SunTrust Truist Bank Fraud Gemstone Investigation

If You or Your Loved Ones Are the Victims of a Scam or Fraud That Involved Withdrawals or Transfers Through Your Bank- Let Us Help You Try To Get Your Money Back!

There are a number of different types of fraud and scams that involve substantial monetary withdrawals or transfers.  If you or your loved one were victimized by these frauds, and the withdrawals, transfers, checks, or wires were made to/from/through your bank – we might be able to help.

For many victims, it might seem that all hope is lost, and the money that was transferred, sent, or used is now gone forever.  That may not be the case at all!

Our law firm:, includes experienced attorneys who have handled financial fraud-related cases for many years and helped our clients recover millions of dollars. Investors are encouraged to contact our experienced investment fraud lawyer for a confidential and free consultation at 1-800-856-3352.

Some of the recent financial frauds include:

Gem Scams: diamonds, gemstones

  • Similar scams involving precious metals (gold, silver, platinum, etc.)
  • Another similar version involves rare coins or collectibles
  • different pitch, different “sale” but it’s all the same story with the same outcome

People’s love of diamonds, gemstones, or precious metals (rare coins or other collectibles) and those feelings of comfort in hard assets can run deep. Even the most ancient cultures prized them as symbols of wealth and a means to accumulate wealth.  Unfortunately, in modern times, the unscrupulous play on people’s deep love for gemstones and the notion of a gem’s lasting value (or diamonds, gold, precious metals, rare coins, etc.). They employ dubious fraudulent schemes – so-called diamond and gem investment scams – to take advantage of innocent victims who are often looking at diamonds or gems as a source of financial security.

Scammers or fraudsters often attempt to promise profits or protection for the investor/victim and often stress that these diamonds or gems will provide the investor/victim with added financial security in times of economic uncertainty. The “deal” or promise often appears to make sense on the surface but almost inevitably degenerates, and the buyer/investor/victim is left holding greatly overpriced gems.

There are several different ways these scammers and fraudsters go about presenting this or similar fraud, including:

  • Telephone or Email Solicitation

This very common scam begins with an unsolicited phone call, email, or perhaps a website link bearing a provocative headline featuring what may appear to be a legitimate news or e-commerce site. The pictures show attractive-looking gemstones and goes on to tell prospective buyers how they can get rich quick or at least enhance their financial security in uncertain times by obtaining gemstones at a wholesale price, and how such gemstones are worth as much as 10 times (or more) the base purchase prices by “buying directly from the source” or otherwise accessing a unique source.

Sometimes it is an effective telephone pitch; other times, it is a response to an email or a click on a website.  However it begins, those who follow up are subjected to a high-pressure, often very convincing sales pitch – always centered around the threat that this opportunity for big profits will be gone in a flash. Some variations include promises of just needing the funds to insure a much more valuable cache of gemstones; other variations involve a purported European or foreign buyer who has provided an exceptional below-market offer … and of course, if you act quickly, you can buy the gemstones, or participate in the profits of a purported re-sell and supposedly make a substantial profit.

Similarly, some scams seek to convince buyers that the seller merely needs their assistance to pay a tax, duty, or sales charge, and the significant profit or part ownership will far exceed those expenses.

In other instances, some people can’t resist the “opportunity,” others are swayed by what appears to be a tremendous “bargain” and victims are convinced to send them a check, cash or wire transfer, sometimes involving thousands of dollars.  Sometimes the initial transfers are smaller in the hundreds of dollars and they progressively escalate over time.

For example, some scammers gain their victims’ trust by first offering a stone for $100 or $200. They then call the customer back offering to repurchase it for a substantially higher price, but strongly suggest they apply that credit to a much costlier stone − $2,000 to $5,000 − that has even greater appreciation potential. If the customer takes the deal … well, you know what happens next.  This can sometimes progress into the tens of thousands of dollars or more.

Scammers usually try to delay consumer complaints by sending the gemstones in sealed containers, warning that breaking the seal will invalidate any buy-back guarantee.  This sometimes leaves the victims hesitant to get an actual professional appraisal from a reliable source.

While these scammers shut down operations after complaints to law enforcement and consumer agencies begin to investigate, the investor/victim/buyer is often left with little or no means to recover the lost funds that were transferred.  This is where we can step in to help.


