Retired financial advisor from Eastbourne warns others after being scammed out of £80,000

Simon Hoadley, 66, wanted to make his money go further through a company claiming to be investment specialists, only to realise it was part of a scam, according to fraud specialists CEL Solicitors.

Mr Hoadley, who lives by Holywell, said: “It was horrendous. My dad was dying of cancer and I was living alone because my wife is in a care facility three hours away."

Mr Hoadley had already invested in stocks and shares ISAs when he decided to branch out into crypto currency in 2020.

He did research and contacted what he thought was a legitimate investment firm.

He added: "I spoke to them weekly on the phone. They shared good advice, they were very personable and professional.”

Fraud specialists CEL Solicitors said Mr Hoadley started with a £250 investment and immediately saw growth in his funds. With guidance he made further payments, opening new bank accounts and even taking out loans, but became suspicious when his main contact was unreachable and his money nosedived, according to the solicitors.

Mr Hoadley said: “I spoke to a friend who also works in finance. He said I’d been scammed and it wasn’t my fault.

“I went to my local bank and they told me I needed to tell my family because the police would now be involved. I just broke down in front of them.

“The crooks were even taking £5,000 out of my account while I was there.”

Mr Hoadley turned to fraud specialists CEL Solicitors who contacted the Financial Ombudsman Service (FOS) on his behalf.

The legal experts said they managed to recover more than £75,000.

Mr Hoadley added: “I’ve got four grown-up children who were devastated when they found out.

“They had always looked up to me but over a year I just completely changed. It was really tough for them to see.

“When you get scammed you feel angry, a victim, like you’ve let your family down. You’re just in a really bad place.

“With the money I got back I’ve bought a mobile home 20 minutes away from my wife which has made a huge difference to my marriage and my family.”

CEL Solicitors CEO Paul Hampson said: “To build a relationship and trust with their victims makes the con all the more distressing when the target uncovers the truth.

“It’s a difficult lesson to learn, especially when the reaction from banks and other authorities can be slow. When you have fallen victim to a scam, legal support is often advised."

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