SAN DIEGO, CA — First National Bullion, a trusted precious metals dealer serving customers across California and Arizona since 2006, announced today that its proactive cooperation with law enforcement has directly contributed to the apprehension of three suspects connected to an organized telephone scam targeting elderly consumers. One suspect has been arrested and is being held on $500,000 bail.

The arrests are the result of First National Bullion’s robust in-store compliance and due diligence procedures, coupled with the company’s strong relationships with local, state, and federal authorities. Company personnel identified a troubling pattern: elderly customers arriving at retail locations to make significant precious metals purchases, but refusing to share details about their motivations when staff conducted standard compliance screenings. Recognizing the hallmarks of a well-documented courier fraud scheme, First National Bullion leveraged its established law enforcement relationships to immediately alert the San Diego Police Department and provide ongoing assistance that directly supported the investigation.

“When our team recognized that vulnerable members of our community were being exploited, we didn’t hesitate,” said Jon Cavuoto, Owner. “We went directly to law enforcement because protecting our customers and our community is not just a business obligation—it’s a core value. We are gratified that these efforts have led to real results, with suspects now in custody.”

How the Scam Works
In a pattern consistent with schemes identified by the FBI’s Internet Crime Complaint Center (IC3), criminals posing as government officials, bank employees, or tech support representatives contact elderly individuals by telephone. The scammers inform victims that their financial accounts have been compromised and instruct them to “safeguard” their savings by purchasing precious metals such as gold or silver bars. Victims are then directed to hand over their purchased metals to a courier or at a designated location, under the false pretense that the metals will be secured in a government account or protected vault. The victims never see their money or metals again.

The victims are extensively coached by the scammers to resist questioning and to withhold information from store personnel, family members, and others who might intervene. Despite being U.S. citizens conducting what appears on its face to be a lawful transaction, their behavior triggered concerns among First National Bullion’s trained staff, who escalated the matter to management and ultimately to law enforcement.

Ongoing Commitment to Customer Safety
As a standard business practice, First National Bullion conducts due diligence on all transactions and trains its staff to identify indicators of potential fraud or customer distress. It was through these established protocols that the company’s team first identified the suspicious pattern and promptly reported it to SDPD. The company has since provided ongoing cooperation—including sharing transaction records and staff observations—which directly contributed to the apprehension of three suspects.

In addition to its longstanding compliance practices, First National Bullion has taken further steps in response to this threat. All five retail locations now display prominent warnings about the courier scam and provide customers with printed educational materials. Staff have received additional training on recognizing behavioral indicators associated with fraud victimization, and the company encourages any customer making a large purchase to consult with a trusted family member or financial advisor before completing their transaction.

Continued Vigilance Needed
While the apprehension of these suspects is an important step, First National Bullion and law enforcement stress that the broader criminal network behind these scams continues to operate nationwide. The company urges the public—particularly those with elderly family members—to remain vigilant:
- No legitimate government agency, bank, or business will ever instruct you to purchase precious metals to “protect” your savings or to hand over purchased metals to a courier or at a drop-off location.
- Be suspicious of any unsolicited phone call claiming your financial accounts have been compromised, especially if the caller creates urgency or instructs you to keep the conversation secret.
- If you or someone you know receives such a call, hang up immediately and contact your bank directly using the number on your bank card or statement.
- Talk to elderly family members about this scam. Victims are often instructed not to tell anyone, which isolates them and makes the fraud more effective.

A Growing Nationwide Threat
This scam is part of a well-documented nationwide criminal pattern. The FBI’s IC3 has reported a sharp increase in courier-based precious metals fraud, with aggregated losses exceeding $55 million in a single reporting period. In San Diego County alone, seniors lose an estimated $100 million annually to fraud schemes of all types. The San Diego Elder Justice Task Force—a partnership of local, state, and federal agencies—has been actively investigating and prosecuting these cases, including recent federal convictions of individuals involved in schemes that defrauded elderly victims of more than $1.4 million through fraudulent precious metals transactions in the San Diego area.

How to Report
If you or someone you know has been targeted by this type of scam, please report it immediately:
San Diego Police Department: (619) 531-2000 (non-emergency)
FBI Internet Crime Complaint Center: www.ic3.gov
National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311)
San Diego Adult Protective Services: (800) 339-4661

About First National Bullion
First National Bullion has been a trusted precious metals dealer since 2006, serving customers through five retail locations across California and Arizona. With over $5 billion in trusted transactions and a commitment to the highest standards of integrity, regulatory compliance, and customer protection, First National Bullion is a recognized leader in the precious metals industry. For more information, visit https://firstnationalbullion.com/.