New York Pair Arraigned For $457,000 "Gold Scam" Targeting Elderly Connecticut Residents

Two NY men, Le Chen and Fangzeng Huang, face fraud charges in Fairfield, CT, for gold scams targeting elderly victims. Read the full investigation details.

By: AXL Media

Published: Mar 5, 2026, 9:10 AM EST

Source: The information in this article was sourced from WFSB.

Fairfield police have successfully apprehended two New York men suspected of orchestrating high-value financial scams against local seniors. Le Chen, 40, of Flushing, and Fangzeng Huang, 37, of Brooklyn, face multiple felony charges including conspiracy to commit first-degree larceny and conspiracy to commit first-degree telephone fraud. While the suspects operated independently, the Fairfield Police Department noted that their tactics were remarkably similar, resulting in a staggering combined loss of over $457,000 for the community.

The investigation uncovered two distinct cases where victims were manipulated into liquidating their assets for precious metals. In a case from June 2025, Le Chen allegedly directed a victim to withdraw significant funds to purchase gold, which was later collected by a courier. This victim reported a total loss of approximately $166,000. In a separate incident in September 2025, Fangzeng Huang reportedly persuaded a second resident to convert their existing gold holdings into other assets, which were then handed over to individuals posing as legitimate couriers. This second resident lost about $291,070.

Bringing these charges required months of intensive investigative work by the Fairfield Police Department. Detectives engaged in financial tracing across multiple banking institutions, reviewed hours of surveillance footage, and executed search warrants for digital records to link the New York men to the Connecticut-based crimes. Following their arrests, Chen was held on a $175,000 bond, while Huang’s bond was set significantly higher at $650,000. Both defendants made their initial court appearances on Tuesday.

In light of these arrests, law enforcement officials are issuing an urgent warning to residents regarding the increasing frequency of elder fraud. Scammers are frequently impersonating representatives from government agencies, law enforcement, or financial institutions to create a sense of urgency. Police emphasize that any demand to withdraw large sums of money, purchase gold for "safekeeping," or provide physical assets to a courier is a major red flag for criminal activity.