£991,100 Returned to 89-Year-Old Retiree After Crypto Scam
A retired 89-year-old man was scammed out of nearly £1 million in a devastating cryptocurrency and forex trading scam. After instructing CEL Solicitors, he successfully recovered the full amount lost, plus additional compensation from HSBC.
The Investment Scam
When presented with an investment opportunity, Arthur (name changed to preserve anonymity) believed he could secure funds to support his healthcare needs in later life. The 89-year-old retiree was targeted after seeing a convincing online advertisement for a company called ‘World Trade Centre,’ which offered cryptocurrency and forex investment services.
Arthur decided to pursue the opportunity. Over the following months, scammers posing as experienced brokers gained his trust through daily phone calls and manipulation tactics. He was ultimately convinced to make 93 high-value payments totalling nearly £989,000, routed through platforms including Cryptopay, Binance, and Skrill.
The fraudsters exploited Arthur’s age, isolation, and unfamiliarity with digital finance. They tricked him into downloading remote access software (AnyDesk), allowing them to control his computer and repeatedly reassure him with fabricated trading profits, even allowing small withdrawals to build credibility.
As the scam progressed, Arthur was persuaded to sell his lifelong shareholdings to fund further deposits. Eventually, his entire retirement savings were drained.
When his trading account suddenly showed a balance of zero, Arthur questioned the scammers, who claimed a trade had been performed negligently. They then asked him to deposit even more money to recover the loss, which finally raised Arthur’s suspicions. When no follow-up or recovery occurred, Arthur realised that he had been scammed.
Contacting CEL Solicitors
Despite multiple large payments to new and unusual payees, HSBC failed to identify or prevent the scam. The bank, of which Arthur has been a customer for over 70 years, allowed transactions to proceed without applying sufficient checks or warnings.
Frustrated by the lack of resolution, Arthur contacted CEL Solicitors, experts in fraud and scam recovery. After reviewing the details of the case, CEL identified multiple failings by the bank, including its decision not to invoke the Banking Protocol – a protective measure designed to safeguard customers showing signs of financial abuse or fraud.
Following the formal complaint, HSBC refunded £991,130.79, including an additional compensation payment of £55,477.77.
“This case underscores not only the emotional impact of investment scams, but also the vital need for banks to fulfil their duty of care, especially towards elderly, vulnerable clients. It’s a reminder that regulatory guidelines must be enforced, not just acknowledged.”
— Elle Yates, Trainee Solicitor and FOS Team Leader, CEL Solicitors
If you’ve been the victim of a crypto or investment scam, you could be entitled to a refund. Our specialist fraud and scam team at CEL Solicitors operate on a no-win, no-fee basis, meaning there are no up-front costs to start your claim. Start your claim today by calling us on 0330 822 3755 or completing an online form.