Manitoba Senior Loses $2M Crypto Scam by Fargo Investor

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MB Senior loses $2 million in crypto scam run by “Fargo Investor”

MSC reminds Manitobans to watch for fraud red flags online & verify brokers
at AreTheyRegistered.ca

WINNIPEG, MB – June 25, 2025 – The Manitoba Securities Commission (MSC) is urging all Manitoba investors to be extra cautious after a local senior lost their $2 million dollar life savings in a crypto scam with “Fargo Investor” - an unregistered, fraudulent business. MSC investigators believe others may have invested with or been approached by the company and encourage them to contact the MSC investigations team.

“The MSC is seeing an increase in investment scams targeting seniors on social media. Using AI, fraudsters like Fargo Investor create realistic-looking websites for their supposed investment platform or classes to draw you in,” said Tyler Ritchie, market surveillance investigator with the MSC. “After you sign up, someone will call and pressure you to invest around $300, then show you bogus profits to build your trust. These ruthless scammers could spend years trying to drain someone’s bank account – so it’s important to learn and practice fraud detection skills to better protect yourself and your money online.”

One skill is to adopt a critical eye. Look closely at ads and websites for subtle signs of fakery, including poor English and spelling mistakes, and videos or photos that feel unsettling or slightly off. Inconsistencies in website content or email addresses that don’t match a website’s URL are also a typical tell the business is likely a sham. Learn and try to spot other common red flags of fraud, including celebrity- or politician-endorsed investment opportunities or their “investing secrets”.

“Don’t be embarrassed if you believed a scam – you’re not alone. Doctors, lawyers, and accountants have invested in these sophisticated frauds, too,” Ritchie said. “If you or someone you know invested with Fargo Investor or was targeted by fraud, please call us at 1-855-FRAUD-MB. The more reports we get, the faster and better we can fight these scammers by alerting the public and taking down their websites, so they don’t hurt others.”

Before investing, always check if the broker or firm are listed on AreTheyRegistered.ca. If the person or company isn’t listed, they’re unqualified to sell financial products or offer advice, and you should call 1-855-FRAUD-MB or email complaintsmsc@gov.mb.ca to report potential investment fraud.

-> Click here to view Fact Sheet.

-30- About the Manitoba Securities Commission The Manitoba Securities Commission is a division of the Manitoba Financial Services Agency, a special operating agency of the Government of Manitoba. The Commission regulates the securities, real estate, and mortgage broker industries, and promotes fair and efficient capital markets throughout the province.

For more information, contact:
Erika Miller (she/her) Manager, Education & Communications
erika.miller@gov.mb.ca | 431-323-6348 ****
Manitoba Financial Services Agency ****

The Manitoba Securities Commission 500-400 St. Mary Ave.
Winnipeg, Manitoba
Canada R3C 4K5
| Call us | (204) 945-2548 |
| Fax us | (204) 945-0330 |
| Email us | securities@gov.mb.ca |