Portlander, 80, swindled of $200,000 in elaborate romance scam

SALEM, Ore. (KTVZ) – Valentine’s Day is almost here, love is in the air, and the Oregon Division of Financial Regulation warned Tuesday: Don’t get "catfished," as one Portland senior recently did, resulting in a major financial loss.

The 80-year-old widower was defrauded out of $200,000. The unidentified fraudster stole a Florida woman’s identity to befriend the Oregonian through an online dating service and persuaded him to send money for a business opportunity.

Over several months, the con artist convinced the elderly man that they were in a long-distance romantic relationship, and proposed an opportunity to support an art gallery in Florida.

The scammer pretended to seek investors to cover $5 million in transportation costs to ship a 500-ton marble lion sculpture from China. The con artist promised that investments would be returned plus a percentage of the profits from the sale of the sculpture.

The widower even received fabricated documents detailing the contract with the museum and bank statements. Relying on the documents and his romantic relationship, the victim made a series of payments over five months to various individuals and overseas bank accounts totaling more than $200,000. 

The widower lost his entire investment, and investigators have been unable to locate the scammer.

“Romance scams typically target older individuals, gain their trust, then ask for money through social media and dating websites,” said Andrew Stolfi, division administrator. “Unfortunately, victims often wire funds overseas or to third-party transfer agents, making it difficult to track the money and identify the con artist.”

The division encourages consumers to do their homework before making any investment. Protect yourself from getting catfished or falling for an investment scam by following these tips:

• Do not send money to anyone you have not met in person, and be cautious about sharing personal or financial information.
• Do not transfer money to unknown people or intermediaries. If you need to use a third party to send money, use a licensed money transmitter.
• Keep copies of all communications with scammers and report them to the division, the online dating site, the local police, the Federal Bureau of Investigation, and the Federal Trade Commission.

For more information and tips about investing, visit dfr.oregon.gov/financial/investments. Consumers can also contact the division’s advocates at 888-877-4894 (toll-free) to ask questions, file complaints, or check the license of a company or advisor.

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About DCBS: The Department of Consumer and Business Services is Oregon's largest business regulatory and consumer protection agency. For more information, visit www.dcbs.oregon.gov. 

About Oregon DFR: The Division of Financial Regulation is part of the Department of Consumer and Business Services, Oregon’s largest business regulatory and consumer protection agency. Visit www.dcbs.oregon.gov and http://dfr.oregon.gov/Pages/index.aspx.