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Jewelry Store Alerts Public About Rising Exchange Fraud Scams May 22, 2023 (1 comment)

Virginia Beach, VA--A jewelry store is alerting the public of a rampant fraud scheme that is not just local but is spreading elsewhere.

[Image of Jason Miter via Fox 8]

This cunning scheme exploits the goodwill of compassionate individuals. Jason Mister, the owner of Mister Jewelry, shared in a Fox 8 news report that they've encountered at least 12 victims of this scam. "Some of them bought large quantities of this stuff," Mister said in the report.

The setup usually involves a couple portraying a scenario where they need financial aid, such as for a broken car. They don't have cash, but they offer jewelry instead.

"Some of the people just genuinely want to help the folks; you know they are being taken advantage of," Mister commented in the report.

The unfortunate unfolding of events typically leads these good Samaritans to Mister's store with their newly-acquired jewelry.

"It's like it's yellow gold. It's usually marked 18k, Cuban chain... That's almost always one of the pieces," he explained in the report. "There is usually a big men's ring that looks like a signet ring or something like that. Occasionally there has been a fake Rolex involved."

Upon inspection, Mister can quickly determine the jewelry is fake. "They all seem very disappointed they found out it wasn't real," he noted in the report.

This scam is rising nationwide, prompting Mister to urge people to exercise caution before exchanging cash for something else.

Learn more in the original Fox 8 report.