Resident scammed of $35,000
GUELPH/ERAMOSA – A local resident has lost at least $35,000 to a cryptocurrency investment scam, according to police.
Wellington County OPP received a report on Sept. 16, according to a news release from police, and an investigation is ongoing.
The OPP is using the case to warn county residents about investment fraud which cost Ontarians around $284 million in 2024, according to the Canadian Anti-Fraud Centre.
Common schemes include initial coin offerings, Ponzi schemes, franchise opportunities, futures trading, multi-level marketing opportunities, mortgage investments and pump and dump schemes.
Most schemes promise high returns and most victims lose money. Warning signs include pressure to act fast, unsolicited crypto pitches by phone, email, online ads or social media, and requests to transfer crypto.
