A grieving family is warning Canadians about what experts call the largest investment swindle on Earth.
Fred and Maria Turbide ran a small but successful business in Edmonton.
With dreams of a comfortable retirement, Fred purchased an online educational package to learn how to invest. Within six weeks, he had lost some $300,000.
Maria knew he was investing some of their savings, but wasn鈥檛 aware just how much. She said he seemed tired and overworked.
鈥淗e was crying one day and says, 鈥業 can鈥檛 do this. I can鈥檛 do this anymore.鈥欌��
Maria said she thought he was just talking about work. But on December 21, 2016, Fred died by suicide.
In a letter he left behind, he asked his family to "go after 23Traders."
23 Traders is one of hundreds of binary option companies that have swindled billions of dollars from people around the globe.
The scheme involves short-term wagers on stocks on currencies. Investors are encouraged to keep betting more money in order to win big.
But the winnings are a façade. There is no investment.
鈥淭here are no trades,鈥� said former binary options broker Austin Smith. 鈥淭here鈥檚 no anything. It doesn鈥檛 exist. It鈥檚 just a platform, like a video game.鈥�
The only winners in this scheme are the fraudsters, said Smith.
Jason Roy heads up the Canadian task force combatting this swindle.
鈥淲e鈥檝e had over 800 complaints through the [Canadian Securities Administrators] over the last year,鈥� said Roy. 鈥淭hose stories are devastating.鈥�
Binary options are now illegal in Canada, but Roy said Canadians need to remain vigilant.
鈥淚t鈥檒l be the same individuals,鈥� said Roy. 鈥淪ame scam, but just a different product.鈥�
Before making any investment, check to ensure the company is registered.
Watch Avery Haines' documentary 'Going for Broke' on Saturday, January 20, 2018 on CTV鈥檚 W5 at 7pm.
