by CoinWeek…
Robert L. “Bob” Higgins, 69, owner and operator of First State Depository, a precious metals storage facility in Wilmington, Delaware, was sentenced on June 17, 2025, to the maximum statutory term of 65 years in federal prison. This sentencing, handed down by U.S. District Judge Maryellen Noreika, followed an eight-day jury trial that resulted in Higgins’ conviction on charges of mail fraud, wire fraud, and income tax evasion. The announcement was made by Dylan J. Steinberg, Acting U.S. Attorney for the District of Delaware.
Court documents and evidence presented during the trial and sentencing revealed that Higgins had misappropriated over a decade at least $76 million from his customers. First State Depository held more than $100 million in customer assets, primarily gold and silver. Higgins used these customer funds to cover his personal debts and finance a lavish lifestyle, including purchasing two timeshares in Hawaii and taking vacations to foreign countries, all while underreporting his income on federal tax returns.
Investigators found that over 1,000 customer accounts at First State Depository were missing precious metals. Industry experts have described Higgins’ fraudulent scheme as the largest theft from a precious metals depository in U.S. history.
Acting U.S. Attorney Steinberg emphasized the severity of Higgins’ actions, stating, “Higgins lied to, cheated, and stole from customers who placed their trust in him and his businesses during a 10-year fraud scheme. He took his customers’ metals without their permission and used them to finance his personal life and keep his scheme going, all while failing to report and pay his fair share of income taxes. By robbing his many victims of their hard-earned life savings and retirement funds, Higgins irreparably hurt hundreds of people and their families.” Steinberg commended the efforts of the FBI and the IRS-Criminal Investigation Division in bringing Higgins to justice.
Yury Kruty, Special Agent in Charge of IRS-Criminal Investigation, Philadelphia Field Office, added, “Honest and law-abiding citizens are fed up with the likes of those who use deceit and fraud to line their pockets with other people’s money as well as skirt their tax obligations.”
FBI Baltimore Acting Special Agent in Charge Amanda Koldjeski commented on the escalating nature of the crimes, saying, “The more his greed grew, so did his shameful and selfish scheme. This sentence reflects how egregious Higgins’ crimes truly are. Let this be a lesson to other criminals that the FBI and our partners will not tolerate corruption or those seeking to take advantage of hardworking Americans.”
The case was a collaborative investigation by the FBI and IRS-Criminal Investigation. Assistant U.S. Attorneys Alexander P. Ibrahim and Bryan C. Williamson, along with former Assistant U.S. Attorney Edmond Falgowski, prosecuted the case.
Further information regarding this case can be found on the website of the U.S. Attorney’s Office for the District of Delaware or on PACER by searching for Case No. 1:22-cr-44.
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Source: https://www.justice.gov/usao-de/pr/precious-metals-depository-owner-sentenced-65-years-federal-prison-76-million-fraud
