Wisconsin woman loses over $400,000 to gold courier scam

A Wisconsin woman has lost more than $400,000 of her retirement savings after falling victim to a sophisticated gold courier scam. The fraud, which lasted three months, involved impersonators from federal agencies, her investment firm, and the Better Business Bureau. Local police are currently investigating the case, though no arrests have been made.

The scheme began when Mary, a resident of Winnebago County, clicked on a pop-up advertisement on her computer while scheduling an appointment with her financial advisor. The pop-up displayed the logo of her investment company. Shortly after, her computer locked up, preventing her from shutting it off manually. She received a call from an individual claiming to represent her investment firm. The caller told Mary that her account had been hacked and that she was now a suspect in weapons dealing and money laundering.

The scammers intensified their pressure by telling Mary that someone had taken out a $35,000 high-interest loan in her name. They also showed her eight locations where her Social Security number was being used. Mary said she was terrified. The callers instructed her not to speak to anyone, including her financial advisor, who they claimed was also a suspect. They even sent a non-disclosure agreement directly to her home printer.

Over the next few days, Mary received calls from people impersonating the sheriff’s office, the FBI, and the Federal Trade Commission. These callers convinced her they were working to restore her account. To protect her remaining funds, the scammers told her to purchase gold. Mary spent $131,208 on 24 gold coins. She continued to make large cash withdrawals at her bank, making up excuses for the transactions because bank employees questioned the amounts.

The fraud escalated when Mary received a call from a man claiming to be from the Better Business Bureau. The caller told her she had been working with scammers and that she needed to stop immediately. This imposter arranged for a courier to collect the gold coins from Mary in a fast-food parking lot. Mary identified the courier only by a first name and a password. She had a description of the courier’s car and clothing, but she had no description of the person themselves. The scammers also instructed her to buy Bitcoin and thousands of dollars in gift cards, which she did while driving 600 miles around town.

The deception ended when Mary tried to call her contact at the Better Business Bureau and discovered the number had been disconnected. She gathered her documents and went to the police station to report the incident. She also contacted the real Wisconsin Better Business Bureau to file a report.

Lisa Schiller, of the Wisconsin Better Business Bureau, described the loss as unprecedented, noting it is likely the largest single scam report the organization has received. The Wisconsin Department of Financial Institutions said these scams are surging, particularly targeting seniors. Officials explained that international crime networks often run these operations, using couriers to pick up physical assets. Robin Jacobs of the department advised victims to hang up the phone or shut down their computer as soon as they suspect a scam, because engaging with the callers makes it psychologically difficult to disengage.

Local police said in a statement that they are looking at all aspects of the investigation, including searching for available video footage. They are unsure if the case is connected to other crimes. Mary said she does not know if she will recover any of the money. She noted that banks often tell victims they are responsible because they initiated the transactions. Mary shared her story to warn others about the nightmare of losing four decades of savings.

Officials advise the public to never trust a caller who instructs them to move money to protect it or to hand over gold. They also recommend not allowing unknown people access to personal computers. If a call comes from an unknown number, officials suggest hanging up, calling a trusted contact, or contacting the police. Suspected fraudulent activity can be reported to the FBI at ic3.gov.