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A Friendswood woman was one of six elder Texans scammed by people who allegedly told them to buy gold to "protect" their assets. FOX 26's Sherman Desselle explains the scheme and spoke to a local coin...

A major fraud ring operating in Texas stole at least $55 million from elderly victims by impersonating federal agents and threatening them with arrest to coerce them into surrendering gold, cash, and cryptocurrency. The scheme is part of a growing crisis of elder fraud, with Americans over 60 accounting for 36% of all fraud reports and losing nearly $2.4 billion to scams in 2024 alone. To protect yourself and elderly relatives, remain skeptical of unsolicited calls or messages from officials making threats, remember that legitimate authorities won't demand payment by gift card or wire transfer, and verify any official claims by contacting the agency directly using a number from their official website.

# Fraud Summary A Texas crime ring stole at least $55 million from elderly victims by impersonating federal agents and threatening them into surrendering gold, cash, and cryptocurrency. The FTC reports that fraud targeting seniors has surged, with people over 60 accounting for 36% of all fraud reports in 2024 and losing approximately $2.4 billion to scams. To protect yourself and older relatives, be wary of unsolicited calls or messages from people claiming to be government officials, especially those creating urgency or threatening arrest—legitimate authorities will never demand immediate payment or asset transfers over the phone.

A San Antonio investment firm CEO named Devin Ward Elder pleaded guilty to defrauding approximately 345 investors out of $69.5 million between 2023 and 2025 through his company DJE Texas Management Group, which promised high returns on real estate investments. Elder made false claims about his own co-investment and operated a Ponzi scheme by using new investor funds to pay "interest" to existing investors, ultimately halting all payments in March 2025. To protect yourself, be skeptical of investment opportunities promising unusually high returns with low risk, verify that investment managers have their own money invested alongside yours, and always research the credentials and track record of firms and their operators before investing.

A San Antonio investment firm CEO named Devin Ward Elder pleaded guilty to defrauding approximately 345 investors out of over $69.5 million between January 2023 and March 2025 through his company DJE Texas Management Group, which promised high returns on real estate investments while falsely claiming he would co-invest his own money. Elder operated a Ponzi scheme, paying some investors with money from other investors rather than actual returns, until he abruptly stopped payments in March 2025 and admitted the projects wouldn't be completed. To protect yourself, be cautious of investment opportunities promising unusually high returns with low risk, verify that investment managers actually co-invest their own money, and thoroughly research companies and their track records before committing funds.

A Texas real estate investor named Devin Ward Elder pleaded guilty to defrauding approximately 345 investors out of $69.5 million between 2023 and 2025 through his company DJE Texas Management Group LLC, which offered investments in apartments, commercial properties, and other real estate projects. Elder used a classic Ponzi scheme, paying some investors with money from other investors while falsely claiming high returns with low risk, and eventually halted payments in March 2025 when the scheme collapsed. Investors should be extremely cautious of investment opportunities promising unusually high returns with minimal risk, verify that investment firms are properly registered and regulated, and request detailed documentation about where their money is actually being invested.

A San Antonio man pleaded guilty to operating a $69.5 million investment fraud scheme that defrauded approximately 345 investors between 2023 and 2025 through his company, DJE Texas Management Group, LLC, by falsely promising high returns and low-risk real estate investments while using a Ponzi-like structure to pay earlier investors with funds from new ones. The perpetrator, Devin Ward Elder, faces up to 20 years in prison and has been charged with wire fraud. To protect yourself, be cautious of investment promises guaranteeing high returns with minimal risk and always verify that investment firms and their operators are legitimately registered and have transparent, auditable financial records.

Job scammers are increasingly targeting Texans, with the state ranking eighth nationally for job scam incidents as of October 2025, and officials warn that AI technology is making these schemes more convincing and dangerous. Job seekers can protect themselves by recognizing red flags such as offers that seem too good to be true, job offers without interviews, requests for money, and unverified recruiters—and should always research companies independently before applying. If you encounter a job scam, report it to the platform where you found it and consider filing a complaint with the FTC to help protect others.

