Helena, Mont. – On Valentine’s Day, Commissioner Troy Downing released the latest episode of the “CSI Insider Podcast” discussing romance scams. Joined by Deputy Securities Commissioner Lynne Egan, the podcast discusses romance scams that prey on victims under the false premise of a romantic connection. Once trust is established, the scammer, who is usually not the person they pretend to be, scams victims out of money. These scammers prey particularly on victims over age 60. The podcast discusses what to watch out for when meeting romantic partners online and how to spot scams.
“Romance scams are a growing issue in Montana, particularly for the elderly. Our agency continuously learns of victims losing thousands, and in some cases, millions of dollars in these types of scams.” Commissioner Troy Downing said, “Victims often have little ability to recoup financial losses because the perpetrators are overseas and impossible to identify and locate.”
In one recent case, an elderly Billings man liquidated $1.3 million of his retirement account and shipped the money in cash, wrapped in aluminum foil, to a fraudster in South Korea. Unfortunately, the money was never located, and the victim who was scammed now owes the IRS taxes on the entire amount because the money was taken from a qualified retirement account. CSI is working with the IRS to give the…
