Wisconsin gold buying scam, woman loses more than $400,000

OSHKOSH, Wis. – A Wisconsin woman thought she was protecting her money from identity thieves. Instead, she lost almost everything.

Gold buying scam

The backstory:

In a cellphone video, the woman is seen packing $131,000 worth of gold coins into an envelope. She would later hand over the coins to a courier as part of an elaborate scam.

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“It’s a nightmare, it’s a total nightmare,” said Mary in Oshkosh.

By the time the scam was over, Mary lost $433,000 and was $30,000 in debt.

“My IRA was wiped out. There was $3.09 in my savings account,” she said.

It started when Mary clicked on a pop-up ad that appeared to be from her financial company. The scammers immediately locked her computer. She got a phone call from a man who identified himself as being from her financial company.

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“He said, ‘You have been hacked,'” Mary said.

Over the next three months, the scammers impersonated government officials and the Better Business Bureau. They sent Mary forged documents and created a fake bank account for transactions. And they persuaded Mary to take steps, like buying gold, that she thought would protect her money from the hackers.

“I’ve scrimped and saved and did without for 40 years to have a nice retirement,” Mary said. “(The scammers said) they’re helping me secure all of this.”

The scammers also had Mary sign a non-disclosure agreement in exchange for their help.

“I couldn’t tell my children, I couldn’t call my friends, I couldn’t call the police,” Mary said.

BBB warning

Big picture view:

Mary is among three scam victims who reported liquidating their assets to gold to the BBB in recent weeks. Their combined losses are around $3 million.

Lisa Schiller of the BBB Serving Wisconsin explained how the scammers justify buying gold.

“Because gold is doing so well right now, that is simply for safe keeping,” she said.

Better Business Bureau (BBB)

What you can do:

The BBB is urging the public to stay vigilant. Schiller said if anyone asks you to buy gold, move funds, or meet a courier, stop communication immediately and contact authorities.

“There’s definitely a sense of urgency, a sense of pressure, a sense of panic,” Schiller said of the scammer’s tactics.

Cash, Bitcoin and gift cards

Dig deeper:

Handing over the coins was just the beginning of Mary’s nightmare. She was also tricked into withdrawing large amounts of cash, buying hundreds of gift cards, and Bitcoin. It all went to the scammers.

“They were telling me that my phones were being monitored, my computer was, you know, involved,” Mary said.

For Mary, the horrible truth set in while waiting for a final phone call that never came.

“I called (the scammer) and that number has been disconnected,” Mary said.

The scammers also used threats to convince Mary. Initially, they told her she was a suspect in a weapons dealing and money laundering case. They said her financial advisor was also a suspect.

Investigation and GoFundMe

What’s next:

The Oshkosh Police Department is investigating Mary’s case. She has created a GoFundMe to help with her losses. It is unlikely that she’ll get money back from the scammers.

Portions of this article were formatted using A.I. FOX6’s Jenna Sachs and an editor reviewed it for accuracy and tone prior to publishing.