E-Paper
Colorado man loses $1.4 million while seeking extra-marital affair, blames greed and loneliness
A Colorado man in the midst of a troubled 20-year marriage has revealed how he lost $1.4 million in a romance scam.
A Colorado man in the midst of a troubled 20-year marriage has revealed how he lost $1.4 million after falling victim to a sophisticated cryptocurrency romance scam. The victim, who spoke on condition of anonymity, explained how seeking an extra-marital affair led to a massive loss. He shared his story with multiple news outlets, including 9News and KDVR.
Connection through Ashley Madison
The man said he first met the woman on Ashley Madison, a dating site for married individuals seeking affairs. Their connection deepened over shared values, photos and video chats on WhatsApp.
Eventually, the scammer posing as a woman offered to help the Colorado man save money in a potential divorce.
“She said, ‘Oh, by the way, um, I'm into Bitcoin, cryptostuff, and make lots of money, and I can help you try to save your money if you go through a divorce,’” he recalled to 9News.
The scam unfolds
Over approximately six weeks, the man made four separate cryptocurrency transactions, ultimately draining $1.4 million from his retirement and life savings.
“Part of where I was in life, looks, but also, she had great ideas for making money that I might lose in a divorce settlement,” he said. “She had several businesses she owned. And she was a very beautiful, very attractive person in the pictures.”
“Part of my drawback was greed and loneliness on top of it,” he admitted. “I was in pretty deep.”
Realisation and emotional impact
After a month and a half, he realised he had been deceived and contacted law enforcement. The emotional toll was significant, as was the financial fall.
“Anger, shame, I’ve never guessed I’d be duped like this,” he said.
Colorado Bureau of Investigation (CBI) Special Agent Zeb Smeester told 9News that the $1.4 million loss is the largest he has seen in a similar online scam.
How scammers operate
Experts say scammers exploit emotional vulnerabilities, using trust, urgency, and promises of high returns to manipulate victims into transferring funds to fake accounts.
“Yeah, trust is definitely the name of the game. So, with a romance scam, the trust is kind of built in the relationship,” said Smeester. “If someone trusts you, then they can trust you with their finances sometimes.”
Smeester added that even financially experienced individuals can fall prey to these schemes. Many scammers operate overseas, sometimes involving coerced participants in video chats to make interactions appear genuine.
“The woman that he was talking to, we don’t know her situation as possible,” said Smeester. “She could be a human trafficking victim being forced into something like this. She could be part of the scam. I don’t know, but she’s definitely not like the mastermind behind the scam.”
Warning signs
Authorities caution that conversations moving to encrypted apps, promises of unusually high returns, or requests to transfer funds outside legitimate platforms are major red flags.
“If they start asking for money, then, um, then you have to be very cautious because that’s, that’s their goal, is to try to get money from you,” Smeester said.
