Manitoba senior loses $2M in crypto scam
The Manitoba Securities Commission issued a public warning Wednesday after a senior lost $2 million in an apparent crypto scam.
The victim lost their life savings after investing with a fake company called Fargo Investor. Investigators working for the securities commission believe other people might have been targeted by the fraudsters, the commission said in a news release.
The commission is tracking an increase in investment scams, in which criminals use artificial intelligence to create realistic-looking websites for false investment platforms to draw victims in. After someone signs up, the criminals pressure them to invest about $300 and then show them fabricated profits to build their trust.
'These ruthless scammers could spend years trying to drain someone's bank account — so it's important to learn and practice fraud-detection skills to better protect yourself and your money online,' Tyler Ritchie, market surveillance investigator with the commission, said in the release.
'Don't be embarrassed if you believed a scam – you're not alone. Doctors, lawyers and accountants have invested in these sophisticated frauds, too.'
The commission urged the public to 'adopt a critical eye' and look closely at advertisements and websites for signs of fraud, including poor English, spelling mistakes and videos or photos that 'feel unsettling or slightly off.'
Inconsistencies in a website's content or email addresses that don't match the website's address can signal a scam. Other red flags include endorsements from celebrities or politicians, seemingly sharing their 'investment secrets,' the release said.
Investors should always check if the broker or firm they are dealing with are listed on AreTheyRegistered.ca before transferring funds, the release said.
The commission is asking anybody who has been approached by Fargo Investor, or who has information about potential fraud, to call 1-855-372-8362 or email complaintsmsc@gov.mb.ca.
tyler.searle@freepress.mb.ca
Tyler SearleReporter
Tyler Searle is a multimedia producer who writes for the Free Press's city desk. A graduate of Red River College Polytechnic's creative communications program, he wrote for the Stonewall Teulon Tribune, Selkirk Record and Express Weekly News before joining the paper in 2022. Read more about Tyler.
Every piece of reporting Tyler produces is reviewed by an editing team before it is posted online or published in print — part of the Free Press's tradition, since 1872, of producing reliable independent journalism. Read more about Free Press's history and mandate, and learn how our newsroom operates.
Our newsroom depends on a growing audience of readers to power our journalism. If you are not a paid reader, please consider becoming a subscriber.
Our newsroom depends on its audience of readers to power our journalism. Thank you for your support.
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