Brea Police Department
A 57-year-old Yorba Linda man has been arrested for allegedly scamming people out of money he claimed he would invest in silver and gold, Brea police announced.
In truth, Angelo Castello never intended to invest or repay the $9,000 he took from two Yorba Linda residents over a period of several weeks, police said.
Castello, who also went by Angelo Viers, met his victims in February and told them he would help them invest in silver coins and “spot gold,” Brea police said in a statement.
Spot gold is a term among traders defined as “the price of gold that is available for immediate physical delivery to the buyer.”
According to authorities, Castello initially took smaller installments from the Yorba Linda residents -- perhaps $100 or $200 -- but later ramped up the payments, telling his victims, for example, that he needed more money to “close the deal.”