Jeffrey Maas Sues PNC and Coin Dealer After $390,000 Gold Scam Drained Retirement Savings
Updated
Updated · Business Today · Jun 10
Jeffrey Maas Sues PNC and Coin Dealer After $390,000 Gold Scam Drained Retirement Savings
3 articles · Updated · Business Today · Jun 10
Summary
New Jersey retiree Jeffrey Maas, 77, sued PNC Bank, American Coin and Stamp Co. and accused courier Jaynesh Patel after scammers allegedly tricked him into surrendering $390,000 in gold.
A fake $691.05 Norton charge email set off the scheme: Maas called a bogus helpline, gave account details, and was shown fabricated PNC records claiming mistaken deposits of $300,000 and later $100,000.
At a West Orange PNC branch, Maas wired $300,000 to the coin dealer while still on the phone with a scammer, then the next day withdrew another $90,000 to buy more gold, according to the complaint.
The lawsuit says bank staff and the dealer missed obvious red flags, while PNC moved to dismiss and the coin shop owner denied wrongdoing; Patel has pleaded not guilty and is due back in court on July 6, 2026.
The loss wiped out nearly half of Maas's life savings, derailed retirement plans and led to stress-related hospital stays, as he says he went public to warn others about phishing and elder-fraud tactics.