Australian mother and son lose $200,000 in elaborate investment scam
- Replies 21
In a world where the promise of financial security can be as enticing as it is elusive, the allure of a high-return investment can sometimes blind even the most cautious among us.
This was the harsh reality faced by Mark Uytendaal and his mother, Kerry, who fell victim to a sophisticated investment scam that cost them a staggering $200,000.
Like many Australians, the Uytendaals were simply looking for a safe place to grow their savings.
They had purchased a 3,000 sqm property near Lakes Entrance in eastern Victoria with the dream of building a dual-occupancy home to accommodate Kerry's increasing care needs.
However, their dream quickly became a nightmare when they were tricked by an investment scam that preyed on their trust and desire for financial stability.
The scam began innocently enough: Kerry was searching online for the best interest rates.
She stumbled upon what appeared to be a product comparison website featuring information from AMP, a well-known financial services company.
The site seemed legitimate, complete with AMP's branding and the promise of a term deposit with a reasonable interest rate.
Shortly after visiting the website, Kerry received a phone call from a scammer posing as an AMP employee.
With a convincing English accent, this individual followed up with a series of fraudulent emails that mimicked AMP's official correspondence, complete with fake signatures, logos, and slogans.
It took about ten days to gain Kerry's trust and persuade her to transfer $100,000 into what she believed was an AMP account.
She then convinced her son, Mark, to do the same, doubling their loss.
The reality of their situation only became apparent months later when another victim, who had lost $500,000, contacted Mark via social media.
By then, the Uytendaals' life savings had been deposited into the bank account of Supercheap Security and transferred overseas, far beyond their reach.
Hassan Mehdi, the founder of Supercheap Security, and his associate Ali Waheed were the masterminds behind this elaborate scam.
While Mehdi has claimed innocence, stating Waheed duped him, the NSW Supreme Court found otherwise.
Justice Scott Nixon concluded that Mehdi acted dishonestly by failing to investigate Waheed's intentions and by turning a blind eye to the fraudulent use of the bank account he had created.
Despite a civil court order for Mehdi to repay the Uytendaals, the likelihood of them recovering their funds is slim, as Mehdi has indicated he would need to declare bankruptcy.
Mark expressed the profound impact the scam has had on their lives, stating, 'Some days, you just want to stay in bed and not talk to anyone or see anyone after what we've been through.'
‘What these people have done is disgusting.’
This case is a sobering example of Australia's broader issue of investment scams.
According to the AFP-led Joint Policing Cybercrime Coordination Centre, Australians lost at least $382 million to investment scams in the 2023-2024 financial year, and that's only accounting for reported cases.
The true figure is likely much higher, as many victims are too embarrassed to come forward.
In other news, data scientist Aaron Willcox has successfully recovered his superannuation balance stolen by a hacker.
The hacker accessed his compromised myGov account and took over $100,000. Read more about it here.
How can people protect themselves from fake investment opportunities? What should scam victims do to recover their losses? We’d love to hear your thoughts and opinions in the comments below.
This was the harsh reality faced by Mark Uytendaal and his mother, Kerry, who fell victim to a sophisticated investment scam that cost them a staggering $200,000.
Like many Australians, the Uytendaals were simply looking for a safe place to grow their savings.
They had purchased a 3,000 sqm property near Lakes Entrance in eastern Victoria with the dream of building a dual-occupancy home to accommodate Kerry's increasing care needs.
However, their dream quickly became a nightmare when they were tricked by an investment scam that preyed on their trust and desire for financial stability.
$200,000 was lost by Mark Uytendaal and his mother, Kerry, in an investment scam while it was believed that they were investing in an AMP term deposit. Credit: Shutterstock
The scam began innocently enough: Kerry was searching online for the best interest rates.
She stumbled upon what appeared to be a product comparison website featuring information from AMP, a well-known financial services company.
The site seemed legitimate, complete with AMP's branding and the promise of a term deposit with a reasonable interest rate.
Shortly after visiting the website, Kerry received a phone call from a scammer posing as an AMP employee.
With a convincing English accent, this individual followed up with a series of fraudulent emails that mimicked AMP's official correspondence, complete with fake signatures, logos, and slogans.
It took about ten days to gain Kerry's trust and persuade her to transfer $100,000 into what she believed was an AMP account.
She then convinced her son, Mark, to do the same, doubling their loss.
The reality of their situation only became apparent months later when another victim, who had lost $500,000, contacted Mark via social media.
By then, the Uytendaals' life savings had been deposited into the bank account of Supercheap Security and transferred overseas, far beyond their reach.
Hassan Mehdi, the founder of Supercheap Security, and his associate Ali Waheed were the masterminds behind this elaborate scam.
While Mehdi has claimed innocence, stating Waheed duped him, the NSW Supreme Court found otherwise.
Justice Scott Nixon concluded that Mehdi acted dishonestly by failing to investigate Waheed's intentions and by turning a blind eye to the fraudulent use of the bank account he had created.
Despite a civil court order for Mehdi to repay the Uytendaals, the likelihood of them recovering their funds is slim, as Mehdi has indicated he would need to declare bankruptcy.
Mark expressed the profound impact the scam has had on their lives, stating, 'Some days, you just want to stay in bed and not talk to anyone or see anyone after what we've been through.'
‘What these people have done is disgusting.’
This case is a sobering example of Australia's broader issue of investment scams.
According to the AFP-led Joint Policing Cybercrime Coordination Centre, Australians lost at least $382 million to investment scams in the 2023-2024 financial year, and that's only accounting for reported cases.
The true figure is likely much higher, as many victims are too embarrassed to come forward.
In other news, data scientist Aaron Willcox has successfully recovered his superannuation balance stolen by a hacker.
The hacker accessed his compromised myGov account and took over $100,000. Read more about it here.
.png){kind=icon}
️
