Trying to raise extra cash for her family has led to two years of misery for a Stockton woman
Julie* lost more than £27,000 in a cryptocurrency push payment scam more than two years ago.
It’s only now that she can talk about the experience, which impacted her mental health so badly that she is now only able to work part-time.
The nightmare started in August 2022 when Julie approached a cryptocurrency management platform.
She wanted to try to grow her money so she could make long-term lifestyle changes for herself and her family.
After reading positive customer reviews, Julie signed up and was given a portfolio manager.
He built up Julie’s trust with regular telephone calls, emails, messages and impressive growth forecasts.
Julie could track all transactions using software installed on her laptop and mobile ‘phone so she felt re-assured.
The scheme relied on Julie investing her own cash into online accounts, which then converted the money into cryptocurrency. In turn, this was transferred to the management company’s account, who invested customers’ cryptocurrency in bulk.
Julie took out a £25,000 loan after she was assured that she would be able to pay it back ahead of any deadline from profits from her crypto account.
However, the promised profit did not materialise in time and Julie was left liable for the loan.
When she asked for her money back, the crypto company told her she needed to invest a further £25,000 to release the original funds. When she refused, they liquidated her account. She now cannot access any funds in the account.
One of the banks has refunded her £14,000. However, Julie is still £12,200 out of pocket.
She is now working with the Financial Ombudsman to claw back money from four other banks. She feels the banks did not carry out due diligence when she took out the loans.
Julie said: “I’m just exhausted with it all. It’s been going on such a long time. I just feel as if I can’t move on with my life until this is sorted out.”
She is being supported by Victim Care & Advice Service (VCAS), which supports victims of crime across Cleveland. VCAS staff put her in touch with the Financial Ombudsman.
Julie describes the staff as “her lifeline” and says she “wouldn’t be here without them.
Dave Mead, VCAS Manager, said: “Along with the horrendous financial impact of being a victim of fraud, it’s common for people to feel a range of emotions from embarrassment, anger, anxiety and feeling isolated or vulnerable.
“Being targeted by criminals is nobody’s fault but the criminals who prey on people, so it’s important to seek the help you need, and share the experience so you can be supported and recover.”
Cleveland PCC Matt Storey said: “Julie’s story demonstrates just why we fund the VCAS service.
“Its staff have supported Julie through some of the darkest days of her life and are now helping her to re-build her life after the devastating impact of fraud.”
Anyone who has been a victim of crime, including fraud, can get free, confidential support from VCAS – go to Victim Services – VCAS for more information.
*Julie – not her real name