Des Moines, Iowa: Insurance Division Recovers More Than $3 Million in Stolen Cryptocurrency for an Older Iowan

The Iowa Insurance Division has recovered more than $3 million in stolen cryptocurrency belonging to an older Iowan, the division announced on Thursday, October 29, closing a financial exploitation case that began in December 2025.

A fake federal agent and spoofed numbers

WHO reported that the victim, a woman, was contacted by a scammer who posed as a federal agent, used a real agent's name and called from spoofed numbers. The scammer told her she was a suspect in crimes. After further calls, she was convinced to convert more than $3 million worth of her assets into cryptocurrency and transfer the money to the scammer.

She then contacted the Insurance Division because she felt the contact may have been a scam. The division's Fraud Bureau opened a case and confirmed that it was a scam. Within 24 hours, investigators had the bank account locked and the court process began. The woman now has the full amount back, WHO reported.

Tracing the assets before they vanished

The scam was first reported by a securities broker-dealer to the division's Financial Exploitation Unit, and the Fraud Bureau took action from there, the division said. Cryptocurrency scams that target older adults are hard to resolve because criminals move stolen funds quickly through offshore exchanges and complicated digital networks. In this case, the division said rapid work between agencies and specialized blockchain tracing allowed investigators to locate and secure the assets before they could be permanently cashed out.

Insurance Commissioner Doug Ommen said financial exploitation scams have become more digital, more borderless and more aggressive, and he credited the coordination between the Fraud Bureau and its partners for the recovery. The division thanked the Ankeny Police Department, the Polk County Attorney's Office, the FBI Virtual Assets Unit, Operation Shamrock and Jesse Gossman of The Block Audit LLC for their work on the case. The Fraud Bureau is the division's law enforcement arm for insurance, securities and investment fraud.

More than $84 million investigated this year

The recovery is one case in a much larger load. The Fraud Bureau has investigated more than $84 million in scam related money this year alone, WHO reported. Bureau Chief Matt Mortvedt also warned about a newer version of the scheme, in which a victim is talked into converting money into physical gold that a scammer then picks up at the victim's home. "It's a pretty alarming scam," Mortvedt said.

Iowa Fraud Fighters will hold a Stop the Scammers Dinner on November 19 from 5:30 p.m. to 7:30 p.m. at the Prairie Meadows Events Center, WHO reported. Anyone who believes a scam is underway can report it to the Fraud Bureau at (515) 654-6464 or online at IowaFraudFighters.gov.