A fake adviser moved my spouse from savings into taxes, fees and six-figure debt

My spouse met someone through social media who posed as a financial adviser and suggested a diversified portfolio. The investment had to be funded using cryptocurrency, although a professional-looking website displayed the account in dollars with transaction histories and dividends.

The first amount supposedly quadrupled within a few months. The adviser used that result to persuade my spouse to upgrade, drawing money from personal savings, our joint accounts and proceeds from the sale of our previous home. I did not know this was happening.

When my spouse attempted to close the account, the supposed firm introduced taxes and fees. Family members provided six-figure loans, further payments were converted to crypto, and new delays and charges kept appearing. The website even used multi-factor logins and different apparent bank accounts to sustain the illusion.

Our household net worth had been approaching $1 million. After the transfers and borrowing, it was six figures below zero. The financial loss was accompanied by concealed debts, damaged trust and decisions about whether we could keep our home.