# Scam Summary A $55 million gold scam targeting Texas seniors reveals that how you store assets can be as important as what you invest in—hundreds of victims lost their life savings after scammers convinced them to buy physical gold and hand it over for "storage," with only a 0.7% recovery rate since the gold was melted down and resold. The article advises anyone holding significant savings or considering precious metals to choose secure custody options like professional insured vaults rather than keeping physical assets at home or giving them to individuals, as once physical assets leave your control, recovery becomes nearly impossible.

A fraud ring operating through North Texas jewelry stores stole approximately $55 million from hundreds of seniors using a scam where fraudsters posed as government officials, convinced victims to convert their savings into gold bars for "safekeeping," then sent couriers to collect the gold and melt it down to erase its identity. With a recovery rate of less than 1% (only $400,000 recovered from $55 million stolen), the scam exploited the rising gold prices and victims' trust in authority figures. To protect yourself, experts recommend storing physical gold in professional insured vaults or regulated financial institutions rather than keeping it at home or handing it to third parties, and be extremely skeptical of unsolicited calls claiming your savings are at risk.

A $55 million gold scam in Texas defrauded hundreds of seniors who purchased physical gold on the advice of scammers, only to have it melted down and resold—with just 0.7% of the stolen funds recovered. The victims lost their savings not from a bad investment choice, but because they handed their physical gold to criminals, making recovery nearly impossible. If you're considering precious metals investments, the article advises storing them in professional insured vaults or through ETFs rather than keeping physical gold at home or giving it to unvetted individuals, since custody and storage method are as important to protecting your assets as the investment choice itself.

A $55 million scam in Texas targeted seniors by convincing them to buy physical gold and hand it over to criminals who melted it down and sold it, with only $400,000 recovered so far. Hundreds of victims lost their life savings not from poor investment decisions, but from storing their assets with untrustworthy custodians who stole them. If you have significant savings or cash, experts advise being as careful about *where* you store precious metals and assets as you are about *what* you invest in—avoid giving physical valuables to anyone you don't fully trust, and consider secure, insured storage options like bank vaults or registered depositories.

A 46-year-old Telugu-origin man named Radhakrishna Yerramneli and four accomplices were arrested in Texas following a year-long investigation into a $55 million scam targeting elderly Americans, with approximately 200 seniors over 65 victimized in Collin County alone. Authorities discovered the operation involved using jewelry stores to process gold obtained through fraud, and seized significant quantities of gold and cash during coordinated raids. Senior citizens should be cautious of unsolicited contact offering investment opportunities or requests for personal financial information, and report suspicious activity to local law enforcement or the Adult Protective Services hotline immediately.

In January 2026, authorities in Texas seized millions of dollars in cash and gold from two Indian-owned jewelry stores (Saima Jewelers in Frisco and Tilak Jewelers in Irving) as part of an investigation into an elder fraud scheme targeting approximately 200 victims. Scammers contacted elderly people via email, impersonated law enforcement, and convinced them to surrender gold and valuables to avoid arrest; the stolen items were then brought to these jewelry stores to be melted down and resold. To protect yourself, be aware that legitimate law enforcement will never demand payment in gold or valuables via email, and always verify any criminal investigation claims by contacting your local police department directly.

Devin Elder, former principal of a San Antonio-based real estate investment firm DJE Texas Management Group, pleaded guilty to wire fraud involving approximately $66 million from investors nationwide. Elder allegedly deceived investors by promising 10% returns and safe investment structures while actually using new investor money to pay earlier investors and disguising fund movements through shell accounts—a classic Ponzi scheme that ultimately collapsed in 2025. Investors should be wary of real estate deals promising unusually high guaranteed returns, verify that investment firms are properly regulated, and ask tough questions about fund security and asset backing before committing capital.

California has revoked over 280 fraudulent hospice licenses in the past two years as part of a crackdown on schemes where operators enrolled Medicare patients in hospice care without their knowledge or proper services, potentially costing billions in taxpayer money. The fraud affected vulnerable elderly patients across multiple states including Arizona, Nevada, Texas, Georgia, and Ohio, with some operators using illegal tactics like "license flipping" to avoid regulatory oversight. Patients and their families should verify hospice provider legitimacy through state licensing boards and Medicare's official resources, and report suspicious enrollment or lack of services to federal authorities immediately.

