Wellington North resident bilked of $500,000 in cryptocurrency scam

WELLINGTON NORTH – Police are issuing a warning about scammers after a resident here was defrauded of $500,000 in a cryptocurrency scheme.

Wellington County OPP officials say they received a report about the fraud on Jan. 18.

“Over a period of six months, the victim, who resides in Wellington North Township, had invested approximately $500,000 with a fraudulent online cryptocurrency investment firm,” police stated in a press release.

The OPP is encouraging resident “to always do a preliminary background check before making any investments in or with a company.”

Police have also offered the following tips from the Canadian Anti-Fraud Centre:

  • prior to investing, ask for information on the investment;
  • research the team behind the offering and analyze the feasibility of the project;
  • verify if the investment companies are registered with your provincial securities agency or the National Registration Search Tool;
  • be wary of individuals met on dating sites or social media who attempt to educate and convince you to invest;
  • if you receive a suspicious message from a trusted friend, reach out to them through a different means of communication to confirm that it is them.

Local financial institutions can also provide guidance on “legitimate investment platforms,” police say.

Anyone with information regarding this incident can contact the Wellington County OPP at 1-888-310-1122.

To remain anonymous, contact Crime Stoppers at 1-800-222-8477 (TIPS) or submit a tip at www.csgw.tips. Tip providers may be eligible for a reward from Crime Stoppers of up to $2,000.