Kelowna RCMP are warning residents of a string of recent investment fraud scams that have hit the area, causing plenty of financial loss for victims.
These investment ‘opportunities’ often involve cryptocurrency, art, comics, sports memorabilia and more.
The victim is usually coaxed into expecting a high rate of return in a short period of time on their investment. Often, it is unsolicited.
Suspects will offer phony contracts that appear to be legitimate contracts. Once that first investment is made, the victim is usually offered a second opportunity that involves the initial one.
When the victim asks for their returns, they will usually be told that the funds are unavailable and more money will be needed for their release, under the guise of tax implications.
“The Kelowna RCMP is reminding people that when considering an investment opportunity to carefully research the investment and the individual or firm offering the investment,” said Kelowna RCMP Media Officer Cst. Mike Della-Paolera.