Updated: July 30, 2026

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If you believe your retirement money was pulled into a fraudulent gold IRA or a fake precious metals order, take a breath. You are not the first person this has happened to. Federal cases since 2020 have documented more than a billion dollars siphoned from older Americans in this specific niche. The next steps below are the ones a defrauded saver can act on today, in the order that gives the best chance of a partial recovery.

Nothing on this page is legal or tax advice. It is a general playbook based on public federal and state guidance. Before you file, retain a lawyer licensed in your state and, for the tax pieces, a CPA or enrolled agent familiar with self-directed IRAs.

Table of contents show

The first 24 hours: stop the bleeding

Speed matters more than perfection in the first day. A wire that has left your bank in the last 24 to 72 hours can sometimes be recalled. After the receiving bank forwards the funds, the odds drop sharply.

Call your bank’s fraud desk today. Ask for a wire recall on any transfer sent to the dealer or a related account. Get the request in writing by secure message inside your online banking after the phone call.
Freeze pending transfers. If your rollover is still in motion at the IRA custodian, call the custodian and ask for a hold on outbound wires. Follow up in writing the same day.
Change every password the dealer touched. Update your banking, IRA custodian, brokerage, and email passwords. Turn on two-factor authentication where it is not already active.
Stop taking calls from the dealer. Do not argue, do not confirm details, do not accept any refund offer that requires a fee or a further wire. Send them to voicemail. Save every message.

The FBI’s Internet Crime Complaint Center runs a wire-recall coordination program with domestic banks. Filing a report at ic3.gov the same day you contact your bank creates a paper trail the bank can escalate through.

Document everything before memory fades

Regulators and lawyers move on documents, not on descriptions of documents. Build a single folder with clean copies before you write your first complaint.

Every email exchanged with the dealer, the referral source, and the IRA custodian. Export as PDF if the email account is shared or corporate.
Every voicemail. Modern iPhones and Android phones can export voicemail audio to a file. If not, record the phone playback with a second device.
Every text message thread. Screenshot the phone number and the full thread, top to bottom, then save to the folder.
Every wire receipt, ACH confirmation, and check image. Your bank can pull originals for the last 90 days from a secure inbox.
Every invoice, order confirmation, and coin ledger. Include any hand-written notes the salesperson sent by mail.
The full rollover paperwork: custodial agreement, self-directed IRA application, dealer purchase order, depository storage receipt.
Your own written timeline: date of first call, name of every representative you spoke with, and the running total of dollars moved.

Two backups. Keep one folder on a local drive and one in an encrypted cloud account only you access. Do not share the folder with anyone who claims they can help “review” it for a fee.

Contact your custodian and dealer in writing

Phone calls do not create legal notice. A written demand does. Use certified mail with return receipt, or a secure message inside the custodian’s client portal that generates a timestamped log.

Two letters. First, to the IRA custodian, requesting a full account statement, all wire records, every dealer invoice they processed, and a written explanation of any coin held on your behalf. Cite the account number and every date range.

Second, to the dealer, requesting a full refund of any amount above the current spot price of the metal you actually received. Cite each invoice, list the exact coins, and state that you reserve the right to file with the CFTC, the FTC, your state securities regulator, and the FBI. Keep the tone factual, not emotional. A licensed dealer’s compliance team will read a factual letter more carefully than a threat.

The custodian is a regulated non-bank trustee and owes you a statement even if the dealer disappears. If the custodian refuses, the refusal itself becomes evidence.

Where to file: the six-agency ladder

Precious metals fraud does not fit in one regulator’s box. File in parallel with the agencies below. Each has a different mandate and can move on a different piece of the case. Filing multiple times will not hurt your case and often helps it, because agencies compare notes.

Commodity Futures Trading Commission. The primary federal regulator over precious metals fraud. File a tip through the CFTC complaint portal at cftc.gov/complaint. The CFTC also runs a reparations program for eligible commodity claims.
Federal Trade Commission. Consumer-protection intake for deceptive marketing and unfair practices. File at reportfraud.ftc.gov. The FTC feeds a shared database used by state and federal law enforcement.
Your state securities regulator. Every state has one. If the pitch involved any promise of return, an investment contract, or a security wrapper around the metal, the state regulator may have jurisdiction. Find yours through the North American Securities Administrators Association directory.
Your State Attorney General’s consumer protection division. States acted as co-plaintiffs on the largest gold IRA cases and often move faster than federal agencies on smaller matters. Locate your AG through the National Association of Attorneys General.
FBI Internet Crime Complaint Center. Central intake for any wire-fraud, email, or web-based piece of the scheme. File at ic3.gov.
Better Business Bureau. Not a regulator, but a public complaint record helps future readers spot the operator and can pressure the firm’s compliance team.

