Collin County Sheriff Jim Skinner says deputies and officers from other agencies have been rounding up suspects in an organized effort to scam the elderly.
The sheriff said more than $7 million in cash and gold had been stolen from the retirement savings of around 200 Collin County victims, all over the age of 65, and more than $55 million had been taken from victims across the state.
Skinner said the year-long investigation continued but he released news Thursday, Jan. 29, of raids on jewelry stores in Frisco and Irving.
The sheriff said authorities executed search and arrest warrants to break up a fraud and money laundering ring.
“The suspects impersonated federal agents and regulatory officials, using false credentials and threats of prosecution to coerce victims into surrendering high-value assets, including gold, cash and cryptocurrency,” Skinner said.
The sheriff said victims were directed to act in secrecy and comply with specific instructions, including liquidating financial accounts, purchasing precious metals and transferring cryptocurrency. Couriers were then dispatched to meet victims at public locations and collect the assets, which were then transported to businesses suspected of laundering or converting the proceeds.
So far, $400,000 worth of assets had been recovered and returned to victims, he said.
Skinner said more arrests were pending and additional details would not be immediately released.
The sheriff said the raids were carried out with assistance from the Allen, Irving and North Richland Hills Police Departments, the Texas Department of Public Safety, the Department of Homeland Security’s Office of Inspector General, the United States Postal Inspection Service, Immigration and Customs Enforcement, and the Federal Crime Information Center.
“Today’s coordinated effort reflects months of dedicated invzestigative work across jurisdictions,” Skinner said. “Together, we are working to dismantle this criminal operation and hold every person involved accountable.”
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