Canadian bank notes are seen in Ottawa on Wednesday, September 6, 2017. (THE CANADIAN PRESS/Adrian Wyld)
The Manitoba Securities Commission is warning the public after a local senior lost their entire $2 million life savings to a fraudulent crypto scheme.
The alleged fraud was operated by “Fargo Investor,” an unregistered company believed to be targeting others across the province.
Investigators say the scam, like many others emerging on social media, uses artificial intelligence to create convincing fake websites and ads. Victims are lured in with promises of investment returns, often starting with a small $300 deposit. Fraudsters then show phony profits to build trust, sometimes spending months or years manipulating victims.
“These ruthless scammers could spend years trying to drain someone’s bank account — so it’s important to learn and practice fraud detection skills to better protect yourself and your money online,” said Tyler Ritchie, market surveillance investigator with the MSC
Red flags include poor grammar, mismatched email addresses, and suspicious celebrity endorsements. The MSC urges anyone approached by Fargo Investor or similar scams to call 1-855-FRAUD-MB. Additional advice includes visiting the website AreTheyRegistered.ca to verify a broker or firm before investing.
“Don’t be embarrassed if you believed a scam — you’re not alone,” added Ritchie. “Doctors, lawyers, and accountants have invested in these sophisticated frauds, too.”
