A rural Manitoba couple has lost $180,000 to an online investment scam with little hope of ever seeing their money again. Now, the Manitoba Securities Commission is warning others of the threat of binary options so no one else will fall for the scam.
Professional-looking social media ads were used to lure the couple into investing their money with a binary options firm called WM Options.
Over the course of nine months, the couple sent money to the company via credit card and wire transfer. The company told the couple their investments were profitable and accessible.
The couple became suspicious when an unknown company began making withdrawals from their credit card.
Most firms are registered to shell companies in foreign countries. In the case of the Manitoba couple, WM Options — which has changed its name to Prime CFDs — is registered in Bucharest, Romania.
Read more at CBC News Manitoba