North Texas family says father lost $2 million in "gold bar scam" targeting elderly
A North Texas family is speaking publicly for the first time about how a widespread fraud scheme wiped out their father's life savings — a scam authorities say is increasingly targeting older adults.
Robert Brown, a 78‑year‑old retired oil geologist from Little Elm, received an email last April claiming his bank account had been hacked, according to his daughter, Katie Brown. She said he was instructed to withdraw his money, convert it to gold or cryptocurrency, and hand it to a courier "for safekeeping."
Instead, she said, scammers stole more than $2 million.
"It cleaned out his retirement savings," Katie Brown said. She told CBS News Texas her father was "heartbroken" and died in November without ever recovering the money.
More victims come forward
The Collin County Sheriff's Office says Brown's case is part of a broader pattern known as the gold bar scam. Last week, authorities raided two North Texas jewelry stores believed to be connected to the scheme.
Since those raids, four additional victims have come forward, reporting a combined loss of $4.4 million, according to the sheriff's office.
How the scheme works
Investigators describe the operation as a multilayered network involving overseas call centers that initiate the fraud, local couriers who collect the gold, and jewelry stores that melt it down and resell it.
Federal authorities said Monday they shut down three call centers in India believed to be the hub of the operation, where American victims were first contacted.
The investigation is ongoing.