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A Brooklyn, New York man, Zhong Ren, has been charged with grand theft for allegedly scamming an elderly woman from Ephrata, Pennsylvania out of $555,892 in gold bars. The Ephrata Police Department arrested Ren, aged 44, last week. He faces multiple charges, including theft, criminal conspiracy, and impersonating a public servant.
The scam began in March when Ren reportedly gained access to the victim's computer, convincing her that her financial accounts were at risk. He allegedly persuaded her to convert her life savings into gold bars, which would be safeguarded by supposed federal employees at the Federal Reserve vault in Philadelphia. According to WFMZ, individuals posing as government employees collected the gold from her home on two occasions in April.
The investigation, conducted by Ephrata Police and the Buckingham Police Department, led to Ren's identification and arrest. Authorities suspect he may be part of an international criminal organization. Ren is currently held at Lancaster County Prison with bail set at $550,000. His preliminary hearing is scheduled for Friday (July 18).
This type of scam is becoming more common across the United States, with the FBI and local police issuing warnings, especially to seniors. The scam typically involves creating a false sense of urgency, convincing victims to convert their assets into gold, and sending a courier to collect the gold under the guise of protecting the victim's assets. WSPA reports that authorities emphasize no government agency will request such actions.