at Lear Capital astutely detected the scheme and warned me of fraudulent activity. Her intervention prevented me from being a victim and saved me a very large sum of money. I want to emphasize that Lear Capital played no part whatsoever in the perpetration of this scheme and attempted theft. I highly recommend this company for its high standard of ethics and its dedication to customer safety and welfare."

Recently, the FBI's Portland office and the West Linn, Oregon, police department contacted Lear Capital for help with a couple involved in the fraudulent scheme. The couple had been directed by someone impersonating a federal agent to buy another $193,000 in gold bars.

With Lear Capital's assistance, the FBI and West Linn police were able to intervene early and arrest the suspect.

"As of July 22, 2024, Lear Capital has worked with the FBI and local law enforcement to successfully prevent approximately $8 million from falling into the hands of thieves just between May 22 and July 21," said Kevin DeMeritt, founder of Lear Capital. "Protecting our customers from fraud is our top priority. We are committed to continue our collaboration with law enforcement to ensure our clients' safety."

About Lear Capital

Founded in 1997 by precious metal expert and analyst Kevin DeMeritt, Lear Capital offers investors the chance to diversify their portfolios with unique approaches to purchasing precious metals, including gold and silver individual retirement accounts. Employing a team dedicated to providing investors with real-time information and pricing on gold, silver, platinum, and palladium, Lear Capital is uniquely positioned to offer investors the convenience of online capabilities with the expertise and support of a brick-and-mortar institution. To date, the team has handled more than $3 billion in trusted transactions.

For more information, please visit www.learcapital.com or contact:

Matt Konigsmark, Chief Marketing Officer
(310) 571-0190 Ext. 1299 Cell (504) 919-1162
[email protected]

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SOURCE Lear Capital