FAIRFIELD, CT — A New York man was arrested in Fairfield in connection with a $1 million fraud scheme that targeted a local resident, police said.
Malik Z. Smith, 23, of Flushing, New York, turned himself in to the Fairfield Police Department on Feb. 2 on an outstanding warrant.
Smith was charged with first-degree larceny.
According to police, the investigation began on March 11, 2024, when a Fairfield resident reported being contacted regarding a loan purportedly affiliated with the U.S. Small Business Administration.
The resident was led to believe the loan was legitimate and was instructed to provide personal and financial information in order to secure the funding.
During the scheme, police said the victim was directed to transfer funds with the belief that payments were required to finalize or release the loan.
Over the course of several months, the resident sent more than $150,000 initially through Zelle, Western Union and bank wire transfers to various individuals and business accounts.
Police said the losses eventually exceeded $1,000,000.
Fairfield Police Detectives conducted search warrants, financial analysis, and worked with financial institutions to identify individuals who received funds linked to the scam.
Detectives obtained and served arrest warrants for those involved, and police said additional arrests are pending as the investigation continues.
Smith was issued a $200,000 surety bond by the court and appeared in Bridgeport Superior Court last month.
