A 2024 Bradenton Police Department investigation into a gold bar scam that cost an 80-year-old veteran $1.4 million is tied to a nationwide elder fraud conspiracy, with one co-conspirator recently sentenced to 15½ years in federal prison, according to federal prosecutors.
The BPD’s investigation by the Elder Fraud Department began after the victim reported losing approximately $1.4 million, which was his life savings, according to a press release.
The Bradenton victim told detectives that in February 2024, a pair of men came to his home and claimed to be U.S. Customs and Border Protection agents. Claiming there was a warrant for his arrest, the scammers told the victim that a supervisor would contact him.
For about one month, the victim was contacted by a woman claiming to be a supervisor who could help resolve his legal issues if he assisted with an investigation, a BPD press release states.
She instructed the Bradenton victim to convert his money into gold bars and provide them to her “agents.” The victim, who believed he was assisting law enforcement, purchased approximately $1.4 million in gold bars in three separate transactions and delivered them to individuals at predetermined locations.
BPD detectives were able to trace the victim’s money to Swetaban Patel, a Georgia woman who was arrested in April 2024 and charged with grand theft.
She later agreed to cooperate with federal authorities against her co-conspirators.
Detectives also identified a second suspect, Syed M. Makki, and determined Makki may have been one of the individuals posing as an “agent” and interacting directly with the victim, according to the release.
By the time Patel was arrested, Makki was already in custody in Illinois after authorities said he was transporting gold bars collected from other victims in Colorado and Missouri.
A federal judge recently sentenced Makki to 15½ years in prison for his role in the conspiracy and ordered him to pay $4,754,000 in restitution.
According to federal prosecutors, between 2023 and March 31, 2024, conspirators used computer malware to direct potential victims to fraudulent phone numbers.
Once victims called, the conspiracy members posed as Microsoft employees, banking officials, law enforcement officers, and government employees.
Victims were told their identities had been compromised and that their money was no longer safe in banks. They were instructed to liquidate bank and retirement accounts, purchase gold bars or coins and turn them over for “safekeeping” to individuals involved in the scheme, including Patel.
Federal prosecutors have identified 12 victims to date who collectively lost more than $6 million through the scheme, according to the press release.
Please support local journalism by subscribing.
This article originally appeared on Sarasota Herald-Tribune: Man receives prison for scamming Bradenton veteran out of $1.4 million
Reporting by Chris Anderson, Sarasota Herald-Tribune / Sarasota Herald-Tribune
USA TODAY Network via Reuters Connect
