SCAMS: The Gold Bar Scam
Mike DeMarino helped a Rochester, Minnesota, woman save more than $400,000. DeMarina is not a financial adviser. He owns Med City Coin & Bullion in Rochester. The woman was not seeking advice on how to save money. She called DeMarino wanting to purchase thousands of dollars’ worth of gold bars.
Sensing that the woman was about to be scammed, DeMarino called the police department, which immediately jumped in to prevent the gold bars from falling into the hands of a con artist.
“If it wasn’t for a team effort, honestly, this young lady probably would have lost half a million dollars,” DeMarino told KTTC, a television station in Rochester, Minnesota.
The woman appreciated the intervention from DeMarino and the police.
“The tears started rolling on my eyes,” the woman said, recalling, to KTTC, the moment the police came to help her. “I was so relieved I had the detective there.”
Online scams target adults of all ages, but the number of scams against older adults is rising. Seniors are often targeted because they tend to be trusting and polite, and usually have financial savings, which makes them an attractive target for scammers, according to the FBI.
The FBI’s Internet Crime Complaint Center (IC3) reported a total of $4.8 billion in losses from 147,127 complaints filed by seniors in 2024. This is a 46 percent increase in complaints from 2023, as well as a 43 percent increase in losses, according to the IC3.
Law enforcement, consumer groups, and advocates for seniors advise older adults to remain vigilant for scammers and their schemes.
The woman, who wished to remain anonymous, teamed up with DeMarino to share her story and raise awareness about the scam, aiming to prevent others from falling prey to elaborate schemes.
How It All Began
The woman said she was browsing Facebook when a message in a pop-up window claimed that her computer had been temporarily disabled due to suspicious activity. The message instructed her to call a phone number that appeared to be a Microsoft support line.
“He said your internet address has been hacked,” she recalled. “He offered free security like a Windows firewall.”
But unlike legitimate representatives, the alleged Microsoft tech support representative didn’t offer one-time support. The woman said he started calling her twice a day to gain control and instill fear.
“He had me like a prisoner,” the woman said. “He had set it up that he would call every morning at 10 a.m. and afternoon at 3 p.m.”
To make matters worse, a second scammer, posing as a representative from her bank, called and told her that her financial assets were in danger. At one point, the con artist told her that the Federal Reserve and the Social Security Administration would get involved in her case. In the meantime, she was told to invest in gold to protect herself and her money.
The con artists directed her to contact Med City Coin & Bullion to purchase $408,000 worth of 10-ounce gold bars. So, the woman called DeMarino who listened intently to her story.
“She said she wanted to buy about $400,000 in gold,” DeMarino told KTTC. “She wanted 10 oz. bars of gold, which is a big chunk. I said, ‘that’s kind of not the right way to do it.'”
DeMarino, already suspicious, started questioning her.
“She said she had some help with some gentlemen that were helping her come up with these numbers,” he told the television station. “She had said she had some Microsoft issue and a couple of different things that kind of red-flagged for me. And then as I talked to her much longer, I come to find out that these people were telling her what to do, how much to do, and not to let your family know about it.”
After talking with the woman, DeMarino immediately called the police.
“They went over, and they knocked on her door, and they were actually able to stop this from happening,” DeMarino told the TV station.
How to Protect Yourself From Similar Scams
Tech-support scams are the most common types of fraud. These scams are successful because victims are concerned that their computers are at risk based on the pop-up messages, and believe that they are speaking with someone from a trusted company, such as Microsoft, who can help them resolve their problem.
In many cases, scammers pose as officials and may even claim to be law enforcement members. However, there are steps you can take to protect yourself from becoming a scam victim:
Never call a number from a pop-up message. Trusted companies like Microsoft, Apple, and Google will never use a pop-up window to ask you to call them so they can fix a tech issue.
Don’t download anything from strangers. Downloading software, such as AnyDesk or TeamViewer, can allow scammers to gain full access to your computer, placing your personal information at risk.
Be suspicious of urgency and secrecy. Con artists typically urge potential victims to act quickly to prevent an unfavorable outcome and to avoid discussing the issue with anyone. The goal is to get victims to act without thinking things through. Unless there is intervention, victims usually face negative consequences from their urgent actions.
Independently verify a person’s identity. If someone calls claiming to be from your bank or a government agency, hang up. Go to the institution’s official website, find the contact number, and call the institution directly to verify the information independently.
Talk with older adults about scams. If you have loved ones or know older adults, check in with them regularly and try to make sure they recognize and understand the signs of these scams. For exceptionally vulnerable adults, consider establishing a power of attorney or monitoring their accounts to detect any potential fraud quickly.
Most importantly, remind older adults that a significant red flag is when someone tells them not to discuss the situation with their family or friends. The woman who was willing to tell DeMarino what was happening—and his quick thinking—saved her hundreds of thousands of dollars.
If you believe you have been scammed, contact your local law enforcement agency immediately. These agencies can help you take steps to protect your devices and your finances.
If a tech support scammer contacts you, report it to the Federal Trade Commission at ReportFraud.ftc.gov.
Source Links:
https://moneywise.com/news/minnesota-woman-was-about-to-get-scammed-out-of-408000-in-gold-then-a-local-angel-saved-her-nest-egg-just-in-time-how-it-all-went-down-and-how-to-avoid-a-similar-ordeal
https://www.kttc.com/2025/05/22/rochester-business-saves-local-woman-losing-400000-through-scam/
https://www.fbi.gov/how-we-can-help-you/scams-and-safety/common-frauds-and-scams/elder-fraud
https://www.fbi.gov/news/press-releases/fbi-highlights-growing-number-of-reported-elder-fraud-cases-ahead-of-world-elder-abuse-awareness-day
