The Manitoba Securities Commission (MSC) is urging all Manitoba investors to be extra cautious after a local senior lost their $2 million dollar life savings in a crypto scam with “Fargo Investor” – an unregistered, fraudulent business. MSC investigators believe others may have invested with or been approached by the company and encourage them to contact the MSC investigations team.
“The MSC is seeing an increase in investment scams targeting seniors on social media. Using AI, fraudsters like Fargo Investor create realistic-looking websites for their supposed investment platform or classes to draw you in,” said Tyler Ritchie, market surveillance investigator with the MSC.