23 Jan 2019

Elderly man who lost $209k 'baited, trapped' by investment scam

From Morning Report, 8:18 am on 23 January 2019

A 72-year-old man says the people who conned him out of more than $200,000 in retirement savings are "scum". The man - who spoke to RNZ on the condition that he would remain anonymous - says he was groomed over the phone by two British men posing as brokers for an investment firm in Hong Kong. The man lost $209,000 in a series of a transactions over a five-month period last year. He told our business reporter Madison Reidy his story. The man says he wants others to be careful making any investments, no matter the size, and to seek advice before doing so. He's receiving support from the Commission for Financial Capability, which is working to prevent retirees being scammed.