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.