# Fraud Summary Texas seniors are being targeted by financial scammers at an alarming rate, ranking second nationally with over 62,000 fraud complaints and $1.35 billion in losses in a single year, according to FBI data. Modern scams have become increasingly sophisticated, using techniques like AI-generated voices, spoofed phone numbers, and impersonation rather than obvious red flags, making them harder for vulnerable people to recognize. Experts recommend that family members educate themselves and seniors about verifying incoming communications before responding, and victims can report scams to the FBI's Internet Crime Complaint Center at ic3.gov.

During severe winter weather in Texas, ERCOT (Electric Reliability Council of Texas) warned residents about scammers impersonating the grid operator and sending fraudulent text messages about power conditions. To protect yourself, only trust official ERCOT communications through their verified channels and ignore unsolicited texts claiming to be from the agency. This scam targets people during emergencies when they're most vulnerable and seeking legitimate utility information.

A 56-year-old New Braunfels woman was sentenced to 30 months in prison and ordered to pay $1.25 million in restitution after defrauding an elderly couple by befriending them and falsely claiming she needed loans for FEMA disaster relief, then spending the money at casinos instead. The scam highlights how fraudsters exploit relationships of trust with vulnerable populations to steal their life savings. Elderly individuals should be cautious about lending money to new acquaintances, verify claims about government assistance independently, and report suspected fraud to the FBI at ic3.gov or the FTC at reportfraud.ftc.gov.

A Texas couple has been sentenced to prison for operating a romance scam that targeted elderly people, including at least one victim from New Jersey, by creating fake dating profiles and convincing victims to send money under false pretenses (such as claiming they needed to pay taxes on gold in Ghana). Felix Clark received five years in prison for wire fraud and conspiracy, having admitted to losses totaling over $501,000, while his girlfriend Esther Amppiaw received 18 months for operating an unlicensed money transmitter business. Elderly people should be cautious of online dating profiles from strangers who quickly profess romantic interest or ask for money, especially those claiming to need funds for international transactions or emergencies.

# Romance Scam Summary A Texas man and woman have been sentenced to prison for operating romance scams that targeted elderly people, including victims from New Jersey, by posing as romantic interests online and tricking them into sending money under false pretexts like paying taxes on nonexistent gold in Ghana. Felix Clark received five years in prison and admitted to facilitating over $500,000 in losses, while his girlfriend Esther Amppiaw received 18 months for helping transfer the stolen funds. To protect yourself, be cautious of online dating profiles from people who quickly profess love or ask for money, especially for overseas fees or emergencies, and verify identities through video calls before sharing any financial information.

A Texas couple, Christopher and Raquelle Judge, pleaded guilty to defrauding dozens of homeowners out of nearly $5 million by posing as legitimate home renovation contractors on social media between 2020 and 2023. They lured customers with below-market bids but never completed the promised renovation projects, leaving homes unfinished and generating hundreds of building code violations. To protect yourself, verify contractors' credentials and licenses independently, avoid paying large upfront fees, and get detailed written contracts before any work begins.

Six people were booked into the Tom Green County Jail in San Antonio, Texas over a 24-hour period, with charges including fraud involving elderly victims' personal information, immigration violations, marijuana possession, and driving with an invalid license. Elderly residents should be aware of identity theft risks and protect their personal information by monitoring financial accounts, being cautious with unsolicited requests for information, and reporting suspicious activity to authorities immediately. All individuals are presumed innocent until proven guilty in court.

A Texas man with intellectual and developmental disabilities was scammed by fraudsters impersonating country stars Cody Johnson and Chris Young on social media, who manipulated him into sharing personal information and money. The scammers used fake accounts to build trust over time before exploiting him financially, prompting his family to speak out publicly. To protect yourself, follow only verified accounts on social media, never share personal or financial information with online contacts (especially those claiming to be celebrities), and report suspicious activity immediately—legitimate celebrities and public figures will never ask for money or sensitive details through direct messages.

