Police Seek Suspect in Gold Bar Fraud Cases That Cost Victims $700,000

Police in Colorado are asking for the public’s help identifying a man connected to two elaborate fraud cases in which victims were convinced to turn over about $700,000 in gold bars.

The Boulder Police Department said the cases involved scammers posing as representatives of Apple, the Federal Trade Commission (FTC), Geek Squad, Best Buy, the IRS and other organizations. Investigators released information about a suspect, a possible vehicle and related tactics in hopes of generating new leads.

In one case, police said a Boulder woman was defrauded of about $200,000 in gold bars after someone falsely claiming to be with Apple contacted her about a fraudulent purchase. The victim was later convinced she was speaking with an FTC agent and was told her financial accounts were at risk and connected to illicit activity.

Police said the woman was instructed to liquidate her life savings, buy gold bars and hand them over to an “undercover agent” with the FTC. Investigators believe the handoff occurred around 10:30 a.m. June 2 in the parking lot of the Safeway at 3325 28th Street.

The suspect, who reportedly used the name “Jason,” was described as an Asian man, about 25 to 35 years old, 5 feet 8 inches to 5 feet 9 inches tall, with a slight build and thick, wavy black hair that stands straight up. Police released a composite sketch of the suspect, along with surveillance images of a gray or possibly blue-gray Hyundai Ioniq 5 in the area, with no front license plate.

In a second case, police said a Boulder man lost about $500,000 in gold bars after receiving what appeared to be an $800 Geek Squad or Best Buy invoice. When he tried to cancel it, scammers allegedly told him the amount had changed to $80,000 and falsely claimed he was tied to a money-laundering investigation.

Police said the man was contacted repeatedly by someone using the name “Ron Bulton,” who claimed he had IRS connections and could resolve the situation. The victim was instructed to liquidate retirement funds and purchase gold to keep the IRS from seizing his assets.

Couriers later collected the gold, in multiple batches, from the victim’s home or parking lots, police said. Those couriers included two Asian men and a white woman driving a white or cream-colored Toyota SUV. One man allegedly used the name “Alex.”

Police warned that no law enforcement or government agency will ever demand payment in gold bars, cryptocurrency, cash or gift cards, or ask someone to transfer valuables for “safekeeping.”

Anyone with information 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.