Manitobans lose $700K in online investment schemes: Securities Commission
The Manitoba Securities Commission (MSC) is warning the public it has seen a dramatic increase in fraudulent online investment websites.
The agency says investigators have uncovered 66 fraud victims and issued 34 investor alerts, all stemming from scams promoting cryptocurrency or forex trading.
The MSC said they operate offshore, but tell investors they have Canadian offices.
Victims were targeted through social media, many of which included fake celebrity endorsements and news articles.
Initial investments started at around $250 USD.
“The smaller ask is something that is able to entice individuals, too. They think, ‘well, I'll just risk it. What could be the worst that could happen?’” explained Jason Roy, a senior investigator with MSC.
“The trading in your account is not real, and they show you fake profits in order to entice you to put more money in and unfortunately, Manitobans end up doing that.”
Losses ranged from $320 to up to $206,000 for individuals.
The total losses to date are $710,000, the MSC said.
“This is money that is going to leave the country forever, essentially. It's gone from the economy. The individuals won't have that for their retirement savings.”
The agency said the age of the victims ranged from 21 to 56 years old.
The commission recommends people interested in investing check whether the company's name appears on Canadian Securities Administrators’ online registry.
They also advise reviewing emails for red flags like misspellings, and warn never to provide remote access to computers and phones.
- With files from CTV’s Katherine Dow
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