An influencer couple from Texas, Chris and Raquelle Judge, pleaded guilty to defrauding over 40 people out of nearly $5 million by posing as legitimate home renovation contractors—with Chris falsely claiming to be an architect—while offering suspiciously cheap rates and then abandoning projects or delivering dangerously substandard work. Victims reported losing hundreds of thousands of dollars on incomplete or unsafe renovations, while the couple spent their ill-gotten gains on personal expenses like mortgages and cosmetic surgery. To protect yourself, verify contractors' credentials and licenses through official channels, get everything in writing, avoid unusually low bids, and check references with past clients before hiring anyone for major home work.

A DoorDash driver in Austin, Texas was permanently banned from the platform after allegedly using an AI-generated image to falsely claim they had delivered a customer's order, potentially as part of a scheme to collect payment for fake deliveries. The scam affected at least one other customer in the same area, and DoorDash stated they compensated the affected customer and have zero tolerance for such fraud. Customers should carefully verify delivery photos and report suspicious activity immediately to their delivery app, and consider using features like live tracking or video confirmation when available.

Three men in North Texas were arrested for a $14 million gift card cloning scam in which they stole unactivated cards from stores, copied the card numbers, resealed them, and then drained funds once unsuspecting customers purchased and activated them. The suspects reportedly targeted an average of 10 stores per day over seven months and were found with over 400 cloned gift cards in their possession. To protect yourself, inspect gift cards before purchasing for signs of tampering such as excess glue or damaged packaging.

Andrew Tate, a controversial social media influencer, is under investigation for potential involvement in cryptocurrency money laundering and fraud after analysts linked his wallets to over $30 million in suspicious transfers through privacy-focused blockchain tools and a Texas scam that defrauded investors of $5 million between 2023-2025. While Tate hasn't been formally charged, investigators found his wallets received at least $1.2 million connected to the fraud case, potentially exposing him to civil forfeiture actions and complicating his existing legal issues in Europe. To protect themselves, people should be cautious about cryptocurrency investments, verify the legitimacy of crypto payment processors and platforms, and avoid sending funds through privacy-focused protocols if dealing with unknown parties.

On-chain analyst Specter reported that Instagram influencer Andrew Tate may be involved in cryptocurrency money laundering, with his associated wallet showing $30 million deposited into privacy tool Railgun over two years and connections to a Texas "pig butchering" scam. While Tate was not formally charged, the wallet activity displayed typical money laundering patterns such as fragmented transfers through multiple services and high-risk exchanges. For general audiences, this highlights the importance of being cautious with cryptocurrency investments promoted by influencers and verifying claims through independent research before sending money to unfamiliar digital wallets or platforms.

Over $200,000 in cryptocurrency was forfeited by a federal court in a multi-state elder fraud case, with funds seized from scammers who targeted at least four elderly victims (ages 70+) across Louisiana, Texas, and Minnesota. The victims were manipulated through fake emergencies—including threats of arrest and claims of compromised devices—into withdrawing cash and converting it to Bitcoin at ATMs, which they then sent to the scammers' accounts. The recovered funds will now be returned to the victims, and authorities emphasize that seniors should never convert cash to cryptocurrency based on urgent calls or messages, especially those threatening legal consequences or device security issues.

North Texas residents have lost nearly half a billion dollars to scams, prompting the FBI to launch a public awareness campaign about prevalent fraud schemes including romance scams, investment fraud, and tech support scams. One Fort Worth woman lost approximately $500,000 after a scammer impersonated an FBI agent and convinced her to transfer funds and purchase gold bars. The FBI advises people to pause before sending money to anyone and remember that the agency would never request funds or direct financial transfers—and that victims rarely recover their losses.

# Holiday Shopping Scams on the Rise During the busy holiday shopping season, scammers are targeting rushed shoppers with various schemes including fake websites, non-delivery fraud, and imposter scams that cost consumers over $785 million in 2024. To protect yourself, the Better Business Bureau recommends verifying website legitimacy, avoiding sharing personal information like credit card or Social Security numbers, and being skeptical of unsolicited calls since caller IDs can be faked. If you fall victim to a scam, Texas has launched a new crime victims' services website to help you report the incident and access support resources.