Two more filings, if the facts fit. The SEC accepts tips through its TCR portal (tips, complaints, and referrals) when the product was pitched as a security or a promise of return. The US Postal Inspection Service can pursue mail fraud when any invoice, coin, or agreement traveled by US mail. Report at uspis.gov.

Keep a filing log: agency, date filed, reference number, and any follow-up correspondence. Regulators can take months to respond. A clean log helps your attorney and any receiver appointed later.

Statute of limitations: do not wait to consult counsel

Most state civil fraud claims run on a clock of two to six years, depending on the state and the claim theory. The federal wire-fraud limit under 18 U.S.C. section 3282 is five years for prosecution, though civil recovery windows vary. Some states extend the clock under a discovery rule, which starts the count when the victim reasonably should have known of the fraud, not when the wire cleared.

Do not try to calculate this on your own. Retain a lawyer in your state, ideally one with experience in ERISA, self-directed IRA disputes, or elder financial fraud. The consultation itself is often free or fixed-fee. Many state bar associations run a lawyer-referral service that matches by specialty.

If the operator is already in receivership under a federal or state action, ask the receiver’s office how to file a proof of claim. Missing a claims deadline in an active receivership can close the recovery door even if the underlying statute of limitations is still open.

Tax treatment of the loss: what the IRS allows in 2026

The tax rules on theft losses were tightened by the Tax Cuts and Jobs Act, and further clarified by the IRS in recent guidance. Nothing here replaces a CPA who has reviewed your specific documents. But the general shape is worth knowing before your first meeting.

Personal casualty and theft losses are deductible only if attributable to a federally declared disaster, per IRS Publication 547. That rule blocks most gold IRA fraud losses from the personal itemized deduction.

Losses tied to a transaction entered for profit sit in a different bucket. Precious metals bought inside an IRA or a Ponzi-style investment scheme can qualify as theft losses on Form 4684, Section B. The IRS has issued specific guidance on Ponzi-scheme losses (Revenue Ruling 2009-9 and the safe-harbor in Revenue Procedure 2009-20). Whether your facts fit that pattern is a judgment call your CPA has to make.

Losses inside a traditional IRA add a wrinkle. The account holds pre-tax dollars, so a loss inside the IRA is not immediately deductible on your personal return. The tax hit shows up later, when distributions are smaller than they would have been. A distribution taken to close a wiped-out IRA may create additional tax and penalty consequences under IRS Publication 590-B. Do not liquidate a compromised IRA without a written plan from your CPA.

Ask your CPA about the year of deduction, the reasonable-prospect-of-recovery test, and any state conformity to the federal rules. Deducting too early can trigger a recapture if a receiver later returns funds. Deducting too late can waste the loss.

Recovery-assistance scams: the second wave

The most common follow-up scam against defrauded seniors is a recovery scam. A caller claims to be a lawyer, a government “asset recovery specialist,” or a federal contractor who can pull your money back for a percentage or an upfront fee. The FTC, the CFTC, and state AGs have all warned publicly that this is a recurring pattern. Assume any inbound call promising recovery is a second-wave attempt on the same victim list.

No legitimate agency charges a fee to recover fraud losses. The CFTC, FTC, SEC, IC3, state securities regulators, and state AGs do not take payment from victims. Anyone asking for a payment to help you file is not with the government.
Court receivers do not cold-call victims. A real receiver is appointed by a judge. Their contact will arrive by certified mail from the receiver’s office, referencing the court case number. You can verify the case in PACER.
Recovery lawyers work on retainer or contingency after a written engagement. They do not ask you to wire “processing fees” or buy “recovery bonds” or send gift cards.
Foreign or overseas “asset recovery firms” are the highest-risk category. Complaints filed with the FTC have documented repeat losses in the tens of thousands to fake overseas recovery firms.
Vet any US-based lawyer through the state bar directory before you sign an engagement letter. Verify the license number, active status, and disciplinary record.

