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Simi Valley Today
By the People, for the People
Retirees Lose Millions in Alleged Midas Gold Group Scam
Former Trump official Sebastian Gorka's radio endorsement led victims to send their life savings to fraudster James D. Clark
Apr. 5, 2026 at 12:05am
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Dozens of retirees across the U.S. lost millions of dollars after sending their retirement savings to Midas Gold Group based on an endorsement from former Trump White House official Sebastian Gorka on his conservative talk radio show. The money was supposed to be used to purchase physical gold, but was instead pocketed by Midas Gold Group co-founder James D. Clark, who is now facing fraud charges.
Why it matters
This case highlights the risks retirees face from unscrupulous financial schemes, especially when they are promoted by trusted public figures. It also raises questions about the responsibility of media personalities who endorse financial products to their audiences without proper vetting.
The details
According to the report, Clark and his partners at Midas Gold Group used Gorka's radio endorsement to convince dozens of retirees to convert their retirement accounts into self-directed IRAs and send the money to Midas to purchase physical gold. Instead of buying the gold, Clark pocketed the money, leaving the retirees with nothing. When Midas Gold Group went bankrupt, the retirees were left with claims against the company for a total of over $6 million, but will likely recover less than 3 cents on the dollar.
- In 2020, retirees began sending their retirement savings to Midas Gold Group.
- In 2024, Midas Gold Group filed for bankruptcy.
- In 2026, the US Trustee concluded the retirees 'may have lost most, if not all, their retirement savings'.
The players
James D. Clark
The co-founder of Midas Gold Group who allegedly defrauded retirees out of millions of dollars by pocketing their retirement savings instead of purchasing the promised physical gold.
Sebastian Gorka
A former Trump White House official who hosted a conservative talk radio show and endorsed Midas Gold Group, leading many retirees to send their money to the company.
Midas Gold Group LLC
The company that went bankrupt after defrauding retirees out of over $6 million in retirement savings that were supposed to be used to purchase physical gold.
What’s next
The FBI is currently investigating the fraud allegations against James D. Clark, and he may face criminal charges.
The takeaway
This case highlights the importance of thoroughly vetting any financial advice or investment opportunities, especially when they are promoted by public figures. Retirees must be extremely cautious about converting their life savings into alternative investments like gold, as unscrupulous operators can easily take advantage of their trust.
