THUNDER BAY – City police say a local victim was defrauded of more than half-a-million dollars in an online investment scam.
In a release issued on Wednesday, police say the victim followed the investment advice of a Facebook ‘friend’ who led them to investment platforms that were not registered and later found to be fraudulent.
It wasn’t the only case of investment fraud involving a local person.
Another victim was investing Bitcoin with a company registered in the United Kingdom, only to be told they had to pay $10,000 to transfer their investment into cash.
The company was not a registered trader.
“Online traders can be a convenient way to manage your finances, however, you should check to ensure the platform you are about to use is legitimate and registered. To learn more, visit the Canadian Securities Administrators online at: www.securities-administrators.ca/registration/are-they-registered,” reads the police release.
”Scammers are often based in countries outside of Canada and as a result can be very difficult to identify. Investigations into these kinds of frauds may require assistance from outside police services and are often very complex.”
Police say no reputable organization would demand a payment in Bitcoin, and suggest contacting them at 684-1200 if asked to do so, or asked to make a Bitcoin withdrawal at an ATM.
The full release is below:
NEWS RELEASE THUNDER BAY POLICE SERVICE *************************
Crypto investment scams victimizing locals
The Thunder Bay Police Service is issuing a warning about recent fraud cases involving online investment scams.
In one recent case, a local victim was defrauded of more than $500,000 CAD when they followed investment advice from a Facebook friend. The financial advice led the victim to utilize investment platforms that were not registered, and later found to be fraudulent.
In another recent case, the Thunder Bay Police Service was made aware of a local person who was investing in Bitcoin with a company claiming to be based in the United Kingdom. After investing since the spring, the victim requested a withdrawal of funds, at which point the company demanded a payment of $10,000 to transfer their investments into cash.
The company was not a registered trader.
Online traders can be a convenient way to manage your finances, however, you should check to ensure the platform you are about to use is legitimate and registered. To learn more, visit the Canadian Securities Administrators online at: www.securities-administrators.ca/registration/are-they-registered.
Scammers are often based in countries outside of Canada and as a result can be very difficult to identify. Investigations into these kinds of frauds may require assistance from outside police services and are often very complex.
Also, please be aware that no reputable organization or institution will demand payments in the form of crypto currency like Bitcoin. If you are asked to make a payment via a Bitcoin ATM, please call police at 684-1200 for advice.
For further information about various frauds and scams that may be circulating, please visit the Canadian Anti Fraud Centre online at: www.antifraudcentre-centreantifraude.ca.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