A more elaborate version of the scam is a Ponzi-type scheme. Similar to the above, but investors are paid large returns on their initial purchases to gain their confidence.  Once they see that they get their funds plus a positive return, the victims become more confident that the transactions are in fact legitimate and they progressively escalate the amount of their subsequent purchases before finding out that this was really just a fraud.

One additional variation sometimes references a company or source that claims to have access or control over the gemstone “mines.”  Often the mines are supposedly in a foreign location in the Dominican Republic and Argentina and the buyer is offered an opportunity to invest or purchase ownership shares.  Sometimes, the initial investors are paid, or paid on some smaller earlier transactions, and they find after the size of the transaction increases, they have lost all of their funds.


Another variation of diamond and gemstone investment scams that is particularly insidious is where individuals are targeted after they indicate some concern over financial security due to fear of hyperinflation or cataclysmic financial and social collapse. The fraudster convinces the buyers (preying on their fears) that these “hard-asset” are more valuable than cash, more secure than stocks or bonds, and they can preserve their wealth for themselves and their families by holding gemstones and diamonds as a source of security in troubling times.

While the pitches are different, the operation and outcomes are usually the same.


As “Crypto” currencies continue to buzz, people may fear missing out on investment opportunities. The scams can take different forms but often involve fake prizes, contests, giveaways or early investment opportunities in the next bitcoin.

Some sophisticated scammers include impersonating celebrities or use popular cryptocurrency websites to try to lure victims into sending them money, sharing their computer or financial institution log-in information or “investing” in a new project.


While romance scams aren’t new, their popularity continues to rise. According to the Federal Trade Commission (FTC), people lost $547 million to romance scams in 2021, up 80% compared to 2020 and six times higher than in 2017.

The scam usually begins with someone who steals someone’s identity or creates a fake online profile, sometimes on dating or a social media sites, and they appear friendly and try to meet victims with what appear at first to be innocent conversations.

After gaining the victim’s trust, they may ask the victim to buy them something or send them some money. Either they or a family member supposedly needs “help,” and sometimes the initial request appears legitimate and involves a seemingly insignificant sum. Over time the requests escalate in terms of the amounts requested and sometimes in terms of both the volume and frequency of the requests.

In some cases, it is a financial hardship, a health matter, an unexpected accident, a legal fee or expense, a sick child, or merely a temporary delay in their ability to access their own funds- whatever the story or excuse, it is always under the guise of playing on human emotion to want to help a friend.  In some instances, a small amount is “borrowed” and returned to help further gain the trust of the victim before a larger request is made.

In more sophisticated variations, some scammers have posed as investors and shared false investment tips with their victims, leading victims to invest in a fake opportunity.

Another version involves the person “mistakenly” sending the victim money and then asking the victim to send it back or forward it to someone else- supposedly by mistake. It seems innocent on the surface, but some banks later determine that if the incoming payment was fraudulent, the sum of the payment will be subtracted from the victim’s account, and the outgoing funds are now gone forever.

Although the reference is to Romance type scams, these or similar scams can target anyone, and some scammers seek to form platonic friendships rather than romantic relationships, they seem genuine, caring. Most of all believable to the victim, often preying on those that are lonely or isolated.  The con artist builds trust through an online relationship or friendship and common interests, and while the method and details may differ the end result is the same, and it ends with a transfer of funds by the victim.

Lottery Scams

The variations include lottery winnings that can be claimed but require an immediate deposit of some kind.  Similar scams involve prizes, sweepstakes, or other free gifts that can be claimed for what appears to be a fraction of the actual sum to be awarded.

Fake Check Scams

The scammer sends a check and then contacts the victim to claim the check was sent in error. They ask for the sum (or an amount slightly less) to be wired back, as it was merely an innocent mistake, and sometimes there is the promise that the difference in the amount is to cover the trouble or inconvenience incurred by the victim.  By the time the victim learns that the check was fraudulent or worthless in the first place, the wire or transfer was already sent, and the funds are gone forever.

Get Legal Help

Our law firm consists of experienced attorneys who have handled financial fraud cases. We understand how devastating it can be for victims who lose all of their money. We understand what it is like to be financially strapped, and the loss of one’s investment can be devastating. We seek to recover our clients’ lost money through litigation. A consultation with our investment fraud attorney is free! Contact 1-800-856-3352.



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