MILWAUKEE — A Milwaukee man is sharing his story after losing his retirement savings to a cryptocurrency scam, hoping others can learn from his experience.
Chuck Conner lost more than $37,000 after being contacted by someone claiming to be a PayPal representative who convinced him his checking account was at risk.
"The minute he said that my checking account could be compromised, I panicked, and I thought, I don't have a lot there, and I don't want to lose what I had," Conner said.
The scammer told Conner there was only one way to protect his money.
"So he said, the way you can prevent that from happening, from anybody taking any money out of there, is to withdraw the cash and purchase Bitcoin with it," Conner said.
Conner withdrew $37,500 from his retirement fund—almost all he had—and deposited it into two different Bitcoin machines in Milwaukee while the caller guided him through the process.
After the money was deposited, the call disconnected. When Conner checked the account where he thought his money was going, it showed a zero balance.
WATCH: Milwaukee man loses $37,500 in retirement savings in a Bitcoin scam
"I was just absolutely devastated. I was so confused and so frustrated. I didn't know what to do," Conner said.
Left distraught, Conner reached out to authorities, filing complaints with the Milwaukee Police Department and the FBI, hoping to get his money back or at least find some answers.
The Internet Crime Complaint Center (IC3) handles cyber-related scam reports. TMJ4 reached out to the FBI to learn more about Connor's case.
The FBI said they do not confirm or deny the existence of investigations, but did provide information on the prevalence of scams in Wisconsin.
Internet Crime Complaint Center ANNUAL REPORTS
Last year in Wisconsin, more than $50 million in losses were reported from complaints filed by individuals over the age of 60.
A month after the incident with no resolution, Conner came to TMJ4 with a warning for others.
"If there's anything that anybody can glean from this, just to absolutely be 200% conscious of what's going on. Look for the red flags," Conner said.
If you have been victimized by a scammer, you can learn more about how to report it and protect yourself at theIC3 website.
This story was reported by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
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