Australian couple Nick and Josie Yeomans thought they had hit the jackpot after investing $1,400 in a scheme and getting $3,700 after six months. The returns were so high that the Yeomans did not think twice of pouring in more cash for investment. They were in so deep that they had injected a cumulative amount of $43,000, even got a relative into the scheme without knowing it is a scam.
The Yeomans only discovered they were not making any investments when their interests stopped coming in. They had been making investments to Coinexx.org site, which mimics that of Coinexx.com. Without carrying out further background checks, the couple found themselves in too deep to a Ponzi scheme.
To make matters worse, Nick quit his job since interests from Coinexx.org were so high they depended on them. They even went further and took out a loan to fund their investments but lost everything.
After scamming the Yeomans dry, the scammer so the need for educating them. Through a post on a WhatsApp’s group the scammer said;
“Let me save you the hassle of having to look for your money, Coinexx is a scam. Everything to do with it is a scam. Don’t bother looking for your cash; it’s gone instead, look for cash to care of your family.”
With that, the message finally reached home, and the Yeomans became victims left to pick up the pieces of their lives. Through the message operations over at Coinexx.org came to a halt. However, for the Yeomans, things were getting much harder. Mr. Yeomans had quit his job, and it was just a matter of time before the bank came calling for their cash.
As the Yeomans pick up the pieces of their financial status, according to Australian ACCC such cases are not new. Together with the government, the Australian Competition and Consumer Commission (ACCC) released a report indicating the surge in Ponzi scheme cases. From only 647 cases, its estimated victims lost AU$6.1 million (US$4.4million) in a year. The amount is from Ponzi schemes only related to cryptocurrencies.
However, according to the agencies, the Ponzi schemes also involve fiat currency. If all losses are tabulated, including those from fiat, the amount raises to a staggering AU$489 million, which is 345 million US dollars.
