Police Warn of Gold Bar Scam That Has Cost Mainers Millions

Police in York are warning the public about a scam that has already cost Mainers millions of dollars.

According to the York Police Department, criminals are convincing victims to withdraw large amounts of money, sometimes their entire life savings, and use it to purchase gold bars. The scammers then arrange for a courier to collect the gold, claiming it will be protected, stored safely or used to prevent a financial loss.

Police say these claims are completely false.

Government agencies will never contact someone and instruct them to buy gold, hand it over to a courier or allow someone else to store it on their behalf. Legitimate officials also will not threaten, pressure or intimidate people into making an immediate financial decision, WGME reported.

Residents should also be cautious of anyone posing as a financial advisor, investment professional or government representative who encourages them to purchase gold and promises to keep it secure.

Once the gold is handed over, police say it can be extremely difficult, and sometimes impossible, to recover.

The news station explained that anyone who receives a suspicious phone call, email or message is urged to stop communicating with the person immediately. Do not withdraw money, purchase gold or provide personal or financial information.

When in doubt, hang up or ignore the message and contact local law enforcement directly using a verified phone number.

Police are also encouraging families to talk with older relatives and others who may be especially vulnerable to high-pressure financial scams.