Boulder police warn about $700,000 gold bar scam, search for suspect

The Boulder Police Department is issuing a warning about a gold bar scam as investigators search for the suspect. Investigators said fraud involving gold bars valued at $700,000 is at the center of the scam.

Detectives said it began in May when a Boulder woman was defrauded of about $200,000 worth of gold bars. The victim told police she was contacted by someone pretending to be with Apple, saying they had concerns about a fraudulent purchase. She became convinced that she was speaking with an agent from the Federal Trade Commission. The suspects told her that her financial accounts were jeopardized and that other charges originating from her account were involved with illicit activity. She was instructed to liquidate her life savings and purchase gold bars, which she then turned over to an "undercover agent" with the FTC. 

Police said the handoff happened at 10:30 a.m. on June 2 in the Safeway parking lot, located at 3325 28th Street in Boulder. Detectives believe they have identified the suspect vehicle as a silver or grey, possibly blue-grey, Hyundai Ioniq 5. The vehicle had no front license plate or the plate may have been obscured due to the washed-out quality of the surveillance video. 

The suspect went by the name "Jason" and investigators believe he may have used the same name with other victims. He also provided a four-digit "passcode" that corresponded to the victim's date of birth. Investigators said he has been described as an Asian male, 25 to 35 years old, between 5-foot-8 and 5-foot-9 tall, with a slight build, and thick, wavy black hair that stood up straight, approximately two to three inches long. 

Detectives are also investigating another case where a Boulder man was defrauded of approximately $500,000 in gold bars in June. The scam began when the victim received an email appearing to be from Geek Squad or Best Buy regarding an $800 invoice. When the victim tried to cancel the invoice online, the suspects told him the amount had changed to $80,000 and falsely claimed he was involved in a money-laundering investigation. The suspects told the victim he could face significant penalties from the IRS. 

Investigators said over the following weeks, a suspect identifying himself as "Ron Bulton" repeatedly contacted the victim and claimed he had connections with the IRS that could resolve the situation. The victim was instructed to liquidate retirement funds and purchase gold to keep the IRS from seizing his assets. 

The victim purchased gold on multiple occasions, which was then collected by couriers who came to his residence or met him in the parking lot. The couriers included two Asian males and a white female driving a white or cream-colored Toyota SUV. One of the males identified himself as "Alex." The victim was told not to discuss the situation with family members, bank employees or anyone else. 

The same victim was targeted in another scam involving a fraudulent Geek Squad invoice where he was instructed to withdraw $20,000 in cash and send $18,000 to an address in New Jersey through UPS and deposit the remaining $2,000 into a Bitcoin ATM using a QR code provided by the suspects. 

Detectives said the scams are sophisticated and the suspects work hard to create a sense of urgency and fear. They convince the victims that their money or assets are in immediate danger and that transferring those assets is the only way to protect themselves. 

The Boulder Police Department has issued this statement: No federal, state, local law enforcement agency, or any other government agency, will ever demand payment in gold bars, cryptocurrency, cash, or gift cards. Law enforcement will also never instruct you to transfer your money or valuables to someone for "safekeeping" as part of an investigation.

Anyone who believes they have been targeted by a scam should stop communicating with the suspect and immediately contact their local law enforcement agency and financial institution, according to investigators. 

Anyone with information about the case or a potential suspect is asked to contact Boulder Police Investigation Specialist Alex Graber at grabera@bouldercolorado.gov or Detective Sharon Ramos at ramoss@bouldercolorado.gov regarding cases 2604753 and 2605840.