Ex-Air Force engineer husband forfeits £120,000 in crypto investments to swindlers, leading to tragic demise; wife attributes stress as probable cause of death
In a tragic turn of events, 85-year-old Tim Casey, who passed away just before Christmas last year, fell victim to a four-month-long cryptocurrency scam. Tim, who met his wife Gill in 1979 and married in 1980, lost a significant portion of their life savings to this deceptive scheme.
The scam began in February 2022, with a fake clip on Facebook luring Tim into investing in cryptocurrency. Over the next few months, Tim transferred a total of £90,000 from his pension lump sum into the scammers' hands, believing they were investing in cryptocurrency on his behalf. However, by June 2022, Tim had supposedly amassed about £230,000 in his account.
The scammers kept their deception going by claiming that Tim needed to pay more money to access his investment. One such demand was for £30,000 in tax, a sum that Tim did not have. Even after paying this supposed tax, Tim could not access his funds. The first sign of the scam unravelling came when Tim said he had run out of money and wanted to take out his cash.
Tim, who worked for the RAF for 20 years as a flight engineer before working for Cathay Pacific in Hong Kong, returned to the UK in 1994 with Gill. They bought a seven-bedroom country hotel with en-suite facilities in Ashwater, Devon, and owned it for about ten years before selling it in 2001. Today, Gill lives alone in their Launceston home on a modest income and has had to sell her car. Her daily life has contracted significantly.
After the initial fraud, Tim continued to receive phone calls from criminals claiming they could help recover his money - for a fee. These are known as 'recovery room' scams. Gill believes that the stress of losing their life savings to cryptocurrency scammers contributed to Tim's death.
Cryptocurrency scams often involve deceitful platforms or schemes that convince investors to invest in fake or unregulated cryptocurrency projects. These scams can range from pig butchering scams, where victims are convinced to invest in cryptocurrency projects that are portrayed as legitimate, to fake investment platforms that promise unusually high returns.
To avoid such scams, it is advisable to verify investments before investing, especially if the investment platform is not registered with the Financial Conduct Authority (FCA) in the UK. Be wary of unsolicited investment offers, especially those promising unusually high returns. Stay informed with the latest scam warnings from financial authorities and use reputable sources for financial news.
Regulatory bodies like the FCA and the UK's National Crime Agency (NCA) work to combat financial crimes, including cryptocurrency scams. They may issue warnings about known scams and provide guidelines for consumers to protect themselves.
This heartbreaking story serves as a reminder to stay vigilant and informed when it comes to financial investments, especially in the rapidly evolving world of cryptocurrency.
- Despite Tim's attempts to recover his lost savings through a recovery room scam, it is crucial to verify investments before investing, especially in the realm of cryptocurrency, to avoid falling victim to such deceptive schemes.
- Prudent personal-finance management could have potentially saved Tim and Gill from losing a substantial portion of their life savings to a cryptocurrency scam, underscoring the importance of informed investing in property, finance, or any other venture.
- The financial landscape, including investments in cryptocurrency, can be unpredictable and fraught with risks, necessitating a cautious and educated approach to ensure future financial security and stability.
