An anonymous man from rural Manitoba, Canada, has reported a loss of over $550,000 through an offshore forex trading scheme. This scheme involved two different brands, according to the Manitoba Securities Commission: Valiant Markets and International Derivatives Group.
A Classic Trap
The provincial watchdog stated that there is little hope for the Manitoba man to regain his money, explaining that the scam started in August of 2018. A company representative called the victim and promised high returns should he invest in the firm, according to the regulator.
Through six months, up to February of 2018, the man was coerced into sending more than half a million dollars to the company. He did this through a combination of wire transfers and credit card payments. The initial investment was approximately $7,000, done through Bitcoin and gold, but by Christmas of 2019, the Manitoba man had invested a further $93,000. Afterward, the company pressured him to invest another $140,000.
The Usual Assurances
Within this period of time, the anonymous Canadian was informed by his assigned managing director. This director, going by the name of Micheal Porter, assured the man that his investments were easily accessible and very profitable. It should be noted that Micheal Porter is most certainly not the real name of this managing director.
Through a public statement, the Manitoba man explained that this Porter had informed him that the managing director didn’t get paid unless the man himself made money through his investments. The victim stressed that he didn’t get the feeling that he was out to steal his money, due to the assurances that he would only profit should the Manitoba man profit, in turn. As is the norm in such cases, the Manitoba man stated that this Porter had assured a doubling in initial investment money, and noted that it seemed like a good investment at the time.
Luring Down The Rabbit Hole
It should be noted that the Manitoba man is a businessman of some sort, stated to be in his early 50’s. The man only spoke to the press after agreements would be made that he would stay anonymous.
After several weeks and many thousands of dollars invested, the man had received a withdrawal of $35,000. This withdrawal was given to him at the pretense that it was a return on his investment.
The victim was reassured by this, prompting him to invest thousands more into the scheme. He was further lulled into a sense of safety by faked bank account statements that showed he had gained dividends from his investments. The last, and sadly largest, investment was made in February of 2019. There, he invested an incredible $350,000 into the company, which was everything he had, more or less.