- What started as a $350 investment ended in a nearly $1 million loss, wiping out an elderly retiree’s finances.
- Scammers built trust over months, convincing the victim to cash out savings, borrow money, and keep investing.
- Despite warnings from her bank, promises of good returns and pressure to stay silent kept the fraud going.
An 86-year-old woman from Sault Ste. Marie lost nearly $1 million after falling for a cryptocurrency scam that started with a fake advertisement on Facebook. Judy Skene said she first came across what appeared to be an investment opportunity in July 2025 and was persuaded to make an initial deposit of $350.
In the following months, the scammers kept Skene investing by promising huge returns and monthly payouts up to $40,000. Thinking it was real, she withdrew her retirement savings, took out loans, and used credit to give them more cash.
How Scammers Trapped the Victim
The scam began after Skene clicked a link shared through a Facebook advertisement. Subsequently, scammers gained access to her device and reviewed her financial information. They then pressured her into withdrawing $650,000 from her retirement fund and taking a $300,000 mortgage on her condo.
Moreover, they convinced her to take a $35,000 credit card advance and liquidate additional savings. Pat Probert, a longtime friend, said the scammers also pushed her to hide the activity and avoid discussing the “profits” with anyone.
Probert said a bank later warned Skene that she was being targeted by fraudsters. However, she remained convinced the scheme was real. He added that scammers encouraged secrecy and isolation to maintain control over her decisions.
Related: Trader Alleges Unfair Polymarket Ruling Cost Him $500K in Strategy Bitcoin Market
Financial Ruin and Personal Impact
Skene said she believed the investment would secure her future and allow her to support charitable causes. However, she later discovered that all the money had disappeared. “I was devastated,” she said. “I just really thought it was going to work out.”
As a result, she lost her savings, her vehicle, and most of her financial stability. Her friend Pat Probert said she was left with only $200 in her accounts. Her monthly expenses now exceed her income from Canada Pension Plan payments.
Additionally, Skene no longer qualifies for some public benefits after withdrawing her retirement savings. Her current income stands at $1,150 per month, while her expenses total about $2,300.
Authorities and Global Scam Crackdown
The fight against similar scams is getting more attention worldwide. For example, there was a recent big operation involving Meta, the FBI, Microsoft, and Coinbase. They targeted huge scam networks on the internet.
This led to 63 arrests and over $3 million in crypto assets being frozen. Plus, more than 1.1 million scam accounts were deleted, and thousands of related sites were shut down.
Related: PSNI Issues Fraud Warning After £250,000 Crypto Scam in Newry
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