So They Pulled a Fast One…How to Recover from a Gold Scam

Your heart thuds, your mind races, your feet tap, your face flushes. You go online looking for a lawyer, and spend all the moments in between on phone calls, wishing for the day when a fraudster faces the law. If you are the victim of a gold scam, you can probably relate to the sensations and experiences listed above. It’s one of the most frustrating and embarrassing things to go through. The price of gold has high value on both a literal and symbolic level, and it makes sense why you would feel distraught after such an event. Fortunately, you can take comfort in knowing that recovery from a gold scam is not a hopeless endeavor.

Scammers Leave Trails

The world has shrunk, thanks to the internet and technology. The global distances we once knew have closed in, and just about anyone can tap into the digital community. While some stress the downsides to this, it’s important to emphasize some of the upsides as well. In the case of scammers, those who are victims of these crimes will openly tell others about their experiences online. They most likely will get specific about who the individuals were, where they’re located (if they have a physical location), and how they behaved. If there are many victims who speak out, the accused will face greater scrutiny and investigation. These reactions often bring gold scammers to their knees.

Perhaps you’ve heard a few news reports in recent years about gold scams. You may have seen them on a news segment, or read about it online. Reading about such stories may not comfort you if you’ve experienced this fraud, but it should reassure you that those responsible will pay a price.

Gold Fraudsters Brought to Justice

  • Fake Gold for Gas – Four Romanian con artists in Wainwright, Alberta – two men and two women – sold fake gold for gas to go home. Originally from Scarborough, Ontario, the clan earned $1,000 – $2,000 daily selling gold stamped with an “18K” symbol. However, some of those approached by the four called the police, which led to their arrest on charges of fraud.
  • Craigslist Scammers – Two gold scammers, Sungwook Hong, 33, and Yohann Pyon, 26, tried to sell fake gold on Craigslist. They succeeded by selling items to a women for $14,000 – an exorbitant gold price for the coins offered to her. However, tests revealed that the gold was only a coating made from China. Fortunately, police caught and arrested both Hong and Pyon.

These two examples illustrate the effort police put forth to bring gold scammers to justice. Defrauding innocent people when it comes to jewelry or precious metals of any kind is a serious offense. Therefore, you can have the confidence that the law will take matters into their own hands if you too are a victim.

But What Should You Do Now?

You might read the stories mentioned above and ask, “How long will I have to wait before I’m reimbursed and the cops find these criminals?” It’s a question that’s not easy to answer, and knowing you have to wait might seem agonizing. Realistically speaking, you shouldn’t expect the tables to turn overnight (although it can happen). In the meantime, you should use the upcoming days and weeks to build your case, and take steps that will make it easier for the law to help you.

Find a Source of Comfort

Although it isn’t easy, the first thing you need to do is find a source of comfort. The opening paragraph described some of the feelings you might have gone through upon learning you were scammed. However, allowing your predicament to get the best of you won’t improve the situation. In fact, you might handle it in a way that makes matters worse. You need to rely on close friends, family members, and professionals (namely lawyers, who we’ll discuss in a bit) for emotional support, especially if you’ve lost a large sum of money. Doing so will help you stay calm and make good decisions despite the pressure.

Identify the Type of Scam

Buying gold is possible in multiple ways, meaning there are several options for fraudsters looking to take advantage of people. Some of these scams may resemble the ones mentioned above, where individuals will physically try to sell you an item that looks real when it’s not. There are also those involving mail-ins, where a person deposits gold to a buyer and receives no money. There are even scams involving gold certificates, where someone promises a large return on an investment, but has nothing to offer. Identifying the type of gold scam can help investigators and law enforcement find leads faster, and make it easier for you to find compensation.

Speak With a Lawyer

This step is probably one of the first things you’ve considered. It’s essential for you to speak with a lawyer immediately, so you can prepare your case. An attorney can help you piece together evidence that will work in your favour. Remember, a fraudster may have his own legal representation as well, and they could gain a victory over you (despite being guilty) if you yourself are not well-prepared.

Speak With Your Bank

This is a vital step to take if you’ve given out any banking or credit info. There’s no telling what the fraudsters may do if they have your information. Even if they don’t use it themselves, it’s possible for them to pass it along to those who may use it. The outcome of your information floating out in the open can lead to disaster, so you’ll want to speak with your bank so they can take prompt action.

There’s Hope After a Gold Scam

It may feel like the world is crashing on you when a fraudster gets you. Initially, you feel anger, embarrassment, and despair. However, it’s important for you to manage these emotions, instead of letting them control you. You’ll have to think objectively if you want to bring the perpetrators to justice and recover your monetary losses. Whether you’ve been tricked about a gold price or authenticity of a gold item, take comfort knowing that there is help out there. Emotional support from friends and family as well as professional assistance from police and lawyers can give you what you need to overcome this ordeal. Hopefully, you will soon gain the satisfaction of knowing the perpetrators will face the law while you receive the compensation you deserve.

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