ST. FRANCIS, Wis. — A local woman has lost tens of thousands of dollars after unknowingly falling victim to a sophisticated cryptocurrency scam.
The ordeal unfolded under the guise of a seemingly legitimate investment opportunity, leaving her and her husband reeling from the financial loss.
Scott Johansson, the husband of the victim, recently spoke to TMJ4 about the alarming circumstances. While his wife chose to remain off-camera due to feelings of embarrassment, Scott felt compelled to share their story to help others avoid a similar fate.
“This is devastating,” Scott said, reflecting on the emotional impact of the scam. He explained that it all started with an advertisement online, luring his wife into the world of cryptocurrency investments.
“My wife wanted to invest in cryptocurrency, and she was lied to on the internet,” Scott recounted, revealing how the scammers masqueraded as a legitimate investment company named “Elite Trader Vault.” Their communication came in the form of realistic-looking emails and a dedicated app, which created an illusion of investment growth.
Scott's wife came to him seeking advice after the scammers told her she'd need to make a variety of additional payments before she could begin withdrawing any money.
"It was like a spiderweb of where the money was going and how much she was making. And I looked at this and I said I don't believe a minute of this stuff," he recalled.
Watch: 'A spiderweb of lies': Husband shares how his wife lost $80K in a crypto scam
The reality of the situation hit hard when Scott and his wife discovered they could not withdraw any of the money she'd placed in the online crypto wallet. Alarmed by the red flags, Scott immediately contacted the police, seeking assistance.
Scott shared that they lost more than $80,000 in the scam. “She couldn't stop crying for days over it,” he said, emphasizing the weight of the financial loss on his wife. Scott said they had hoped to use the money for a down payment on a house.
The couple’s experience is not unique. Veronica Gutierrez Carapia, a senior fraud specialist with UW Credit Union, confirmed that many members have also been ensnared by similar crypto scams.
“It’s not until they realize they don’t have access to the account that they understand the severity of what has happened,” she said.
Veronica recommends extreme caution if anyone contacts you online about cryptocurrency investments. “They (scammers) often want to talk to you about how you can make money and how they’ll guide you through this process,” she stated.
For those who may have unintentionally provided sensitive information to scammers, she urges them to step forward. “Come forward and say something. Some people feel ashamed and don’t want to address it,” she explained.
She says the best thing to do is contact your financial institution and talk to someone about what's going on. Then, if necessary, contact the police and the FBI.
Despite the grim outcome, Scott Johansson remains determined to raise awareness. “I hope I have some effect,” he said, adding that preventing others from experiencing such a betrayal outweighs any feelings of shame.
When asked about the likelihood of recovering their lost funds, the answer was disheartening. “Zero. There’s no chance,” he acknowledged before sharing a final piece of advice: “Think about where you’re sending your money.” Investigators were able to connect an IP address to Nigeria and suspect that is where the scammers may be based.
Scott and his wife have also reported the incident to the FBI, and they urge others in similar situations to do the same. The Internet Crime Complaint Center can be found at ic3.gov.
While recovery of funds may be unlikely, reporting scams can help authorities track down those responsible and prevent future occurrences.
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