Investment hoax costs man over $100k as WA scam losses hit $30 million

Perth man loses over $100k in scam as WA’s investment fraud crisis surpasses $30m

A Western Australian man has revealed how he was tricked into handing over more than $100,000 in an elaborate investment scam that left him devastated and determined to warn others.

Known only as Vince, the victim spoke to Perth Live host Oliver Peterson about the painstakingly convincing scheme that drained his savings and nearly destroyed his trust in financial investments.

Vince explained that the operation appeared watertight at every step. The fraudsters created what looked like a legitimate company, complete with professional documents, financial officers, and a detailed sales process. He went so far as to involve his solicitor, who investigated the business and found no immediate red flags.

“From buying the shares to talking to their accounts guy, talking to the guy that was handling the sale agreement, it was just well orchestrated,” Vince told Peterson.

The scam involved multiple layers of deception, including what seemed to be a functioning corporate structure. Vince said he interacted with different “employees,” each playing their role convincingly. The accounts representative managed his supposed investments, while another individual posed as the handler for the final sale agreement. Every stage was presented with an air of legitimacy designed to remove suspicion.

Despite his caution and legal consultation, Vince ultimately handed over more than $100,000—money he has no realistic chance of recovering. The experience has left him shaken, though he hopes that by speaking out, others may recognise the warning signs before they too are trapped.

“I don’t want anyone else to go through this,” he said. “They make it look so professional that you think you’re dealing with a real company. But once they’ve got your money, they disappear.”

The incident forms part of a much larger crisis. Since the start of 2024, Western Australians have collectively lost more than $30 million to investment scams, according to state figures. Authorities have repeatedly urged the public to be cautious when approached with high-return offers, especially from unfamiliar or online sources.

Scammers often exploit the desire for quick financial gains, presenting schemes that appear safer and more profitable than the traditional market. They frequently clone websites of legitimate businesses, falsify trading licences, and use slick presentations to build credibility.

The impact of these scams is not only financial but also psychological. Victims like Vince describe feelings of humiliation, betrayal, and mistrust in future opportunities. Many never come forward, fearing stigma or embarrassment, which makes the true scale of losses difficult to measure.

Regulators and law enforcement agencies are continuing efforts to crack down on fraudsters. However, the global nature of these crimes—often conducted through offshore accounts and encrypted communications—makes prosecution difficult. Instead, prevention remains the strongest defence, with warnings emphasising the importance of independent verification.

Financial advisers recommend that anyone considering an investment should check whether the company is listed on official regulatory registers and be wary of pressure tactics, promises of guaranteed returns, or communications that cannot be independently verified.

For Vince, the lesson came at a devastating price. “I trusted them, I trusted the process, and I still lost everything I put in,” he admitted. His story is now being shared widely as a cautionary tale.

As Western Australians continue to suffer mounting losses from investment scams, Vince’s ordeal underscores the urgent need for vigilance. The message from both victims and authorities is clear: if it looks too good to be true, it probably is