A New York man has been charged in connection with a large-scale fraud scheme that cost a Connecticut resident more than $1 million.
According to the Fairfield Police Department, Malik Z. Smith, 25, of Flushing, New York, turned himself in on February 2, 2026, after detectives obtained a warrant for his arrest. He was charged with first-degree larceny and released on a $200,000 surety bond. Smith later appeared in Bridgeport Superior Court.
The charge follows an extensive investigation that began on March 11, 2024, when a Fairfield resident reported being contacted about what was presented as a loan connected to the U.S. Small Business Administration (SBA).
Investigators said the victim was led to believe the loan was part of a legitimate SBA program. The scammers instructed the victim to provide personal and financial information in order to secure the funding.
During the scheme, the victim was told that various payments were necessary to finalize or release the loan proceeds. Believing the requests were legitimate, the victim sent money over several months through Zelle, Western Union, and bank wire transfers to multiple individuals and business accounts.
Initially, the victim transferred more than $150,000, but as the scheme continued, the losses grew substantially. Authorities said the total amount lost eventually exceeded $1 million.
Fairfield police detectives conducted a detailed investigation involving search warrants, financial analysis, and coordination with financial institutions. Through this process, they were able to identify individuals who had received funds linked to the fraud.
Based on the findings, detectives sought and obtained arrest warrants charging those involved with first-degree larceny.
Police said the investigation lasted more than a year and required significant financial analysis and collaboration between agencies and banks. Officials added that additional arrests are expected as the case continues.
Fairfield police emphasized that the investigation highlights their ongoing efforts to track complex financial crimes and hold those responsible accountable.
