Suffolk County Legislators Move To Stop Gold Bar Scam

The Suffolk County Legislature is advancing new legislation aimed at protecting residents from sophisticated gold bar scams by requiring precious metal dealers to warn customers about fraudulent schemes that have cost victims their life savings.

District Attorney Ray Tierney announced the proposal alongside Presiding Officer Anthony Piccirillo and Legislators Stephanie Bontempi and Dominic Thorne, calling the measure another tool to prevent elderly residents from being manipulated into purchasing gold for scammers posing as government officials or financial institutions.

If approved, the legislation would require precious metal dealers throughout Suffolk County to prominently display warning signs alerting customers to gold bar scams. It would also establish a 48-hour waiting period for first-time purchases exceeding $50,000 in gold and require dealers to ask specific questions of customers age 60 and older to identify potential fraud before a transaction is completed.

Tierney praised the lawmakers for acting quickly after his office brought the proposal forward.

"I thank them and Presiding Officer Piccirillo for spearheading this legislation," Tierney said. "I hope that our County Legislature swiftly passes it so we can further protect our victims from these precious metal scams."

Piccirillo said the Republican majority believes preventing crime is more effective than responding after victims have already lost their savings.

"I think the Republican majority in the Legislature understands at a fundamental level that we have to be proactive and not reactive," Piccirillo said.

"The legislation that's going to be put forward by my colleagues is going to do just that, making sure all Suffolk County residents are protected from these scams." Bontempi credited the partnership between lawmakers and law enforcement for producing the proposal.

"In order to keep our residents safe, it's all about partnership," Bontempi said. "We thank DA Tierney and his team for approaching us with this. We get approached by things that we need to address, and then we make sure to pass the legislation. We are all looking forward to passing this ASAP."

Thorne said the legislation creates one final opportunity to stop victims before they hand over their money.

"We do believe that putting signs in stores... saying, 'This is a scam,' will help educate that last stop before they try to lose their life savings," Thorne said. "We will pass whatever law is necessary to make sure we protect the good residents of this county."