American Man Loses Life Savings to Online Investment Scam 'ZAP Solutions'

In August this year, victim Joe Allen received a text message claiming that a company named “ZAP Solutions” offered opportunities to invest in cryptocurrency from home. Joe trusted the message and transferred $30,000, lured by the promise of a $368,000 return.

He said he fell down a “rabbit hole” and became trapped in the scam, repeatedly sending money to the fraudsters without receiving any returns. Whenever his account was locked, the scammers demanded more funds to “unlock” it. Ultimately, Joe lost a total of $228,000.

Joe's mother, Carol Allen, stated that by the time she became aware of the situation, it was already too late. Initially, Joe said he had only sent $30,000. Later, he presented all the screenshots, revealing the full extent of the scam. He also disclosed that his 401K and IRA accounts had been completely wiped out.

On October 16, the Allens contacted the local police and filed a report with the FBI. The police told Carol not to count on recovering the lost money. The family is now considering seeking help through a crowdfunding platform.

“They told me there’s no way to recover it. People get taken when they’re at their lowest, and they think there’s an opportunity out there. These cyber stalkers find ways of washing the money so quickly, ” said Carol.

BrokersView reminds you

Investment fraud groups often use phone calls and emails to lure victims into fake online trading platforms. Therefore, investors should be wary of investment advice from unconventional channels.

Before trading, always carefully verify the financial license of the trading platform to avoid engaging with unregulated ones.