Fake FTC Agent Scam: Gold Bars, Crypto and a 14-Year Prison Sentence

In a fake FTC agent scam, callers pretend to work for the Federal Trade Commission, say your identity has been stolen, and tell you to move your money into gold or cryptocurrency “to protect” it. A Georgia man who picked up gold bars and cash from an elderly victim in one such scheme was sentenced on October 7, 2026, to 168 months in prison. No real agency asks you to buy gold or crypto.

What happened

According to the U.S. Attorney’s Office for the Southern District of Georgia, Javed Ashiq, 52, of Decatur, Georgia, was sentenced to 168 months in prison. He was also ordered to pay $886,799.84 in restitution.

In July and August 2024, his co-conspirators posed as agents of the FTC. They convinced an elderly victim that their identity had been stolen. They then persuaded the victim to buy cryptocurrency and gold to protect their assets.

Ashiq’s role was to pick up the gold bars and cash.

This is not a one-off pattern. In April 2025, the Social Security Administration’s Office of the Inspector General reported that a ringleader in the Southern District of Texas was sentenced to 46 months and ordered to pay $3.2 million in restitution to 85 victims. In that scheme, callers posed as the U.S. government, told victims they were under investigation and said they had to mail cash to clear their names.

How the call went

Based on the court releases, these calls follow a similar path:

• The caller claims to be from a federal agency, such as the FTC.
• You hear that your identity was stolen, or that you are under investigation.
• You are told your money is at risk and must be “protected.”
• You are told to turn savings into gold, cryptocurrency or cash.
• Someone collects it in person, or you are told to mail it.

Red flags

• A government “agent” calling you out of the blue about your identity or an investigation.
• Instructions to buy gold or cryptocurrency.
• A courier coming to collect valuables or cash.
• Being told to mail cash to “clear your name.”
• Being told to keep the call secret, even from your bank or family.

What would have stopped it

• Hanging up and calling the agency using a number you look up yourself, not one the caller gives.
• One firm rule: no government agency asks you to buy gold or crypto, or to hand over cash to a courier.
• Talking to someone first. A call to a son, daughter or the bank before withdrawing money gives time for the story to fall apart.
• Asking the bank. Bank staff can help when a customer suddenly wants large amounts of cash or gold.

If this happens to your family

• If a courier is coming to the door, call 911.
• Call your bank on the number on the back of your card.
• Report the scam at ReportFraud.ftc.gov and at ic3.gov.
• Call the National Elder Fraud Hotline at 833-FRAUD-11 (833-372-8311), Monday to Friday, 10am to 6pm ET. Scammers sometimes pretend to be this hotline, so dial the number yourself.
• Call the AARP Fraud Watch Network Helpline at 877-908-3360 for support.
• Keep notes: dates, phone numbers, what the courier looked like, any vehicle.

These schemes often take place over many calls, with a parent alone on the phone. FamilyDefender can warn a parent during a risky call and send an alert to a family member, so someone else knows sooner.