Two New York Men Charged in $457K Fairfield Gold Bar Scams

Two New York Men Charged in Separate Gold Scams That Defrauded Fairfield Seniors of $457K

Fairfield Police have arrested two New York men in connection with separate gold bar scams that together defrauded two elderly Fairfield residents of a combined $457,070 in 2025. Both suspects appeared at Bridgeport Superior Court for arraignment in early March 2026.

The arrests were made in separate investigations but reflect a common scheme: callers posing as law enforcement or government officials convince victims that their savings are at risk, then instruct them to convert their money into gold bars and hand the gold over to individuals posing as couriers.

Le Chen: $166,000 Stolen in June 2025

Le Chen, 40, of Flushing, New York, was charged with conspiracy to commit larceny in the first degree and conspiracy to commit telephone fraud in the first degree. His case stems from a June 2025 incident in which a Fairfield resident was directed to withdraw funds and purchase gold bars, which were then collected by a courier — with the victim sustaining a loss of approximately $166,000.

Chen was held on a $175,000 bond and appeared at Bridgeport Superior Court on March 3, 2026.

Fangzeng Huang: $291,070 Stolen in September 2025

Fangzeng Huang, 37, of Brooklyn, New York, was charged with the same offenses. His case involves a September 2025 incident in which another Fairfield resident was persuaded to convert assets into gold and provide the gold to individuals posing as official couriers. That victim's loss totaled approximately $291,070.

Huang was held on a significantly higher bond of $650,000, reflecting the larger scale of the alleged fraud in his case.

How the Scam Works

Gold bar scams — also known as "grandparent scams" or "impersonation fraud" — have surged nationally in recent years, with elderly residents among the most frequent targets. The scheme typically unfolds over a phone call in which a scammer claims to be a law enforcement officer, bank official, or government employee and warns the victim that their bank account has been compromised or that someone has committed fraud in their name.

To "protect" their funds, the victim is instructed to withdraw cash and convert it into gold bars — a form of value that is difficult to trace and easy for couriers to collect in person. The scammer explains that the gold will be held safely until the investigation is resolved, but the couriers who collect it are part of the criminal network.

The Federal Trade Commission has documented significant increases in gold bar scam losses, with Americans losing tens of millions of dollars annually to this category of fraud.

Fairfield as a Target

Fairfield is an affluent community in Fairfield County with a substantial population of older residents — characteristics that make it a target for elder fraud operations. The town's police department has been active in public outreach about impersonation scams, urging residents to be skeptical of any caller claiming an emergency involving their money.

Both incidents — the June and September 2025 cases — were investigated by the Fairfield Police Department, which made the arrests and referred the cases for prosecution at Bridgeport Superior Court.

Charges and Potential Penalties

First-degree larceny and first-degree telephone fraud are both serious felonies in Connecticut. Both men face charges of conspiracy to commit each offense — meaning prosecutors allege they acted in coordination with others as part of a broader criminal network. Neither suspect has entered a plea as of early March 2026.

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