Online scams continue to to proliferate and local victims are not immune to being defrauded.
THUNDER BAY – City police say a local victim was defrauded of more than half-a-million dollars in an online investment scam.
In a release issued on Wednesday, police say the victim followed the investment advice of a Facebook ‘friend’ who led them to investment platforms that were not registered and later found to be fraudulent.
It wasn’t the only case of investment fraud involving a local person.
Another victim was investing Bitcoin with a company registered in the United Kingdom, only to be told they had to pay $10,000 to transfer their investment into cash.
The company was not a registered trader.
“Online traders can be a convenient way to manage your finances, however, you should check to ensure the platform you are about to use is legitimate and registered. To learn more, visit the Canadian Securities Administrators online at: www.securities-administrators.ca/registration/are-they-registered,” reads the police release.
”Scammers are often based in countries outside of Canada and as a result can be very difficult to identify. Investigations into these kinds of frauds may require assistance from outside police services and are often very complex.”
Police say no reputable organization would demand a payment in Bitcoin, and suggest contacting them at 684-1200 if asked to do so, or asked to make a Bitcoin withdrawal at an ATM.
The full release is…