Ontario man 'devastated' after losing his home and nearly $500K to crypto scam
An Ontario man says he is 'devastated' after spending his entire life savings in an investment scam he got involved in from a YouTube video he watched.
“I’m devastated. It ruined me, and it’s my life savings gone," said Stephen Carr of Meaford, Ont.
Online investment scams continue to be a massive problem in Canada, and Carr is one of many victims.
According to the Canadian Anti-Fraud Centre, 2021 saw $379 million in fraudulent losses in Canada, with the number one cause for loss being cryptocurrency fraud.
Carr said he was on YouTube when he saw a video that promised he could make large amounts of money trading commodities, foreign currencies and cryptocurrencies.
He said he contacted the company and started off with an initial amount of $250 to invest. When that appeared to be growing, he put in another $2,500.
At one point, Carr asked for a $1,000 withdrawal, which he received and gave him confidence the website was legitimate.
After that, from a period in October 2022 to January 2023, Carr invested his life savings of $498,000.
“What I didn't know at the time is this trading platform I was on was a simulation, it wasn't connected to anything, like a flight simulator that’s not connected to a real airplane,” he said.
Carr became concerned when he thought his funds had grown to 1.3 million and wanted to take some out. But, he was told he would have to pay a $150,000 liquidation provision to get his money.
“I got conned, and in hindsight, I put a ridiculous amount of money in this and a ridiculous amount of trust in these people," said Carr.
“I’m devastated. I’m in the process of selling my house and have to reorganize my life. I’ve got maybe two or three months of useable cash left, and that's it."
Jason Tschetter of Alberta lost $81,000 in a crypto scam last year. Tschetter started Fraud Hunters Canada, a group that tries to support victims and help them recover their money.
https://toronto.ctvnews.ca/canadian-man-out-81-000-after-unknowingly-using-trading-platform-that-was-front-for-thieves-1.5820764?cache=bnbdbzprrissrh%3FautoPlay%3Dtrue
With international boundaries and limited police resources, it's almost impossible to do.
“These criminals have turned this into an actual business, and for them, business is booming," said Tschetter. “Unfortunately, the police are strapped for manpower, and they don’t have the time to research all the fraud that comes through."
Fraud Hunters Canada can help someone who has been caught in an investment scam by giving them resources and guidance.
“Unfortunately, a lot of people are going to go through the anger, the depression, the denial. They will even try to bargain with the criminal, but it just won’t work,” said Tschetter.
Carr said when he tried to recover his funds, he ran into more scams.
“I’ve spoken to several recovery firms, but a lot of them are in the same boat and are fraudulent themselves," said Carr.
Carr said he reached out to CTV News Toronto to share his story to prevent others from being scammed.
“If I can get conned, then a lot of other people can get conned, and they have my entire retirement savings,” said Carr.
CTVNews.ca Top Stories
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Ex-tabloid publisher testifies he scooped up possibly damaging tales to shield his old friend Trump
As Donald Trump was running for president in 2016, his old friend at the National Enquirer was scooping up potentially damaging stories about the candidate and paying out tens of thousands of dollars to keep them from the public eye.
Here's why provinces aren't following Saskatchewan's lead on the carbon tax home heating fight
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
Montreal actress calls Weinstein ruling 'discouraging' but not surprising
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
Caleb Williams, Jayden Daniels and Drake Maye make it four NFL drafts with quarterbacks going 1-3
Caleb Williams is heading to the Windy City, aiming to become the franchise quarterback Chicago has sought for decades.