Bradenton veteran loses $1.5 million in multi-state gold bar scheme: 'They played upon his patriotism'
BRADENTON, Fla. - A man in Bradenton was scammed out of $1.5 million in an apparent multi-state fraud scheme.
Bradenton police arrested Swetaben Patel, 42, on Thursday in connection with the scheme. But police say there appear to be numerous people involved in this fraud scheme.
In April, the Bradenton Police Department received a report of fraud from an 80-year-old veteran.
Through their investigation, detectives discovered the incidents began in February, when the victim received a knock at his door from two people posing as federal agents.
"They stated they had a warrant for his arrest," Det. Jim Curulla said.
Police say the "agents" then called their supervisor, who spoke with the victim.
"The supervisor then proceeded to talk to the victim and said they thought he could do more good than being arrested," Curulla said.
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Curulla says the supervisor called that victim once or twice a day for the next month, gaining his trust.
"They were saying he was going to help with social security fraud," Curulla said. "That he was going to come up with some seed money and they were going to do a sting operation."
Over several weeks, police say the scammers conned the man into transferring a total of around $1.5 million of his retirement money in gold bars.
"The victim was retired military, so they played upon his experience in the military," Curulla said. "They played upon his patriotism."
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Detectives say the man was instructed to make multiple transfers and meet the fake agents at several different locations for organized drop-offs of the gold bars.
According to an affidavit, investigators tracked one of the cars used at a drop-off to Patel, one of the alleged mules, who lived in Georgia.
Police say Patel told officers she was picking up "bags" for a man she knew as "King." She allegedly told officers that several days prior, she went to North Carolina to collect $25,000 from an elderly woman.
Curulla says fraud schemes involving gold bars appear to be a trend around the country.
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"Especially when it’s gold, because it’s immediately liquidated, you’re never going to see that gold again if they melt it down," he said. "So, it’s very difficult. When you have numerous people involved, and it’s very detailed."
Curulla says they handle reports of elder fraud in Bradenton nearly every day.
"It’s over the phone," Officer Deana McNeal, with the Bradenton Police Department’s Elderly Fraud Unit said. "I’ve never met this person. Romance scams, social security scams."
An FBI report released in April says scammers stole more than $3.4 billion from Americans 60 years and older. This only accounts for reported incidents.
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Police say elder fraud cases reported to the Bradenton Police Department are up 50% this year.
BPD recently launched an elder fraud unit, dedicated to combatting these types of schemes, and reaching the community before they fall victim to a scam.
"We are trying to get out there and speak to our community and have them focus on what we’re telling them, versus being a victim," McNeal said.
McNeal says they’ve had an overwhelming interest from people in the community. She says they go to living communities, workplaces and other engagements to educate the elderly community on what they should look out for and how to protect themselves and loved ones.
"All these people that are preying on the elderly, we have to stop," Curulla said. "We have to help them."
Patel is charged with grand theft of more than $100,000.
You can find more information about the Bradenton Police Department’s elder fraud unit and resources the department offers here.
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