Ann Reed, 84, fell victim to a sophisticated scam by fake FBI agents, losing nearly $600,000. Her case underscores the rising threat of elder fraud.

FORT WORTH, Texas — Ann Reed thought she was helping the FBI investigate a case. Instead, the 84-year-old Fort Worth woman became the victim of an elaborate scam that cost her nearly $600,000.

The scheme began in May 2025 with a phone call from someone claiming to be FBI Agent Richard Williams. Over the following weeks, Reed received daily calls and doctored documents — including fake FBI warrants and badges — that convinced her she was working on an official investigation.

“I fell for it because I thought I was working for the FBI,” Reed said. “I really did.” 

Her son, Matthew Reed, recognized the fraudulent documents immediately when he first saw them.

“First time I saw it, I was like, that’s fake,” he said. “It looks like a canned photo.” 

But by then, his mother had already begun following the scammer’s instructions.


The scam unfolds

Reed kept meticulous notes throughout the ordeal, documenting the scammers’ demands. She was instructed to move money from her trust to several banks in Fort Worth and Keller, then convert the funds into gold bars.

“They were telling me how much gold to buy. To put it here, put it there,” Reed said.

She met with someone in a parking lot near a closed Wendy’s restaurant off Golden Triangle Boulevard three times, handing over approximately $500,000 worth of gold bars. The location had no surveillance cameras and no witnesses.

When Reed finally checked her accounts, she realized what she had done.

“I got on and looked at one bank account; it was closed,” she said. “I opened another bank account; it was closed. No money. It was closed.” 


A growing problem

Michael Dana, a retired Dallas police officer who worked financial crimes, said the tactics used against Reed follow a familiar pattern.

“The people who do this, they know how much to feed you to get to the next step,” Dana said.

FBI statistics show seniors lost $4.8 billion to fraud in 2024 alone, an increase of more than 30% from 2023. Texans are among the victims who lose the most money to such schemes.

“It’s just mind boggling that all this stuff is going on. How much fraud is going on and no one is really paying much attention to it,” Matthew Reed said.


Fighting back

The Collin County Sheriff’s Office confirmed it is investigating Reed’s case and told Matthew Reed they are working on a similar case.

Matthew said he knew immediately there was little chance of recovering the money. Ann said the experience was heartbreaking. She never thought she would fall for a scheme like that.

“Sickening, and foolish and dumb. What else can I say?” she said. “Hard. Hard to let them know I was so foolish I fell for a scam.”

The money she had planned to leave her children and her grandchildren is gone.


Expert advice

Dana, who has investigated numerous similar cases, offered simple advice for avoiding such scams: “Just don’t answer. Don’t answer.”

He also recommended that families get involved with their aging relatives’ finances sooner rather than later.

“My guy who lost $900,000, it all started with a phone call,” Dana said.

Matthew Reed, who described his mother as “very smart, very independent — almost too independent sometimes,” said he hopes their story can prevent other families from experiencing the same loss.