BRADENTON, Fla. — Bradenton Police Department (BPD) revealed details into an investigation into a gold bar scam that cost an 80-year-old veteran $1.4 million.
BPD said the nationwide elder fraud conspiracy left the Bradenton vet without his life savings.
One of the co-conspirators involved was sentenced to 15 and a half years in federal prison, according to BPD.
The vet reported to police in February 2024 that two men posing as U.S. Customs and Border Protection agents showed up at his home, claiming there was a warrant out for his arrest.
Police said a woman purporting to be a supervisor contacted the vet for about a month, advising him on how to resolve the investigation with the men claiming to be agents.
Police said the vet thought he was dealing with a credible federal agency, so he purchased about $1.4 million in gold bars in three separate transactions and delivered them to people at predetermined locations.
BPD said it was able to trace the money to a Georgia woman, Swetaban Patel.
In April 2024, Patel was arrested and charged with grand theft.
Syed M. Makki was identified as the co-conspirator posing as a federal agent, while directly interacting with the Bradenton vet.
Makki was already in custody in Illinois during Patel's arrest, after being apprehended in March 2024 after authorities said he was moving gold bars collected from other victims through conspirators in Colorado and Missouri.
A federal judge sentenced Makki to 15 and a half years in prison for his role in the conspiracy. He has been ordered to pay $4.754 million in restitution and forfeit the gold bars.
Federal prosecutors said between 2023 and March 31, 2024, the individuals tied to the scam used computer malware to direct potential victims to fraudulent phone numbers. And once victims called, the people tied to the fraud scheme posed as Microsoft employees, banking officials, government employees, and law enforcement officers.
They told the victims their identities had been compromised and that their money was no longer safe in financial institutions.
Federal prosecutors said the victims like the Bradenton vet were instructed to purchase gold bars or coins, and then turn over those assets for “safekeeping” to Patel and the other individuals involved in the scheme. The gold was then transported across state lines.
Federal prosecutors have identified 12 victims tied to the fraud scheme. They said the victims have lost more than $6 million.
For information on BPD's elderly fraud unit and resources to protect yourself and others, you can go here.
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