Robert L. Higgins, the 69-year-old owner of First State Depository, was sentenced to 65 years in federal prison after being found guilty of one of the largest thefts in U.S. precious metals history. The case unfolded in Wilmington, Delaware, where Higgins ran his business—a company that claimed to securely store over $100 million in gold and silver bars and coins for customers nationwide.
Over an eight-day jury trial, federal prosecutors revealed that Higgins had betrayed that trust over at least a decade. Instead of safeguarding the metals, he used them as his personal bank account—covering debts, buying two luxury timeshares in Hawaii, and funding lavish international vacations. Meanwhile, he underreported his income on tax returns, dodging his legal responsibilities year after year.
The sentence was handed down by U.S. District Judge Maryellen Noreika, who delivered the statutory maximum punishment for Higgins’ crimes: mail fraud, wire fraud, and income tax evasion.
1,000+ Victims Left Without Their Gold and Silver
Higgins’ actions devastated over a thousand customers. Many had trusted First State Depository with their life savings or retirement investments, only to later learn that their accounts had been emptied without notice. According to the U.S. Attorney’s Office, at least $76 million worth of precious metals went missing—making it the largest known theft from a metals depository in American history.
The case sparked national attention not only because of the dollar amount but also due to the depth of betrayal. Customers were given false account statements, reassured that their assets were safe, even while Higgins was selling or otherwise using the metals to prop up his business and personal lifestyle.
During the investigation, federal agents from the FBI and IRS-Criminal Investigation discovered that the missing assets affected people across the country. Higgins had built his scheme over time, using deception and forged trust to keep the fraud running as long as possible.
Officials Condemn “Shameful” Acts, Praise Victims’ Courage
Federal officials did not hold back in their condemnation of Higgins’ crimes. Acting U.S. Attorney Dylan J. Steinberg of the District of Delaware said, “Higgins lied to, cheated, and stole from customers who placed their trust in him and his businesses during a 10-year fraud scheme.” He emphasized the lasting damage to victims—many of whom lost their savings with little hope of recovery.
“Honest and law-abiding citizens are fed up with the likes of those who use deceit and fraud to line their pockets… and skirt their tax obligations,” was stated by Yury Kruty, Special Agent in Charge at IRS-Criminal Investigation’s Philadelphia Field Office.
Amanda Koldjeski, Acting Special Agent in Charge of the FBI’s Baltimore office, described Higgins’ behavior as driven by pure greed: “The more his greed grew, so did his shameful and selfish scheme.” She added that the FBI, alongside its partners, would remain relentless in protecting Americans from financial predators.
The case was successfully prosecuted by Assistant U.S. Attorneys Alexander P. Ibrahim, Bryan C. Williamson, and former Assistant U.S. Attorney Edmond Falgowski, whose thorough efforts helped bring one of the largest white-collar criminals in recent history to justice.