Florida law enforcement is warning residents about an emerging gold conversion scam targeting seniors, as new FBI data shows the state suffered over $1 billion in fraud losses during 2024, ranking third nationally.

The FBI received more than 50,000 scam complaints from Florida in 2024, with total losses reaching $1.072 billion, according to the agency’s annual report.

Largo Police Department is investigating cases involving a sophisticated scheme where victims receive fraudulent notifications claiming their bank accounts have been compromised. Scammers then instruct victims to convert their money into gold bars and hand them over to couriers, falsely promising the assets will be secured in federal banking facilities.

Joel Quattlebaum, who serves as Largo Police Department’s senior services officer, described it as “a perfect crime in a sense” because victims watch couriers drive away with their life savings, leaving little trace for law enforcement to follow.

The scheme has prompted at least one local precious metals dealer to implement safeguards. Christopher Arbutine, who runs The Silver Queen in Largo, now requires customers to sign waivers when making large gold purchases, acknowledging they’ve been warned about potential scams. He reported seeing attempted purchases ranging from $50,000 to $200,000.

Susan Lancaster, a Largo resident and former banker, lost most of her savings to scams after the death of her partner in 2023. Left with just $60 in her account, she is now refinancing her home to recover financially.

Quattlebaum emphasized that recovering stolen funds is extremely difficult once the funds leave victims’ hands. He advised residents to remain vigilant, particularly with unexpected online communications requesting financial action.

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