WASHINGTON — Some seniors worried about stock market swings look to gold and other precious metals as a safe investment. But, too often, they’re scammed by telemarketing con artists who wipe out retirement nest eggs after promising huge profits and low risk — but don’t mention whopping, hidden fees.

A report, released Wednesday by a Senate committee on aging, estimates more than 10,000 Americans have fallen victim to precious metal schemes since 2001, with losses pegged at around $300 million.

Joe Melomo of Austin, Texas, says he lost more than $200,000 after investing in gold and silver with a Florida-based precious metals company — almost everything he had saved for retirement.

The 77-year-old man was testifying at a hearing chaired by Sen. Bill Nelson of Florida and Sen. Susan Collins of Maine.


Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.

Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.