- A St. Francis couple lost $80,000 in a cryptocurrency investment scam discovered on Facebook.
- Scammers used a fake platform showing false investment returns to lure the victim into investing increasingly larger amounts.
- Experts warn that cryptocurrency Scams are difficult to trace, and investors should verify brokers through FINRA before investing.
A St. Francis woman invested $80,000 in what she believed was a legitimate cryptocurrency opportunity, only to discover it was an elaborate scam. The woman, who found the investment on Facebook, surprised her husband Scott Johansson on their wedding anniversary with what she thought were substantial earnings, but the revelation quickly turned devastating as they realized all their money was gone.
“She had a big smile on her face saying, ‘Look what I did,'” recalled Scott Johansson. “All I thought was, ‘This is not real.'”
The victim initially invested $30,000 in the scheme after discovering it on Facebook. Within weeks, the fake investment platform showed incredible returns that appeared to double her money. Encouraged by these false gains, she continued investing until she had committed a total of $55,000. When she attempted to withdraw what had supposedly grown to $100,000, the scammers demanded an additional $30,000 for “taxes and fines,” which she also paid.
How Cryptocurrency Scams Operate
April DeValkenaere, owner of Fortress Forensic Investigations and a certified cryptocurrency investigator, explained how these scams typically work. “They try to get you to invest a smaller amount first. They show you these incredible gains,” DeValkenaere told Contact 6. “Usually it’s double your money within two to four weeks.”
Victims can track their supposed investments on sophisticated but completely fraudulent platforms. In reality, the money is gone immediately upon deposit, but victims are encouraged to let their investments sit as long as possible while continuing to add funds.
“When the victim takes that case to law enforcement, the money was gone a year ago,” DeValkenaere noted.
Protection and Warning Signs
DeValkenaere strongly advises against finding investment opportunities on social media. For protection, she recommends checking any potential broker’s background through FINRA.org and using their broker check service.
The St. Francis Police Department investigated the couple’s case and determined the scammers were likely operating from Nigeria. Officers told Johansson there was a “99% chance” the money was gone for good.
A major red flag in this case was the requirement to pay taxes before withdrawing funds. As DeValkenaere pointed out, cryptocurrency is unregulated, meaning there shouldn’t be any pre-withdrawal taxes.
Johansson’s wife, who declined to appear on camera, now suffers from sleeping difficulties and trust issues. Despite their devastating loss, the couple chose to share their story as a warning to others. “If it sounds too good to be true, it’s fake,” Johansson concluded.
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