Simon Hoadley was convinced to start investing in cryptocurrency during the coronavirus pandemic – but he ended up handing over £80,000 to unscrupulous scammers
A retired financial advisor lost £80,000 in a “horrendous” cryptocurrency scam while his father was dying of cancer.
Simon Hoadley, 66, who lives near Eastbourne, East Sussex, was convinced to start investing in digital currency during the coronavirus pandemic.
He had been looking for ways to grow his money as his wife was living in a care home and his father was terminally ill.
Mr Hoadley said the company he spoke to claimed to be investment specialists.
At first, he saw a return on his cash – and as a result, the scammers encouraged him to keep putting in more money in.
But the person he had been speaking to soon stopped replying to him – and his investment started to rapidly decrease.
Mr Hoadley handed over a total of £80,000 to the fraudsters.
He did research and contacted what he thought was a legitimate investment firm, adding: “I spoke to them weekly on the phone.
“They shared good advice, they were very personable and professional.”
Mr Hoadley added: “It was horrendous.
“My dad was dying of cancer and I was living alone because my wife is in a care facility three hours away.”
Mr Hoadley said he started with a £250 investment.
After seeing his funds grow, he was advised to make further payments, open new bank accounts and even take out loans.
Mr Hoadley said: “I spoke to a friend who also works in finance. He said I’d been scammed and it wasn’t my fault.
“I went to my local bank and they told me I needed to tell my family because the police would now be involved. I just broke down in front of them.
“The crooks were even taking £5,000 out of my account while I was there.”
Mr Hoadley turned to fraud specialists CEL Solicitors for help, who contacted the Financial Ombudsman Service (FOS) on his behalf.
The legal experts said they managed to recover more than £75,000.
Mr Hoadley added: “I’ve got four grown-up children who were devastated when they found out.
“They had always looked up to me but over a year I just completely changed. It was really tough for them to see.
“When you get scammed you feel angry, a victim, like you’ve let your family down. You’re just in a really bad place.
“With the money I got back I’ve bought a mobile home 20 minutes away from my wife which has made a huge difference to my marriage and my family.”
Paul Hampson, CEO of CEL Solicitors, said: “To build a relationship and trust with their victims makes the con all the more distressing when the target uncovers the truth.
“It’s a difficult lesson to learn, especially when the reaction from banks and other authorities can be slow. When you have fallen victim to a scam, legal support is often advised.”
What to do if you think you’ve been scammed
If you think a scammer has got hold of your bank details, contact your bank straight away.
You can call the 159 hotline, which will connect you to your bank.
Passwords that have been leaked or compromised should be changed immediately.
Make sure you report scams and fraud to Action Fraud by calling 0300 123 2040, or through the Action Fraud website.
If you’re in Scotland, report a scam through Advice Direct Scotland on 0808 164 6000 or on the Advice Direct Scotland website.
You can also report scams to Police Scotland on 101.
For scam emails, forward them to report@phishing.gov.uk, and for scam text messages, forward them to 7726 for free.
If you suspect a scammer is calling you, hang up immediately and search for the contact details online of the place you’re supposedly being called from.
Never call back the number provided by the caller.
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