Cops Stop Hauppauge Man From Losing $466,000 in Gold Scam

Suffolk County police detectives stopped a 69-year-old Hauppauge man from purchasing approximately $466,000 in gold bars Wednesday after investigators determined he was being targeted by scammers posing as federal agents.

Police said the scheme began when the victim received a pop-up notification on his computer and called the telephone number displayed.

The people answering claimed to be federal agents and warned that his financial accounts were vulnerable.

The scammers instructed him to purchase gold and send it to them to secure his finances. The victim withdrew money from his IRA retirement account to pay for the gold, police said.

A fraud investigator at the victim’s bank became suspicious because of the size of the withdrawal and contacted the Suffolk County Police Financial Crimes Unit.

Detectives responded to a Centereach coin store and intercepted the victim as he attempted to purchase the gold bars.

The attempted scam comes one month after the South Shore Press reported Suffolk County lawmakers were advancing legislation specifically designed to combat gold bar scams.

The proposal, announced by District Attorney Ray Tierney alongside county lawmakers, would require precious metal dealers to prominently display warnings about gold scams.

It would also impose a 48-hour waiting period for first-time gold purchases exceeding $50,000 and require dealers to question customers age 60 and older about possible fraud.

Legislator Dominic Thorne said at the time that warning signs could provide “that last stop” before victims lose their life savings.

Wednesday’s intervention occurred before the victim completed the $466,000 purchase. Police did not announce any arrests.

Detectives are asking anyone who believes they may have been targeted by a scam, or has information about one, to contact the Financial Crimes Unit at 631-852-6821. The investigation remains ongoing, police said.