If a recovery caller is applying pressure or asking for payment, hang up and file with the FTC at reportfraud.ftc.gov the same day. Add the caller’s number and script to your existing case folder.

You are not to blame: the emotional reality

Modern gold IRA fraud is engineered by trained sales operations that spend six figures a month on lead generation. The scripts are tested, the objection handling is rehearsed, and the caller often has your name, employer history, and rollover balance before the first hello. Falling for this is not a character flaw. It is what a professional pitch is designed to accomplish.

Financial shame keeps victims silent. Silence keeps the operator working. Filing with the agencies above is how you break the pattern for the next saver in your state.

Tell one trusted person: a spouse, an adult child, a longtime friend, or your primary care doctor. AARP’s Fraud Watch Helpline (1-877-908-3360) offers free confidential guidance to any adult, regardless of AARP membership. A helpline volunteer can walk you through the same steps in this guide at a slower pace.

If you or a loved one is showing signs of severe distress, call or text 988 for the Suicide and Crisis Lifeline. Financial fraud can trigger a mental-health crisis, especially for retirees who feel the loss is not recoverable. It usually is, in some part, with time.

If the fraud was inside a self-directed IRA

Self-directed IRA custodians are a specific class of non-bank trustee under Internal Revenue Code section 408. Your custodian holds legal title to the account but does not audit the underlying assets. That structure is what makes gold IRA fraud possible in the first place, because the custodian typically processes the wire the dealer requested and does not confirm the metal is real, is stored, or is priced fairly.

Two consequences for the recovery playbook. First, sue-the-custodian claims exist but face high legal bars. Most custodial agreements limit the custodian’s duties to record-keeping and disclaim any diligence on the assets. Whether your facts pierce that limit is a lawyer’s judgment call, based on the wording of your specific agreement.

Second, do not withdraw funds from a compromised IRA without a written plan. A distribution triggers ordinary income tax on the withdrawn amount, and if you are under age 59 1/2 it can trigger the 10 percent early-withdrawal penalty on top. In some cases a custodian-to-custodian transfer to a clean IRA is safer than a cash distribution. Your CPA and attorney should coordinate that decision.

FAQ

Can I get all my money back?

Full recovery is rare. Partial recovery is possible, especially when the operator has assets that a court receiver can freeze. The largest gold IRA enforcement action to date, the CFTC and 30-state action against TMTE Inc. in 2020, has been paying claims in phases since the receivership was established. Speed of filing matters. Filing on day one puts you in the first tranche of claimants.

How long does a filed complaint take to move?

Federal enforcement cases can take one to five years to reach a settlement or judgment. State AG cases often move faster, in six to eighteen months. The wire-recall step at your bank is measured in hours or days. File everything in parallel, do not wait for one agency to respond before contacting the next.

Do I need a lawyer to file with the CFTC or FTC?

No. Both agencies accept complaints directly from consumers, with no legal representation required. A lawyer becomes valuable for civil litigation, receivership claims, and any negotiation with the dealer’s counsel. For the initial regulatory intake, your own filing is enough.

Can I claim a theft-loss deduction on my next tax return?

Possibly, depending on the account structure and the fact pattern. The Tax Cuts and Jobs Act limits personal casualty and theft deductions to federally declared disasters, but investment-related and Ponzi-scheme losses have a separate treatment under Revenue Ruling 2009-9 and Revenue Procedure 2009-20. Losses inside a traditional IRA are generally not deductible on your personal return. Ask a CPA before filing.

The dealer is offering a refund if I pay a “release fee”. Should I?

No. Any refund conditioned on a further payment, wire, gift card, or bond purchase is a second-wave scam. Legitimate refunds process through the original payment method with no fee, or through a court-ordered receiver. Save the offer, add it to your case folder, and file with the FTC.

How do I find a lawyer in my state who handles this?

Start with your state bar association’s lawyer-referral service. Ask for a lawyer with experience in ERISA, self-directed IRA disputes, elder financial abuse, or securities litigation. Many offer a free initial consultation. If your income is limited, ask about the state’s legal-aid program or a law-school clinic.

What to Do If You Were Scammed on a Gold IRA: 2026 Recovery Playbook