Recently, a 61-year-old was a victim of a cyber scam. The Manitoba Securities Commission had reported that the women in question have been prey to a terrible crime and were recently deceived with thousands of dollars digitally. There is an elevated probability that they would never see the funds in the future.
The victim filed a complaint with the Manitoba Securities Commission online after multiple attempts at withdrawing the money invested with Magnum Options. The stated firm was already designated as a fraudulent one, standing as an unregistered unit to sell or operate in securities throughout Canada. They persuaded her to invest $10,200 into the trading account, utilizing the credit card for payment by positioning fake schemes.
These unregistered firms are profoundly skilled at tricking people. They target innocent people and end up duping them very swiftly. Investing might seem simple for them, but it is a complex task in reality.
They scam people by asking them to invest huge or multiple funds, and they become entirely unresponsive. In this case, the company informed the victim about the trades to be taken up. Eventually, while the investor hopes for returns, she receives an email stating that her account status displays zero balance.
It is no less than a lesson. Do not make the same mistakes that this woman did. Ensure that you don’t invest in a firm without administering thorough research. It’s also advisable that one shouldn’t invest their entire portfolio. Otherwise, you might soon be in chaos. “These unregistered firms are smooth, sly, professional, and are often very energetic and friendly.” MSC senior investigator Jason Roy mentioned in one of his statements.
“They make investing seem easygoing, but the real goal is to steal you of your money. The woman connected to MSC after losing a significant amount of $2,000 from her account. She tried taking out the remaining balance of $8,200, but Magnum Options suggested she complete two trade transactions before they would permit her to withdraw the balance,” said MSC.
According to MSC, the firm coordinated with the woman until she invested in the trades. “She eventually received an email statement from Magnum showing her account was now nil, and it’s tragic and doubtful whether the funds are recoverable.”, Roy said. “Most of these companies are functioning offshore, using bogus credentials. It’s an international shell game for the internet age”.