Guelph man loses almost $170K to cryptocurrency scam

The Facebook logo is displayed on an iPad in Philadelphia on May 16, 2012. THE CANADIAN PRESS/AP, Matt Rourke

A Guelph man learned a pricey lesson after falling for an online cryptocurrency scheme, including one that featured a fake photo of Prime Minister Mark Carney.

He reported the supposed “investment opportunities” on Monday.

The Guelph Police Service said the man opened accounts with companies he found through Facebook ads.

“He deposited money into the accounts and was told his investment was climbing dramatically, but later experienced trouble when he tried to withdraw funds and was told additional fees would need to be paid,” a media release said.

The man gave $165,000 to the scammers.

But that wasn’t all.

“The victim later lost another $3,000 after he was contacted by a company which claimed it could help him recoup his earlier losses,” police said.

They also warned the public, once again, to be wary of online ads promising unusually high returns or featuring “celebrity” endorsements.

Anyone who has fallen victim to a scam should report it to their local police department, as well as the Canadian Anti-Fraud Centre, even if there has been no financial loss.