Two Texas men have been indicted for defrauding an 84-year-old Sedgwick County woman of $255,000 through an impersonation scam in which they posed as FBI agents and pressured her to liquidate her assets into gold. The scammers contacted the victim claiming her Social Security number had been stolen and convinced her to hand over her money in three separate transactions. To protect yourself, remember that the FBI will never call, email, or contact you demanding money, threatening arrest, or asking for personal information—if you suspect fraud, report it to the FBI at tips.fbi.gov, 1-800-CALL-FBI, or ic3.gov.

Three men were arrested in Texas for a $14 million gift card cloning scheme where they stole from approximately 10 stores daily since May, possessing over 400 fraudulent gift cards when caught. The scam worked by thieves copying gift card numbers before resealing the packaging and returning cards to stores, then stealing funds once unsuspecting customers activated them with money. To protect yourself, inspect gift card packaging for tampering before purchase, buy with a credit card for easier dispute resolution, and keep receipts so you can report fraud to the gift card company and FTC if compromised.

Scammers are targeting seniors and veterans in South Carolina's Upstate region by using stolen Medicare numbers to bill them for medical equipment they never ordered, with fake bills sometimes charging thousands of dollars. One veteran received a bill for nearly $7,000 in urinary catheters from a Texas company he'd never contacted, and the Oconee County Sheriff's Office has received around five similar complaints. To protect yourself, treat your Medicare number with the same security as your Social Security number or bank account information, and report any suspicious bills to local authorities immediately.

# Tech Support Scam Arrest A Texas man was arrested in Maine during an undercover operation targeting an organized tech support scam where fraudsters pose as legitimate tech support representatives to trick victims into giving them computer access and stealing their money or valuables. The scammers typically claim hackers have compromised the victim's accounts, use personal information to appear credible, and convince people to withdraw cash or buy gold under the guise of protecting their assets, with couriers then collecting the valuables. If you receive unsolicited calls about computer problems or hacking threats, hang up and contact your bank or local police directly rather than following the caller's instructions.

# Holiday Shopping Scams on the Rise During the November-December holiday season, the Better Business Bureau is warning shoppers about a significant increase in online shopping scams, which include fraudulent retailers impersonating legitimate businesses, porch piracy, and phishing schemes—with scammers now using AI to make their schemes more convincing. Last year, Texas residents lost over $150,000 to these online purchase scams alone, with the Heart of Texas BBB office receiving more than 300 reports and already tracking similar numbers this year. To protect yourself, the BBB recommends researching sellers before purchasing, using secure and traceable payment methods like credit cards, and being skeptical of deals that seem too good to be true, especially when you're in a rush during busy holiday shopping periods.

The Justice Department filed a civil forfeiture complaint against $868,247 in Tether cryptocurrency that was allegedly stolen through investment scams operated by the LME Crypto Group, which impersonated the London Metal Exchange and defrauded at least four victims across DC, Texas, Illinois, and Florida between September 2022 and February 2025. The scheme involved criminals establishing trust through misdirected text messages, then directing victims to fake investment platforms that displayed false profits before locking victims out of their accounts and stealing their funds, with one victim losing $1.3 million and another losing $30,000. The FBI recovered and is forfeiting the laundered cryptocurrency funds that were transferred through

April Guadalupe Hernandez was indicted by a Bernalillo County grand jury for assuming the identities of licensed nurses and illegally providing hospice care, including mis-transcribing a medication order that nearly resulted in a fatal morphine overdose. Hernandez, a certified nurse assistant, allegedly stole the identities of three nurses from Texas, California, and Kansas to gain employment at three healthcare facilities over 18 months, defrauding them of approximately $40,000. She faces 19 charges including identity theft, nursing without a license, elder abuse, and violations of the Nursing Practice Act, with a potential sentence of up to 27.5 years in prison

A Plano man fell victim to "cash trapping," a scheme where a suspect places a metal device over an ATM's cash slot, causing customers to hear money dispensing but never receive it. The suspect, Romanian national Ionut Aurel Iova, would then remove the device and steal the cash after victims left; he was arrested in Houston and faces multiple charges after at least two confirmed incidents at a Bank of America location. Police urge ATM users to report malfunctions immediately rather than leaving, as there may be additional unreported victims.

