Barrie police are warning the public about investment scams after they say a Barrie man was defrauded out of roughly $95,000.
The 63-year-old man had reported the fraud after responding to a social media advertisement offering a legitimate chance to invest in foreign currency, gold, and silver.
Within two weeks, the man received what appeared to be a decent profit and was given screenshots showing the investments increasing in value. However, the fraudster eventually called and convinced him to invest more.
An eventual attempt to withdraw funds from the investment prompted the fraudster to advise that a conversion fee or security deposit was required before the money could be transferred.
The man was also reportedly directed to use cryptocurrency machines to transfer additional funds.
"Stop and take five minutes and talk to two people you trust before sending any money," the Barrie Police Service stated in a news release. "A second opinion can help you spot a scam before you make what could end up being a very costly decision. Do your own research and verify the investment company’s legitimacy."
Police add that once funds are transferred through cryptocurrency, recovering the money can be extremely difficult. In this investigation, initial cryptocurrency tracing revealed the funds were moved through several locations around the world.
