ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

Romance Scam Robs Retired Chef of His Life Savings; Here are Red Flags to Watch out for

Cyprtocurrency being the third most common scam in US, a man from Florida loses him Life savings
PUBLISHED DEC 24, 2023
Image Source: Photo by RDNE Stock project | Pexels
Image Source: Photo by RDNE Stock project | Pexels

The cryptocurrency market has been marred by volatility and rocked by scams for the past few years, ever since the dramatic surge in the value of virtual coins gained attention across the globe. Now Bob Nelson, a retired chef and grandfather, has a crucial message for everyone, especially those considering investing in cryptocurrency, which comes as a warning based on a personal and painful experience.

Image Source: Photo by David McBee | Pexels
Image Source: Photo by David McBee | Pexels

Nelson says that never thought he would see my life's savings vanish in an instant, as he stares at an empty bank account. He grapples with the aftermath of a romance scam that wiped out his funds, leaving him unsure of how to continue supporting not just himself but also his daughter and four grandchildren.

He now feels a mix of depression and embarrassment for falling into this trap, and reflects on the emotional toll of his situation.

Nelson's story began in August when, as a recent widower, he received an online chat request from someone named Cindy Smith. Loneliness and concerns about his family's financial future led him to engage in friendly conversations with Cindy.

After a few weeks of conversation, Cindy brought up bitcoin and how it was a lucrative investment with promising returns, but Nelson was still concerned about the legitimacy of the proposal, and took the precautionary step of hiring a private investigator to vet Cindy.

To his shock, Cindy turned out to be an impersonator, and the driver's license that she had provided was a fake. Despite knowing this, Nelson thought the person behind the profile was genuine and deposited money into what seemed to be a legitimate cryptocurrency exchange.

"I believed I had enough information to track her down if needed," Nelson explained, having withdrawn and re-deposited his money after an initial test. However, the scam took a more insidious turn in later stages.

Image Source: Photo by D'Vaughn Bell | Pexels
Image Source: Photo by D'Vaughn Bell | Pexels

The supposed returns of 20% per month began flowing in, providing a false sense of security. When Nelson attempted a second withdrawal, the scammers promptly locked his account.

A call from a Secret Service agent revealed the harsh truth that Nelson had fallen victim to an international ring of scammers. They had replicated a cryptocurrency exchange website, leading to the loss of his life's savings.

Image Source: Photo by Andrea Piacquadio| Pexels
Image Source: Photo by Andrea Piacquadio| Pexels

Marc Simmons, a Better Business investigator, sheds light on the prevalence of such scams involving fake crypto exchanges or exorbitant withdrawal fees. He notes that these rank as the third most common type of online scams.

Reflecting on his experience, Nelson issues a cautionary statement: "If someone brings up bitcoin futures, it's a red flag. Stay away, stay away."

Confronting the scammer only invited harassment, with the culprits making threats against Nelson and his family. Despite investigative efforts, the Secret Service agent involved has yet to provide further information. In the aftermath, Nelson advises seeking financial advice from trusted sources like bankers, financial advisers, or family members, emphasizing the importance of caution in the online realm.

MORE ON MARKET REALIST
The TikTok creator was shocked to find out how generous Home Depot is.
2 hours ago
Harvey wasn't impressed with what the show's audience had to say about him.
2 hours ago
The owner of the model Marklin Puritan boat promised never to put it in her swimming pool again.
2 hours ago
The contestant, Abi McLaughlin, entertained the viewers throughout the night with her gameplay.
3 hours ago
The contestant, Stephen James, couldn't stop yelling and giggling after his big win.
8 hours ago
Harvey had a hard time roasting the players who kept coming up with smart answers.
9 hours ago
The video showed how the new tech takes even more time to unlock doors.
1 day ago
Harvey later regretted clapping for the controversial answer, being a married man.
1 day ago
Harvey was very invested in the game and reacted to every answer with enthusiasm.
1 day ago
The creator's simple hack can make sure that people avoid splurging too much on groceries.
2 days ago
The contestant's answer wasn't the only one that made the host crack up.
2 days ago
The company received multiple complaints from customers finding wiry pieces of metal in the product.
3 days ago
The survey results were nothing like any of them had anticipated.
3 days ago
The soon to be birthday girl, Ja-Juana fell into temptation and lost the big prize.
3 days ago
The player, Gary got too excited and almost tore down the prize board off the roof.
4 days ago
The player, Megan Zandrowicz, walked away with a fantastic $65,000 from the show.
4 days ago
In the end, the guest regretted using the beautiful Mettlach Cameo Platter for her parties.
4 days ago
The contestant Mary, won a trip to Vancouver as a perfect birthday present.
6 days ago
The player was in for another heartbreak after she failed to solve the puzzle.
6 days ago
The player, Elisa Butcher's risky dice roll stunned everyone as she won a brand new Volkswagen car.
6 days ago