Larry Cook and his wife Barbara thought they were helping the government by taking part in a supposed witness protection program. They had been scammed out of $1.3 million, and their tax bill for that amount was astronomical.
The scam started when Larry received a call claiming to be from Amazon about fraudulent purchases on his credit card. A caller claimed he was from TD Bank, which the couple used, and asked them to meet at a bank branch. The couple then got calls from the Federal Trade Commission (FTC), claiming to be investigating fraud.
A supposed government agent named Ryan contacted Larry, who had been scammed into withdrawing $10,000 in Bitcoin for what he was told was a legitimate government case. Ryan instructed Larry to continue making withdrawals using Bitcoin ATMs and eventually buying gold coins, with the promise that it would all get sorted out by the end of the year.
The couple withdrew over 30 times from Bitcoin ATMs and purchased $100,000 worth of gold coins. They were told that their expenses for these transactions would be reimbursed. Ryan even contacted Larry's wife, Barbara, saying she was a target too. However, it turns out Ryan was not working for the FTC but rather as part of a large-scale scam.
When Larry realized he had been scammed, he reported it to the FBI and eventually received an encrypted version of WhatsApp that had disappeared from his phone after the scam. The couple then contacted the IRS, which told them they did not qualify for relief because the money was considered ordinary income and tax-deductible under a new law.
Their Medicare premiums skyrocketed in 2025 due to the amount reported on their return. They have been fighting for reimbursement of $238,000 and a refund of $176,000 but still wait to find out about the remainder.
The couple is sharing Larry's story with others to warn them about scams targeting older adults who may want to help government agencies solve cases or are told they need to cooperate in order to protect themselves. To avoid falling victim to such scams, it is suggested that people should never give personal financial information in response to unexpected calls or messages and always call the official number of a company instead of one provided by a caller.
The couple's experience highlights the complexities of tax laws and how certain types of losses are not deductible under new rules. It also shows the devastating effects of scams on vulnerable individuals, particularly older adults who may be less familiar with technology and more trusting of strangers.
The scam started when Larry received a call claiming to be from Amazon about fraudulent purchases on his credit card. A caller claimed he was from TD Bank, which the couple used, and asked them to meet at a bank branch. The couple then got calls from the Federal Trade Commission (FTC), claiming to be investigating fraud.
A supposed government agent named Ryan contacted Larry, who had been scammed into withdrawing $10,000 in Bitcoin for what he was told was a legitimate government case. Ryan instructed Larry to continue making withdrawals using Bitcoin ATMs and eventually buying gold coins, with the promise that it would all get sorted out by the end of the year.
The couple withdrew over 30 times from Bitcoin ATMs and purchased $100,000 worth of gold coins. They were told that their expenses for these transactions would be reimbursed. Ryan even contacted Larry's wife, Barbara, saying she was a target too. However, it turns out Ryan was not working for the FTC but rather as part of a large-scale scam.
When Larry realized he had been scammed, he reported it to the FBI and eventually received an encrypted version of WhatsApp that had disappeared from his phone after the scam. The couple then contacted the IRS, which told them they did not qualify for relief because the money was considered ordinary income and tax-deductible under a new law.
Their Medicare premiums skyrocketed in 2025 due to the amount reported on their return. They have been fighting for reimbursement of $238,000 and a refund of $176,000 but still wait to find out about the remainder.
The couple is sharing Larry's story with others to warn them about scams targeting older adults who may want to help government agencies solve cases or are told they need to cooperate in order to protect themselves. To avoid falling victim to such scams, it is suggested that people should never give personal financial information in response to unexpected calls or messages and always call the official number of a company instead of one provided by a caller.
The couple's experience highlights the complexities of tax laws and how certain types of losses are not deductible under new rules. It also shows the devastating effects of scams on vulnerable individuals, particularly older adults who may be less familiar with technology and more trusting of strangers.
They should've known better than to give in to some scammer's demands, especially when it came to Bitcoin and gold coins. It's just basic math, folks! They got scammed hard, and now they're stuck dealing with astronomical tax bills and skyrocketing Medicare premiums. It's like, don't get me wrong, I feel bad for them, but at the same time... be smart, people! 
Don't fall for those "helpful" calls or messages that just want to take your money. And what's up with these new tax laws? It sounds like they're all about exploiting seniors who are already struggling. Anyway, I guess this is a good warning to everyone: stay vigilant and don't be afraid to fact-check everything, especially when it comes to those sneaky scammers! 
I mean, can you believe they were scammed out of over $1.3 million? And not just that, but the government was supposed to help them, but ended up making their tax bill astronomical... it's like a total nightmare! 
The fact that Ryan wasn't even from the FTC is just crazy, and that Larry and Barbara are still fighting for reimbursement is so frustrating... they're basically stuck with huge medical bills now 
. It's just not fair to these people who were already scammed out of their life savings. We should all be warning our seniors about this stuff, especially the ones who might not know much about tech or scams... they're like, totally vulnerable 
The worst part is that they're still waiting to get some reimbursement and it's causing them a ton of stress on top of their Medicare premiums going up. 
It's just not fair. But you know what? Their story can be a cautionary tale for others, especially older adults who might be more vulnerable to these kinds of scams. 
We should definitely be spreading the word about being careful with personal financial info and always verifying calls and messages before responding or taking action. 
. And now they're having to fight for what's right... it's just so frustrating 
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It's just ridiculous.
#ScamWarning #TaxReform #ProtectYourself
. They might not know much about tech or trust their instincts, making them easy targets for scammers. We need to look out for each other and spread awareness so no one else falls victim like this couple did 
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and btw why r older adults so trusting of strangers? i think ppl need 2 educate themselves more about scams like dis and never give out personal info to someone who's cold-calling u 
. It's just not right that they have to deal with all this stress because of someone else's greed 
. And I think it's awesome that they're using Larry's experience to help others avoid falling victim to similar scams 
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. They deserve it after everything they've been through 
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like this couple Larry & Barbara they were literally scammed outta $1.3 million and now their tax bill is insane 
this new law that says ordinary income is taxable and not deductible? It's just so unfair to ppl who've already lost so much 
And what about Larry's wife, Barbara? She got pulled into it too, even though she didn't do anything wrong 
. And yeah, never give out personal financial info in response to a call or message - it's just not worth the risk 
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