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South Simcoe police warn of crypto investment scams after Bradford, Ont. man loses money

Police say investor scammers target victims who are hoping for fast returns on investments. Photo Illustration by Sheldon Cooper/SOPA Images/LightRocket via Getty Images

South Simcoe police are warning people of cryptocurrency investment scams after a Bradford, Ont., man lost money that he put into an online crypto trading company.

When the man created his account online, the company promised him “bonus” funds if he deposited more cash, police say.

Read more: Ontario man returned to Canada to face charges in $56M debit terminal Ponzi scheme

But when the man checked his account the next day, it was empty.

According to police, the company claimed to help the man recover his funds through successful investments, though he wasn’t able to withdraw the supposed earnings until he made $100,000.

The scammers then suggested he hand over more cash in order to recoup his losses, according to police. The victim refused and now wants to warn others.

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Police say investor scammers target victims who are hoping for fast returns on investments. When the victim tries to withdraw their money, they are unable to do so. Suspects then end all communication with the victim.

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