Instagram ad led Sydney dad to pour $77k into fake investment firm
A Sydney father lost $77,521 to a fraudulent investment platform he discovered through an Instagram ad. Believing he was investing in legitimate assets, he later found that the entire operation was a scam. The case has been referred to Interpol's cyber-fraud division, but he remains pessimistic about recovering his funds.
- ▪The father thought he was investing in cryptocurrency, stocks, and gold.
- ▪He was led to believe his investment had grown to $200,000 before discovering it was a scam.
- ▪Investment scams have resulted in significant financial harm to Australians, with losses of $837.7 million in 2025.
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Paid advertisements used to promote fraudulent investment platforms on social media, warns ASICBy Tamsyn BuckleTopic:Scams and FraudWed 29 Apr 2026 at 6:31amWed 29 Apr 2026 at 6:31amWed 29 Apr 2026 at 6:31amThe Sydney dad believed he was investing in cryptocurrency, stocks and even gold with the hopes of buying a home. (ABC News: Abubakr Sajid)abc.net.au/news/nsw-fake-crypto-investment-advertisements-on-social-media/106582552Link copiedShareShare articleSydney father Leo thought he was pouring his money into investments that would one day help him buy a house.While scrolling on Instagram in September, Leo, whose name has been changed for privacy reasons, came across a paid advertisement for PrimeUPartner spruiking what he believed to be a legitimate high-yield investment platform.After…
Excerpt limited to ~120 words for fair-use compliance. The full article is at ABC News (Australia).