An Australian FIFO worker lost $160,000 in an investment scam while recovering from the break-up of his marriage.
The 61-year-old admits he was looking for a “get rich quick scheme” when he invested his hard-earned money into a company called Validus over a 14-month period, starting in 2022.
He said the company called and texted him and other selected FIFO mine workers up to 10 times a day because many of them “had extra money.”
Validus promised his victims that he would invest their money in gold and silver, with a promised return of three percent each day after they had invested for 12 months.
Instead, their money was transferred to cryptocurrency accounts.
The FIFO worker was told he would make $800,000 on his $160,000 investment.
But despite warnings from friends that it could be a scam and two transfers blocked by her bank, she failed to see the warning signs.
“I wasn’t a healthy person. I was trying to quit work and start my life over,” she said. news.com.au.
A vulnerable FIFO worker lost $160,000 in an investment scam while recovering from the break-up of his marriage
The worker admits he was looking for a ‘get rich quick scheme’ when he invested his money in a gold and silver company called Validus (pictured, a message from the scammers)
He personally knows at least six other victims who also lost money to Validus, some losing as much as $300,000.
When he fell for the scam, he was still recovering financially and emotionally from his divorce five years earlier, which had led to his suicide.
His mental health deteriorated further when he realized he had been scammed.
The criminals put the blame back on him, saying he “took the risk” by “investing” with them.
“I have to live with it. I’ve put it aside and I can’t do anything about it anymore, but I’m hopeful that I can get the money back,” said the FIFO worker.
“This has turned my life upside down and I’ve had to go back to work. If I only had $160,000 in the bank, I could be making $1,000 a month just from the bank and with what I have, I would have been fine.”
The Australian Securities and Investments Commission (ASIC) issued a warning about the Validus scam in November 2022.
Up to 200 Australians are known to have fallen for the scam.
Last week, Validus’ chairman told investors that the company had faced “considerable challenges” over the past seven months due to “serious financial difficulties.”
“It is important to note that while we are committed to using recovered funds to achieve net-zero balances for our network, this statement should not be construed as a guarantee or legal obligation,” it said.
The scammers told the 61-year-old FIFO worker that they would turn his $160,000 investment into $800,000 (file image)
He claims the company called and texted him up to 10 times a day and targeted FIFO miners because many of them “had extra money” (pictured, a text message from the scammers)
ASIC’s most recent complaint about Validus was filed in late 2023.
However, the watchdog urged victims who have not yet reported their loss to do so urgently.
“Investors should not invest their money in unlicensed or unauthorized entities as they would lose important consumer protections, including access to free dispute resolution services,” he said.
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