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
Spectacular aurora light show to be seen across Canada Friday night
A rare and severe solar storm is expected to bring spectacular displays of the northern lights, also known as aurora borealis, across much of Canada and parts of the United States on Friday night.
Town of Fort Nelson, B.C., ordered to evacuate due to wildfire
The entire town of Fort Nelson, B.C., as well as the nearby Fort Nelson First Nation, has been ordered to evacuate due to an out-of-control wildfire.
Bouchard lifts Edmonton Oilers to 4-3 overtime win over Canucks in Game 2
Evan Bouchard scored 5:38 into overtime and the Edmonton Oilers bounced back for a 4-3 win over the Vancouver Canucks in the second round of the Stanley Cup playoffs on Friday.
McGill University seeks emergency injunction to dismantle pro-Palestinian encampment
McGill University has filed a request for an injunction to have the pro-Palestinian encampment removed from its campus.
Which Canadian cities have the highest and lowest grocery prices?
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.
Swarm of 20,000 bees gather around woman’s car west of Toronto
A swarm of roughly 20,000 bees gathered around a woman’s car in the parking lot of Burlington Centre.
Video shows naked raccoon catching B.C. family by surprise
When Marvin Henschel spotted a strange and hairless creature wandering through a front lawn in B.C.'s Lower Mainland, he could barely believe his eyes.
Barron Trump declines to serve as an RNC delegate
Former U.S. President Donald Trump's youngest son, Barron Trump, has declined to serve as a delegate at this summer’s Republican National Convention, according to a senior Trump campaign adviser and a statement from Melania Trump's office.
Out-of-control wildfire prompts evacuation alert for Fort McMurray, Saprae Creek Estates Friday night
An evacuation alert was issued for two Wood Buffalo communities Friday night, as crews battled an out-of-control wildfire near Fort McMurray.