Feb 20, 2026
One family is speaking out after a 78-year-old retired Texas widower was scammed out of $2 million — part of a widespread scheme authorities say has targeted seniors across the state.
Robert Brown was caught up in what police are calling a major “gold bar scam” that has taken $55 million from victims statewide, according to CBS News Texas (1, 2).
Advertisement
“It cleaned out his retirement savings,” his daughter, Katie Brown, told the broadcaster in a story published Feb. 3. “He worked very hard for that money (3).”
Robert was “heartbroken” by the scam and died in November without ever recovering the money, Katie said.
Gold bar scam
Brown’s story began in April when he received an email stating his PayPal account had been compromised, CBS News Texas reports (4). He was apparently given similar instructions as many other victims — go to his bank and convert funds into gold bars, after which a courier would come by to collect the gold for “safekeeping.”
On Jan. 29, federal, state and local police in Irving and Frisco raided two jewelry stores whose owners are accused of laundering fraudulently obtained gold, part of a yearlong investigation by the Collin County Sheriff’s Office and federal authorities, according to CBS News Texas. It’s suspected the stores melted down the gold into jewelry or other items and sold it to unwitting customers.
“You go to defraud our citizens, we’re going to come get you, that’s just the bottom line,” Collin County Sheriff Jim Skinner told the broadcaster.
The Sheriff’s Office says suspects used fake credentials to impersonate federal agents and regulatory officials and coerce victims. CBS News Texas reports millions of dollars in cash and gold were seized from the raids.
Must Read
- You can now build wealth like a landlord for as little as $100 — and no, you don't have to chase down rent or take 3 A.M tenant calls
- Goldman Sachs used to hoard prime real estate deals for the ultrarich. Two ex-analysts just opened the door for $250
- Robert Kiyosaki begs investors not to miss this ‘explosion’ — says this 1 asset will surge 400% in a year
Join 250,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
Protecting yourself and loved ones
Millions of elderly Americans fall victim to financial fraud and confidence schemes each year, according to the FBI. This includes being duped by fake online romantic partners, tech support scams, government impersonators and phony tales of a grandchild in dire straits.
Scams can be sophisticated in today’s digital age, but there are clear signs and patterns to watch for and measures you can take to protect yourself.
Advertisement
Threats of urgency and secrecy are common in many scams. The aim is to scare victims into complying. Listen for phrases and demands such as “act now” or “don’t tell your family.” Another red flag is if you’re asked for compensation in the form of gold, gift cards, cryptocurrency or wire transfers. Institutions don’t normally ask for payment in this way.
If you receive a notice from your bank or a government agency asking you to address an urgent matter, double-check its veracity by calling their official number yourself, or even visiting them.
As for those who are worried an older relative might be vulnerable to fraud, keep an eye out for any changes in behavior. Talk to them regularly about finances and warn them about the latest scams.
If you think an elderly loved one has been the victim of financial fraud, urge them to cut all communication with the scammer and change any passwords they might have shared. Report the scam to local police, along with the FBI’s Internet Crime Complaint Center and/or the Federal Trade Commission.
Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
You May Also Like
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and the simple steps to fix it ASAP
- Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how
- Millionaires under 43 are reshaping investing — just 25% of their portfolios are in stocks. Here’s where their money is going
- Robert Kiyosaki issues grim warning for baby boomers. Many could be ‘wiped out’ and homeless ‘all over’ the country. How to protect yourself now
Chris Clark is a Kansas City–based freelance journalist covering personal finance, housing and retirement. A former Associated Press editor and reporter, he writes plainspoken stories that help readers make smarter financial decisions.
