ALTAMONTE SPRINGS, Fla. – Two men were arrested in connection with an Altamonte Springs business under investigation as part of a multistate fraud investigation, according to sheriff’s officials.
The Collin County Sheriff’s Office in Texas said Wednesday it was investigating and searching several business as part of “the ongoing organized fraud investigation involving the laundering and melting of gold tied to what is commonly referred to as the ‘gold bar scam.’”
One of the businesses was identified as Orlando Gold Refinery in Altamonte Springs. The other two businesses are located in Richardson, Texas, and Decatur, Georgia.
The Seminole County Sheriff’s Office said two men, Timothy Michael Odell and John Wesley Timmerman, were arrested on charges out of Texas. Both men face charges of engaging in organized criminal activity and abuse of the elderly greater than $150,000.
According to sheriff’s officials, the scheme often involved senior citizens who were contacted by people impersonating law enforcement or regulatory officials and are pressured into “withdrawing funds, purchasing gold, and transferring those assets to couriers under false pretenses.”
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Investigators believe that portions of the gold were later processed, melted or handled through affiliated businesses.
The Collin County Sheriff’s Office said it worked with the Seminole County Sheriff’s Office to execute the search warrant.
“These locations are connected to the financial and gold processing components under review in this investigation,” officials said.
Anyone who believes they may be connected to this investigation is asked to email CCSOScam@collincountytx.gov.