Residents are again reminded to be cautious when dealing with strangers online after a Guelph man lost more than $95,000 through an investment scam.
On Thursday, the man in his 20s reported he responded to a social media ad in September and was redirected to a group on a popular chatting app which he believed was connected to a legitimate investment brokerage.
Throughout October he made a series of e-transfers, then began “borrowing” funds from the company to fund his investments and immediately repaying those supposed loans from his and his wife’s bank accounts.
Earlier this month, he attempted to withdraw funds from the investments and was told he must pay a 20 per cent commission on any profits, but it must be paid from his bank account rather than deducted from his balance. He became suspicious and demanded an in-person meeting with a company representative. He was given an address in Toronto but attended to find it was fake.
The matter remains under investigation. Residents should be aware of online solicitation or investment opportunities, and conduct thorough research before signing anything or sending money.
