On June 29, Yavapai County Sheriff’s Office deputies from the eastern area patrol took a report from two victims, a husband and wife, living in the Village of Oak Creek who claimed they had been defrauded out of over $1 million.
The victims reported that a family friend, 32-year-old Nicholas Silvestri, had assisted them in investing in gold and silver bullion over the last few years, trading gold and silver coins to pay for the bullion investments. After the trade, the victims had the gold and silver bars checked by a certified precious metals professional, who told them the bars were fake. The couple reported they had purchased over $1 million worth of gold and silver from Silvestri.
On July 8, the YCSO Criminal Investigation Bureau discovered a second victim of Silvestri’s who had purchased approximately $100,000 worth of gold and silver that she too learned to be fake after the fact. The investigation into Silvestri revealed that the suspect was also selling what appeared to be approximately $80,000 worth of fraudulent IRA and Roth investments, as well as approximately $50,000 in fake cryptocurrency investments.
On Thursday morning, YCSO Criminal Investigations Bureau detectives executed a search warrant at Nicholas Silvestri’s home in the Village of Oak Creek. While searching the residence, detectives located evidence of the fake gold bars and the real gold coins the first victims had traded to him. Detectives also found documentary evidence related to these transactions.
Silvestri was arrested and charged with two counts of fraudulent schemes and artifices and two counts of theft.
“This suspect defrauded numerous people and may have continued to do so were it not for the diligence of our deputies and detectives,” Sheriff David Rhodes said. “The arrest of this man who preyed on the trust of others is not only a success for those whose property we were able to recover, but for those who may have become victims in the future.”
It is believed that there are numerous customers in the VOC and Sedona area whom the suspect assisted with investing in metals, IRAs and cryptocurrency. It was reported by two of the victims that Silvestri had befriended a group of older wealthy people in the area. The victims believed others had invested through him.
The department asks that anyone with more information on this case contact YCSO at (928) 771-3260.
