Retirement ruined: 63-year-old man loses it all after one web click

Toronto resident Frank Gray, who is 63 years old, has been searching for a better life.

“I’m very desperate to retire, but I don’t have enough money to do it yet, so I’ve been looking to invest funds hoping for quick returns,” he said.

Back in February, he came across what he thought was a legitimate news story featuring Conservative Party Leader Pierre Poilievre promoting a crypto currency investment firm.

“He was quoted in there saying that he invested and got a very good return on his money. I thought, maybe I’ll do that,” Gray said.

When he clicked the article for more information, it took him to a website with a company name of AlphaCoinPro.

“I thought it was strange because the article never mentioned AlphaCoinPro, but the person I chatted with said ‘No, this is the right place, we can invest your money.'”

That person called themselves a crypto currency investment advisor.

“They said they made so much money by investing in this themselves and I could make money fast if I started sending funds,” Gray said. “They told me to get as much money as possible. So I maxed out all of my credit cards and my line of credit.”

He invested a total of $40,000 and within weeks he started to see results.

“I earned $50,000, according to the web platform where I could see my balance and it was at $90,000, owed to me.”

He went to collect the funds but was told to do so he had to put more money in.

“A woman I spoke with said you’ll get your money, if you give us $4,700 more,” Gray said. “I was so far into it and already spent so much money so I told myself: I have to do this.”

After he put more money in, hoping to get a big cheque, neither the woman he spoke with or anyone at AlphaCoinPro returned his calls.

“I never heard from them again.”

“Now, I’m not even thinking about retiring. I don’t know what I’m going to do.”

Frank Gray

Speakers Corner looked into the company and tried multiple ways to contact a representative, but nobody responded. When we called the number on their website it disconnects after a few seconds.

“The only way I was able to chat with someone is through their website,” Gray said. “They get right back to you that way but only if you want to give them money.”

We sent the website and details of Gray’s story to Vanessa Iafolla, an anti-crime intelligence consultant based in Halifax. It didn’t take her long after viewing the website that this company wasn’t legitimate.

“When I look it over, because this is my job, I see a lot of things that make me wonder how legitimate this business might be. And in that way, I mean, does it happen to be written by artificial intelligence,” she said.

As for that so-called news article that lead Gray into this mess, quotes from Poilievre were manipulated and he has never endorsed AlphaCoinPro. Iafolla said it’s one of many common tactics being used by scam artists.

You may have seen legitimate news stories by CityNews or other media outlets that are changed or manipulated and posted to social media making it appear as though news reporters or politicians are promoting crypto investment platforms. When you click the links, they take you to mysterious websites, not to ones owned by the actual news company. It’s clickbait manipulation where scammers are using trusted sources or people to lure in unsuspecting consumers.

“If I see somebody saying something to me on a screen up until very recently, it had to be that person saying it,” Iafolla said. “Now someone can take anyone’s image. They could take my image and give you all kinds of horrible advice.”

Iafolla said there are numerous cases of celebrities like Taylor Swift or Elon Musk, whose images are used in these types of scams.

“If you see someone like Musk or Taylor Swift, or anyone else who’s famous and you admire promoting this stuff, just stop for a second and ask yourself, why would Taylor Swift be advocating for crypto? Is it really real?”

“Now someone can take anyone’s image. They could take my image and give you all kinds of horrible advice.”

Vanessa Iafolla, an anti-crime intelligence consultant

Iafolla said investing in crypto currency should be done only if you understand it fully. When we spoke with Gray, he knew little about crypto, only that he has heard success stories of people making money fast. Another warning: you should never have to pay more money to get back money already invested.

“If somebody wants more money to get money you’ve already given them, that’s a really big red flag that this is a scam, and you should stop immediately,” Iafolla said. “No legitimate investment platform will ask you to do this.”

It’s a lesson Gray learned the hard way. He’s now facing a mountain of bills from the credit cards he maxed out and the lines of credit extended to him by banks.

“Now, I’m not even thinking about retiring. I don’t know what I’m going to do,” he said. “For me to go down that internet rabbit hole is just the stupidest thing I could have done.”

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