Shannon T. Hanson Acting United States Attorney for the District of Delaware | U.S. Attorney for the District of Delaware
Following an eight-day jury trial, Robert L. Higgins was sentenced to 65 years in federal prison for charges of mail fraud, wire fraud, and income tax evasion. The sentencing took place on June 17, 2025, under U.S. District Judge Maryellen Noreika's ruling. Dylan J. Steinberg, Acting U.S. Attorney for the District of Delaware, announced the decision.
Higgins, aged 69, owned First State Depository in Wilmington, Delaware—a precious metals depository holding over $100 million in customer assets such as gold and silver bars and coins. Over at least a decade, Higgins misappropriated $76 million from his customers' assets to pay personal debts and finance his lifestyle while underreporting his income on federal tax returns.
The fraudulent scheme led to over 1,000 customer accounts missing precious metals. Industry sources have labeled it the largest theft from a precious metals depository in U.S. history.
Acting U.S. Attorney Steinberg commented: “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 impact on victims: "By robbing his many victims of their hard-earned life savings and retirement funds, Higgins irreparably hurt hundreds of people and their families."
Yury Kruty from IRS-Criminal Investigation remarked on public sentiment against deceitful financial practices: "Honest and law-abiding citizens are fed up with the likes of those who use deceit and fraud."
FBI Baltimore Acting Special Agent Amanda Koldjeski highlighted the severity of Higgins' actions: "The more his greed grew, so did his shameful and selfish scheme."
The investigation was conducted by the FBI and IRS-Criminal Investigation Division with prosecution led by Assistant U.S. Attorneys Alexander P. Ibrahim and Bryan C. Williamson along with former Assistant U.S. Attorney Edmond Falgowski.
Further information can be found through official channels such as the website of the U.S. Attorney’s Office for the District of Delaware or via PACER by searching Case No. 1:22-cr-44.
