A pensioner has been left penniless and lost his £110,000 life savings after answering an online ad for a free will writing service.
Stephen McEwan, 74, from Saltcoats, was introduced to a Scottish-based financial adviser after answering an advert offering to provide a free will.
Stephen was promised an interest rate of 7.25% if he invested his savings with another firm.
Convinced it was an opportunity to make some money from his savings Stephen agreed to put in his entire £110,000 savings.
But when he tried to get his money out the company refused his request and has stopped all contact with him.
Now Stephen is warning older people to double check any company offering free investment services online to make sure they are completely reliable.
He said: “I want to make sure other people don’t suffer like I have. They’ve taken everything I have. They’ve taken it all.”
He added: “I was going to leave my savings to my nephews. I feel absolutely terrible.”
Stephen initially contacted a financial adviser through an advert he saw online offering free will writing.
Stephen said: “I initially contacted the company to make a will. The chap came around and I told him I had some money I wanted to invest as I had sold a house in London.
“He seemed a genuine bloke. I was then contacted by another firm.
“A guy that came round who explained I could get my money out with 90 days notice any time I liked.
“Soon after told me he had left the company. He said his wife had cancer and another guy came around called Derek.
“I sent the first £80,000 on December 18, 2023. The other amounts were £4500 instalments.
“I had been told my money would be invested in stocks and shares through something called a Discretionary Unit Trust.
“In June last year, I decided I wanted £80,000 of my money out.
“When I contacted them to get my money back I was sent an email saying I would get my money back in three months at the end of September. But I didn’t get any money.
“I gave notice but nothing happened. I kept ringing them up.
“I asked what was happening and told the company had to sell some properties first because they had invested in property. That was to stall me.
“After that they stopped taking my calls and blocked my phone.”
Now Stephen has had to accept he has been scammed – and believes that the will writing service was a way to lure wealthy old people into an investment scam.
Stephen said: “I realised it must be a scam after I didn’t get the money out after 90 days. My heart sank but there seems to be nothing I can do. They blocked my phone.”
He complained to police who him he must take civil action if he wants to recover his losses.
Stephen said: “The police said to me that they can’t take any action at the moment until it becomes a criminal investigation.
“They said they’ve had a lot of complaints against this particular company. They’re going about doing this to loads of people.
“But my lawyer says that taking them to court will be very expensive and there is no guarantee I will get the money back.”
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