The Fairfield Police Department has arrested two suspects in separate fraud investigations involving scams that targeted elderly residents and resulted in large financial losses through the purchase of gold.
In the first case, Le Chen, 40, of Flushing, New York, was arrested and charged with conspiracy to commit larceny in the first degree and conspiracy to commit telephone fraud in the first degree. Chen was held on a $175,000 bond and appeared in Bridgeport Superior Court on March 3, 2026.
The charges stem from a June 2025 incident in which a Fairfield resident was instructed to withdraw money and use it to purchase gold. Authorities said the gold was later collected by a courier connected to the scheme. The victim in that case suffered an estimated loss of $166,000.
In a separate investigation, Fangzeng Huang, 37, of Brooklyn, New York, was arrested on similar charges, including conspiracy to commit larceny in the first degree and conspiracy to commit telephone fraud in the first degree. Huang was held on a $650,000 bond and also appeared in Bridgeport Superior Court on March 3, 2026.
That case involved a September 2025 incident in which another Fairfield resident was convinced to convert assets into gold and hand them over to individuals posing as couriers. The victim in this investigation lost approximately $291,070, which included both a wire transfer and the purchase of gold.
Although the scams used similar tactics, police said the two cases involved different suspects and victims. Combined, the investigations revealed more than $457,000 in losses suffered by Fairfield residents.
According to police, the cases required extensive investigative efforts, including surveillance analysis, financial tracking across multiple banks, and search warrants for telecommunications and digital records. Detectives also worked with regional and federal partners to identify those responsible and bring charges.
Authorities noted that additional arrests are expected as the investigations continue.
Police also warned residents that scams involving individuals posing as government agencies, financial institutions, or law enforcement are increasingly targeting older adults. In many cases, victims are instructed to withdraw large amounts of money, purchase gold, or hand over assets to a courier.
Officials emphasized that no legitimate government agency or financial institution will ever request someone to move money or buy gold to secure their accounts.
Residents are encouraged to discuss these scams with family members and report suspicious calls or requests immediately. Anyone who believes they may have been targeted by a similar scheme is urged to contact the Fairfield Police Department.
