ALTAMONTE SPRINGS, Fla. \u2013 Two men were arrested in connection with an Altamonte Springs business under investigation as part of a multistate fraud investigation, according to sheriff\u2019s officials.<\/p>\n
The Collin County Sheriff\u2019s Office in Texas said Wednesday it was investigating and searching several business as part of \u201cthe ongoing organized fraud investigation involving the laundering and melting of gold tied to what is commonly referred to as the \u2018gold bar scam.\u2019\u201d<\/p>\n
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.<\/p>\n
The Seminole County Sheriff\u2019s 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.<\/p>\n
Timothy Odell and John Timmerman (Seminole County Sheriff’s Office)<\/p>\n
[RELATED: Current price of gold<\/a> | When and why price surges<\/a>]<\/p>\n According to sheriff\u2019s officials, the scheme often involved senior citizens who were contacted by people impersonating law enforcement or regulatory officials and are pressured into \u201cwithdrawing funds, purchasing gold, and transferring those assets to couriers under false pretenses.\u201d<\/p>\n [WATCH BELOW: $30K restitution ordered in Volusia County romance scam case]<\/p>\n Investigators believe that portions of the gold were later processed, melted or handled through affiliated businesses.<\/p>\n The Collin County Sheriff\u2019s Office said it worked with the Seminole County Sheriff\u2019s Office to execute the search warrant.<\/p>\n \u201cThese locations are connected to the financial and gold processing components under review in this investigation,\u201d officials said.<\/p>\n