Boulder Police Asking for Public’s Help in Gold Bars Fraud Case

BOULDER, Colo. – The Boulder Police Department is trying to identify a man connected to two fraud investigations involving gold bars.

In May 2026, a Boulder woman was defrauded of about $200,000 worth of gold bars. The victim was contacted under false pretenses by someone pretending to be with Apple, saying they had concerns about a fraudulent purchase. The victim was then convinced she was speaking with an agent from the Federal Trade Commission (FTC). The suspects told the victim her financial accounts were jeopardized and that other charges originating from her account were involved with illicit activity. The victim was instructed to liquidate her life savings and purchase gold bars. She then gave the gold bars to an “undercover agent” with the FTC.

Based on surveillance footage, the handoff is believed to have occurred at 10:30 a.m. on June 2, in the Iris-area Safeway parking lot, 3325 28th St. Detectives believe they’ve identified the suspect’s vehicle even though no license plate could be identified. They also had a composite sketch of the suspect created. Images of both can be seen here. We are releasing this information now in hopes of generating additional leads in this case.

The suspect vehicle is described as being silver or gray and surveillance video shows a gray, possibly blue-gray, Hyundai Ioniq 5 in the area described by the victim. The vehicle had no front license plate, no sunroof, and no roof rails. There were no other identifiable or conclusive unique markings. The plate may have been obscured, or could have been a temporary license plate, based on the “washed-out” quality of the surveillance.

The suspect, and suspected driver, went by the name “Jason.” He may have used the same name with other victims. The suspect also provided a four-digit “passcode,” corresponding with the victim’s date of birth. He was described as an Asian male, approximately 25 to 35 years old, between 5’8” and 5’9” tall with a slight build. The suspect was also described as having black hair that was thick, wavy, and stood up straight, approximately two to three inches long.

In another case, a Boulder man was defrauded of approximately $500,000 in gold bars in June 2026 after being targeted in an elaborate impersonation scam involving individuals posing as representatives of Geek Squad, Best Buy, the IRS, and other organizations.

The scam began when the victim received an email appearing to be from Geek Squad or Best Buy regarding an $800 invoice. When he attempted to cancel the invoice online, the suspects told him the amount had changed to $80,000 and falsely claimed he was involved in a money-laundering investigation. The suspects told the victim he could face significant penalties from the IRS.

Over the following weeks, a male suspect identifying himself as “Ron Bulton” repeatedly contacted the victim and claimed he had connections with the IRS that could resolve the situation. The victim was instructed to liquidate retirement funds and purchase gold to prevent the IRS from seizing his assets.

The suspects used multiple tactics to make the scheme appear legitimate, including passwords, fraudulent letters, and detailed instructions. They also told the victim not to discuss the situation with family members, bank employees, or others.

The victim purchased gold on multiple occasions. The gold was subsequently collected by couriers who came to his residence or met him at a parking lot. The couriers included two Asian males and a white female driving a white or cream-colored Toyota SUV. One of the males identified himself as “Alex.”

The victim was later targeted in another similar scam involving a fraudulent Geek Squad invoice. In that case, he was instructed to withdraw $20,000 in cash, send $18,000 to an address in New Jersey through UPS, and deposit another $2,000 into a Bitcoin ATM using a QR code provided by the suspects.

These scams are sophisticated, and the suspects work hard to create a sense of urgency and fear. They convince victims that their money or assets are in immediate danger and that transferring those assets is the only way to protect themselves.

Law enforcement reminder: No federal, state, local law enforcement agency, or any other government agency will ever demand payment in gold bars, cryptocurrency, cash, or gift cards. Law enforcement will also never instruct you to transfer your money or valuables to someone for “safekeeping” as part of an investigation.

Investigators also warn that victims may be targeted a second time after losing money or valuables in an initial scam. Fraudsters may contact victims claiming they can recover their money or resolve the original situation.

Anyone who believes they have been targeted by a scam should stop communicating with the suspect and immediately contact their local law enforcement agency and financial institution

Anyone with information about the case or potential suspect is asked to contact Boulder Police Investigation Specialist Alex Graber at grabera@bouldercolorado.gov or Detective Sharon Ramos at ramoss@bouldercolorado.gov regarding cases 2604753 and 2605840.