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Online romance scam causes large loss of cryptocurrency for California investor

Jun 15, 2022

The California Department of Financial Protection and Innovation (DFPI) has received a complaint from a California resident regarding cryptocurrency fraud.

A California resident told DFPI he met a woman named Molly on the Facebook Dating app. Molly told the victim about an elaborate cryptocurrency investment scheme involving futures trading on a powerful mainframe computer. Eventually, he invested – and lost – more than $125,000, which was his life savings. Later, to add insult to injury, he received threatening calls from what he believed were the IRS and police demanding more money, but later realized they were related to the scammer. These allegations have not been verified by DFPI.

This appears to be what is commonly called an “Advance Fee scheme,” which can take many forms, as discussed here:

In addition, the DFPI cautions against so-called imposter scams, where the scammer pretends to be someone else, here, another legitimate website. More information is available here:

The DFPI urges consumers to exercise extreme caution before responding to any solicitation offering investment or financial services. To check whether an investment or financial service provider is licensed in California, consumers may contact the Department for questions or inquiries at or call toll-free at (866) 275-2677. If a consumer believes a person or company has violated state law or acted improperly regarding a consumer financial product or service, they may file a formal complaint with the DFPI at

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Last updated: Jun 15, 2022 @ 4:55 pm