Man Linked to Gold Bar Scam Had Compulsive Gambling
Date: 2024-08-19 Author: Leon Pierce Categories: EVENTS
A 52-year-old Owings Mills man identified only as V.T. is being charged in Maryland with involvement in a multi-million dollar scam that spanned several states. Prosecutors say the man was part of a group of couriers who were involved in a scam targeting seniors. The group's total losses are estimated at $7 million and include cash, gold, and even cryptocurrency.
According to investigators, the man was one of the couriers who took assets from senior citizens. Prosecutors say V.T. had a gambling problem, which may have played a role in his involvement in the crime, according to the Washington Post.
Police found that the man admitted to taking 1% of the cash he took or 2% of the value of the gold bars. The victims ranged in age from 61 to 94.
Senior citizens in Maryland and other states in the US have been known to fall victim to the scam. V.T. is suspected of making asset collection trips not only in Maryland but also in New Jersey, Delaware, Pennsylvania and Virginia, according to court documents.
Government Fraud
An investigation by law enforcement led to the arrest of a man suspected of participating in the fraud. According to police, V.T. was part of a larger scheme in which the perpetrators impersonated government officials.
Victims are typically tricked into participating in the scam through cyber attacks such as phishing or through phone calls. The scammers, posing as government officials, told the elderly that their bank assets were at risk.
The victims were then asked to convert their money into another form of asset. In some cases, they were convinced to buy gold bars, in others, to buy cryptocurrency. Throughout the process, the scammers explained in detail what to do with the assets.
Regardless of whether it was gold bars, cryptocurrency, or cash, the victims were then told that the assets needed to be handed over to a person who was supposedly a government official and would take care of them. Predictably, the assets then disappeared, leaving some elderly people without their savings.
V.T.'s attorney, Kush Arora, acknowledged the complexity and scale of the scam. However, he noted that the focus should be on the "bigger players." Arora said the ring leaders may be in New York.
Speaking about the victims of the scam, he also added that couriers like his client are caught up in the scam just like the elderly.