A 26-year-old certified nurse assistant in New Mexico, April Guadalupe Hernandez, was charged with 19 counts of misconduct including nursing without a license, identity theft, abuse of a resident, and fraud for falsifying nursing credentials and stealing identities of nurses from Texas, California, and Kansas. Over one year, Hernandez worked at three hospice centers using different name variations, claiming to hold higher nursing credentials than she possessed, and made a potentially fatal medication error (an overdose of morphine) that was caught before administration; she has an arraignment scheduled for September 8th.

Oluwasegun Baiyewu, 37, of Richmond, Texas, was convicted by a federal jury in Puerto Rico for conspiracy to launder funds from large-scale fraud schemes including romance scams, pandemic relief fraud, and business email compromise attacks that disproportionately targeted elderly and vulnerable Americans. Baiyewu and four co-conspirators routed stolen proceeds through multiple accounts to conceal their origin, then used the funds to purchase used cars shipped to Nigeria and distribute money to other co-conspirators between 2020 and 2021. The defendants will be sentenced by the District of Puerto Rico court.

An elderly San Angelo resident lost nearly $900,000 in gold after being targeted by a sophisticated computer scam in which suspects impersonated government officials and instructed him to purchase gold bars. The arrest of suspect Muthukrishnan Palraj in August led authorities to link him to a multi-county fraud scheme totaling over $51 million in losses across Texas, with state and federal prosecutions now underway and potential deportation following any prison sentence.

A 26-year-old Texas woman, Audrey Michelle Townsend, was sentenced to 20 years (5 in prison, 15 on probation) after pleading guilty to theft and four counts of elder abuse for orchestrating a phishing scheme that defrauded an elderly couple of $49,000 in February 2024. Townsend impersonated a Chase Bank representative via text, tricking Gloria Moss into providing account verification information, which enabled the unauthorized transfer of funds to an account in Townsend's name; Chase ultimately reimbursed the victims after media attention and intervention by the district attorney's office.

**Bank Spoofing Scam – Texas Woman Convicted** Audrey Michelle Townsend was convicted of spoofing JPMorgan Chase and fraudulently transferring $49,000 from a Georgia elderly couple's account in February 2024. The victim, Gloria Moss, received a fake text appearing to be from the bank, called the provided number, and unknowingly shared account verification codes with the scammer, enabling the unauthorized transfer to Townsend's Texas bank account. JPMorgan Chase initially refused reimbursement but reversed course after media attention and law enforcement investigation, ultimately refunding the full amount; Townsend received a

The FBI has issued a warning about five rising scams in Texas: check washing (altering stolen or intercepted checks), swatting (making false emergency calls to send law enforcement to an address), doxxing (stealing personal information and threatening to publish it online), phishing (fraudulent emails impersonating banks to steal credentials), and one additional unspecified scam. The article emphasizes that awareness and education are critical tools for preventing victimization, and advises Texans to verify suspicious communications directly with their banks and be cautious of unsolicited emails and links.

A 22-year-old woman was arrested in Garland, Texas for allegedly scamming an elderly couple out of $25,000 through an impersonation scheme in which she posed as an FBI agent and convinced them to withdraw cash from their bank account after a fake Chase Bank and FBI phone call. Jessica Bahu of Frisco was charged with exploitation of the elderly, a third-degree felony, and released on a $100,000 bond while the FBI investigates potential federal charges and police explore whether others were involved.

Texas seniors lost over $480 million to scams in 2024, ranking second nationally according to FBI data, with common schemes including charity fraud, romance scams, and jury duty threats targeting vulnerable older adults. Local organizations like San Angelo's Better Business Bureau and retirement communities are addressing the surge through education programs that teach seniors to recognize red flags, avoid panic-driven decisions, and report crimes without shame. Experts note that official complaint numbers likely underrepresent the true scope, as many victims fail to report due to embarrassment.

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Christine Joan Echohawk, 54, of Pawnee, pleaded guilty to five felony charges for laundering approximately $1.5 million obtained through online romance scams targeting four elderly women (ages 64-79) in Florida, Utah, and Texas between September and December 2024. One victim sold her house to send $600,000 to the scammer; Echohawk received the funds through various accounts, converted them to cryptocurrency, and sent payments to an unidentified accomplice using the alias "Maurice Dinero." She was sentenced to 62 years in prison (8 years to serve, 54 suspended) and ordered to pay $621,750 in