adplus-dvertising
Connect with us

Investment

Toronto-area woman loses $80000 in online investment scam

Published

 on

TORONTO —
The Canadian Anti-Fraud Centre says the number one scam in 2020 was romance fraud with Canadians losing $18.5 million dollars to criminals and the number two top scam was investment fraud with losses of $16.5 million.

Now, it appears criminals are starting to use the two scams together.

“These are scams of trust at the end of the day and they are going to build up your trust. They are going to spend that time with you and tell you what you need to hear,” Jeff Thomson with the Canadian Anti-Fraud Centre said.

Whenever you say you want to meet the person online in-person, they say they can’t “with COVID-19 now being the prime reason,” Thomson said.

Criminals appear to be bringing the two top scams together using social media and dating apps to try to convince people to get involved in phoney investments.

A woman, who is the mother of two children and lives in the Greater Toronto Area, asked us not to reveal her identity but she says she lost more than $80,000 in an online investment scam.

The woman said she met a man through Facebook who told her he could coach her on ways to make a lot of money on a new trading platform using cryptocurrencies.

The woman said when she contacted the trading website, “the manager assured me that you know this is what is being done now during the pandemic and there is a crazy return on every investment.”

She said she was told “now is the time to do it.”

The woman said she started out with $500, which she says appeared to be worth $5,000 within days on a trading website she was on.

She kept putting in more money, but when she went to take it out she was told there were broker fees, taxes and other costs to be paid.

The woman claims she kept borrowing money from family and friends until she invested more than $80,000, money that is now gone.

The woman said she feels “betrayed, hurt. I still can’t believe it. Nobody knows.”

Police say the investment scam is happening world wide and there has been a warning issued by the international police force Interpol.

Criminals may give investment tips, coaching advice and set up websites that look legitimate.

“You see an account. You see the money going up and down and when a victim goes to access it they can’t or it’s all gone,” Thomson said.

The woman says her family doesn’t know she got caught in the investment scam. Not only did she lose $80,000 dollars, but much of the money was borrowed and she still has to pay it back.

She said she feels devastated. “I haven’t been working for the past two years so I was just looking for a way to do something. To end up in a situation like that like I never thought it would happen to me,” the woman said.

Experts ask people to cautious of anyone met online, the phone or in-person who says you can make easy money trading cryptocurrencies. Whenever an investment sounds like it’s too good to be true, chances are it is.

 

728x90x4

Source link

Continue Reading

Economy

S&P/TSX composite down more than 200 points, U.S. stock markets also fall

Published

 on

 

TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.

The S&P/TSX composite index was down 239.24 points at 22,749.04.

In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.

The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.

The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.

The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.

This report by The Canadian Press was first published Sept. 6, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

S&P/TSX composite up more than 150 points, U.S. stock markets also higher

Published

 on

 

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.

The S&P/TSX composite index was up 171.41 points at 23,298.39.

In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.

The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.

The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.

The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.

This report by The Canadian Press was first published Aug. 29, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Investment

Crypto Market Bloodbath Amid Broader Economic Concerns

Published

 on

Breaking Business News Canada

The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.

The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.

Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.

The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.

Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.

Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.

Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.

Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.

The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.

Continue Reading

Trending