Precious Metals Dealer Sentenced to 65 Years in $76 Million Gold and Silver Fraud
Robert Higgins gets 65 years for defrauding investors of $76 million in gold, silver, and rare coins in one of the largest precious metals scams in U.S. history.
In a landmark sentencing, 69‑year‑old Robert L. Higgins, owner of First State Depository in Wilmington, Delaware, was handed the maximum 65‑year federal prison sentence on June 17, 2025. Following an eight-day jury trial, he was convicted of mail and wire fraud and income tax evasion.
Higgins’ depository once stored over $100 million in client-held gold, silver bars, and coins. Over the course of a decade, he siphoned off at least $76 million—more than 1,000 customer accounts were discovered missing metals.
His ill‑gotten gains funded a lavish lifestyle: Hawaiian timeshares, foreign vacations, high‑end toys, and more, all while underreporting income on federal tax filings.
U.S. District Judge Maryellen Noreika described the scope and brazenness of Higgins’ scheme as “shocking,” branding it the largest theft from a precious‑metals depository in U.S. history. The court also ordered Higgins to pay approximately $76.5 million in restitution.
Acting U.S. Attorney Steinberg stated, “Higgins lied to, cheated, and stole from customers who placed their trust in him and his businesses during a 10-year fraud scheme. He took his customers’ metals without their permission and used them to finance his personal life and keep his scheme going, all while failing to report and pay his fair share of income taxes. By robbing his many victims of their hard-earned life savings and retirement funds, Higgins irreparably hurt hundreds of people and their families. I applaud the FBI and the IRS-Criminal Investigation Division for their hard work to hold Higgins accountable.”
"Honest and law-abiding citizens are fed up with the likes of those who use deceit and fraud to line their pockets with other people’s money as well as skirt their tax obligations,” stated Yury Kruty, Special Agent in Charge, IRS-Criminal Investigation, Philadelphia Field Office.
“The more his greed grew, so did his shameful and selfish scheme. This sentence reflects how egregious Higgins’ crimes truly are. Let this be a lesson to other criminals that the FBI and our partners will not tolerate corruption or those seeking to take advantage of hardworking Americans,” said FBI Baltimore Acting Special Agent in Charge Amanda Koldjeski.
Higgins’ downfall followed a collaboration between the FBI and IRS Criminal Investigation Division; prosecutors emphasized that the lengthy sentence reflects the damage to victims’ savings and Higgins’ repeated, deliberate dishonesty.
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