A New York City man, Yongxian Huang, was arrested last week after scamming a Bethesda couple out of $400,000 in the latest gold bar scam targeting Montgomery County residents. Huang, 23, convinced the victims, both in their 70s, that their money was at risk of being used for illegal activities, including child pornography and Russian missiles. This latest arrest follows a growing number of similar scams in the area.
The scam began in September when the victims received text messages posing as Apple, claiming an unauthorized charge had been made. This was followed by instructions to convert their savings into gold bars for safekeeping, with the bars later being collected by a supposed government official. Huang’s scheme unraveled when he scammed an undercover FBI agent, who had been posing as another victim, before fleeing to New York.
Montgomery County authorities have been dealing with a wave of gold bar scams, with millions of dollars lost to organized criminals. Since the summer, these scams have swindled residents out of substantial amounts, with some victims losing up to $6.3 million in total.
Montgomery County State’s Attorney John McCarthy called the operation “organized crime at the highest level,” noting that most victims are seniors, targeted for their trust and vulnerability. Law enforcement officials emphasize that anyone, regardless of education or background, can fall victim to these schemes. Detective Sean Petty from MCPD’s financial crimes division warned that scammers are skilled at exploiting people’s fears and manipulating them into believing they’re speaking with federal agents.
Recent incidents have escalated, with scammers threatening victims with dire consequences if they don’t comply. For example, an 88-year-old victim was told her money was being used for illegal activities such as human trafficking and illegal gambling.
As Montgomery County residents continue to fall prey to these scams, authorities urge caution. If you receive any unexpected messages or calls requesting personal or financial information, it’s crucial to verify the legitimacy of the request before taking any action.
