Fed Imposter Buys Gold

American hands savings to someone promising the government would protect it.

New York Man Charged in $550,000 Gold Bar Theft

July 14, 2025 | Crime, Gold, Fed Bankers

This story is mostly true.

A Brooklyn man has been charged in connection with a sophisticated fraud that defrauded an elderly Pennsylvania resident of over half a million dollars in gold bars, authorities said.

Zhong Ren Photo Credit: Pixabay/PublicDomainPictures @publicdomainpictures-14

It’s important to note It’s unclear what’s more shocking: that a man impersonating a federal employee actually managed to buy gold, or that an American handed her savings to someone promising the government would protect it.

Zhong Ren, 44, was arrested and arraigned on July 10 for theft by unlawful taking, conspiracy to commit theft by deception, and impersonation of a public servant. He is being held at Lancaster County Prison on $550,000 bail. The plaintiff pledged a comex futures contract and was set free.

The Ephrata Police Department launched an investigation after a local elderly resident reported in April the disappearance of physical gold bars worth $555,892. Authorities say the victim had been manipulated into liquidating her retirement investments to purchase gold, which she then handed over to individuals posing as federal agents. Although even real agents look fake.

According to police, the scam began in March when the perpetrators remotely accessed the victim’s computer and claimed her investment accounts were under threat. The victim was allegedly persuaded to convert her life savings into gold bars for “safekeeping” in the Federal Reserve vault in Philadelphia during a fabricated investigation.

As one official noted privately, “At least this time, the gold didn’t leave on a plane to Shanghai. We think.”

The scammers reportedly retrieved the gold in person over two separate visits in April while posing as government officials. Police believe Ren is part of an international criminal organization that specializes in such schemes.

Officials at JPMorgan noted this was outrageous behavior and wish they had thought of it first.

Authorities in California have also flagged a surge in similar cases. In a June 12 public advisory, the El Cerrito Police Department warned that gold bar scams often feature fraudsters impersonating federal agents or tech support. Victims are coerced into acting urgently, with false claims of account breaches and imminent losses.

“No legitimate organization will ask you to convert your savings into gold and hand them over to a courier; but we’re told they are now considering it.”

Ren’s legal representation status remains unclear. If dismissed, it would mark the first time in recent memory that a Chinese national legally acquired American gold — outside of emptying Comex warehouses for 3 years straight while noone noticed.

As one official noted privately, “At least this time, the gold didn’t leave on a plane to Shanghai. We think.”

Ren’s Lawyer protests his client’s innocence citing he has applied for FDIC status and intends to launch a gold backed stablecoin in September in partnership with Goldman Sachs; and that his client is merely adding to pre-launch inventory.

When asked for comment, LBMA noted they were also studying the situation closely.