Recently, a 61-year-old woman was a victim of cyber fraud. The Manitoba Securities commission recently reported that the women in question have been the victim of a serious crime and was recently defrauded with thousands of dollars online. There is a high chance that they would never see the money again.
The Manitoba woman filed an online complaint with the MSC after she failed to withdraw the money from Magnum Options. The firm, which was already designated to be a fake one, and is not registered to sell securities in Canada, persuaded her to invest $10,200 into the trading account using the credit card.
These unregistered firms are extremely professional at duping people. They search for innocent people and end up duping them very easily. Investing might look easy for them, but in all reality it is very difficult.
They dupe the people by asking them to invest a lot of money and then they become completely unresponsive.
In the case of this woman, the company told her what trades to do and then one day, all of a sudden, she got an email stating that her account is now empty.
Don’t make the same mistake that this woman made. Invest in a firm after thorough research and make sure that you don’t invest your entire portfolio. Otherwise, you might soon be at complete chaos.
“These unregistered firms are slick, professional and often very friendly,” MSC senior investigator Jason Roy said in a statement. “They make investing look easy, but the real goal is simply to part you from your money.”
The woman contacted MSC after mysteriously losing $2,000 from her account. She tried pulling the remaining $8,200 but Magnum Options said she had to finish two trades before they would let her do that, MSC said.
The company then told the woman which trades to do, according to MSC. She then received an emailed statement from Magnum showing her account was now empty.
“It’s very unlikely any of her money will be recovered,” Roy said. “Most of these companies are operating offshore, using bogus credentials. It’s an international shell game for the internet age.”
