Daily fraud update: 12th May

Chris Lee

Man scammed out of six-figure sum in Canada

Man scammed out of six-figure sum in Canada

A man from Canada has apparently fallen victim to fraud with a value of six figures, it has been revealed.

According to the Securities Commission of the Canadian province of Manitoba, the man – who lived in a countryside area – was defrauded out of a sum of more than $550,000.

He allegedly participated in offshore foreign exchange trading schemes named Valiant Markets and International Derivatives Group.

The Securities Commission, which is a leading regulator in the province, claimed that the alleged scammers had been operating since August of 2018.

It is alleged that the victim was approached and that he was told he could earn through an investment vehicle.

The victim is understood to have purchased a sum of bitcoin cryptocurrency and gold, which equated to around $7,000 US dollars.

It is understood that on another occasion, he purchased around $93,000 US dollars’ worth of these commodities after being told his investments had risen in value.

Furthermore, even higher sums were believed to have been transferred by the victim. In one instance, there was a transfer worth $140,000 US dollars, and then later, a sum worth $350,000 was sent.

The alleged victim has opted to keep his identity a secret.

The Commission released a statement from the victim in which he went into more detail about what happened.

In the statement, the Commission shared information about the actions of a man who called himself ‘Michael Porter’.

“Porter told me very specifically that he didn’t get paid unless I made money,” the alleged victim was quoted as having said.

“It didn’t seem like he was out for a money grab since he would only profit if I did. He said I could double my money.” he also said.

He also outlined what effect the alleged scam had had on him.

“My business account is empty and COVID has devastated my business. I’m worried about paying my taxes. Michael Porter is still emailing me, asking for more money,” he added.

The victim is understood to have been a man who works in business and is aged in his early 50s.

According to a spokesperson for the regulator, the incident is not out of the ordinary.

“What has happened to this victim is consistent with scams we have seen over the years,” said Jason Roy, who serves as a Senior Investigator with the MSC.

“Often, they allow small amounts of money to be returned to lure the victim into a false sense of security – the impression that your money can be accessed at any time. Of course, it’s all a lie,” he added.

“The trading, the profits, it’s all fictitious. The investor may not realize there’s a problem until they attempt to withdraw larger sums,” he explained.


Chris Lee

Latest news

Scammers Are About – How to Find a Safe Broker
A core part of the Forex Fraud service involves sharing information to help traders stay safe. Read more
Jittery Markets – What to Look Out For On 26th of January 2021
Monday saw the markets stall and nosedive on the back of more bad news for the aviation sector. Read more

Safest Forest Brokers 2020

Broker Info Best In Customer Satisfaction Score
#1 ForexTime LogoYour capital is at risk Founded: 2011 Global CFD & FX Broker
Number One Broker
BEST FOREX BROKER Visit broker
5
#2 Forex Broker Pepperstone LogoCFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Founded: 2010 Global Forex Broker
Number One Broker
Low minimum deposit Visit broker
4.9
#3 Your capital is at risk Founded: 2014 Global Forex & CFD Broker
Number One Broker
Best Trading Conditions Visit broker
4.9
#4 Your capital is at risk Founded: 2006 Globally regulated broker
Number One Broker
BEST CUSTOMER SUPPORT Visit broker
4.9
#5 BlackBull MarketsYour capital is at risk Founded: 2014 Global Forex Broker
Number One Broker
BEST SPREADS Visit broker
4.8

    Forex Fraud Certified Brokers

    LegacyFX Small Logo
    Forex.com Logo
    BlackBull Markets Small Logo
    ATFX Logo
    City Index Logo
    Exness Small Logo
    Plus500 Small Logo
    Pepperstone
    IQ Option Logo
    Oanda Small Logo
    FXTM Logo
    IC Markets Logo
    OctaFX Logo
    skilling logo
    XM Logo
    HYCM Logo