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Aussie couple scammed: ‘They took our life savings’

Victorian couple John and Gail Young were left devastated when they lost $500,000 to a scam
Man and woman looking sombre. She is wearing a navy blue long-sleeve top with dark blue jeans and white trainers. He is wearing a grey business shirt with black pants and shoes
John and Gail are rebuilding their lives after scammers stole their life savings
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  • John Young, 71, from Geelong, Vic was devastated when he fell victim to a sophisticated investment scam
  • He’d invested more than $500,000 into the online scheme, believing that is was being spruiked by TV personality Eddie McGuire
  • But it turned out the advertisement was fake, and John was heartbroken to learn his lifesavings were gone

Here, John tells his story in his own words.

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Kissing my wife Gail’s cheek as we took in the freshly laid concrete slab, I smiled.

‘Home sweet home,’ I said.

‘It’s going to be wonderful,’ Gail, then 66, replied.

It was June 2024, and while the slab didn’t look like much now, it’d one day hold our dream home.

We’d been married for 48 years, and the house was my gift to Gail who’d spent her life raising our three sons.

Aged 70, after 45 years as a teacher, I was excited to retire that December, when the house we’d saved for years to build was complete.

A few months earlier, I’d spotted an advertisement online about a new investment scheme. It featured TV personality Eddie McGuire.

‘I’ve spent most of my life creating projects that can improve the life of every Australian,’ he said in the advertisement.

‘Try our algorithm for free and change your life,’ it continued, promising I could earn $1000 a day.

I’d always enjoyed watching Eddie on television in Millionaire Hot Seat and The Footy Show, and considered him a reputable bloke.

Retro photo of couple smiling. She has short brown curly hair and is wearing a white long-sleeve blouse. He has long brown hair and a brown beard. He is wearing a denim shirt with a beige wool vest over the top. He has his arm around her
Gail and John were excited to retire. Image Credit: Supplied

That money would help add a garage to our new home, I thought, clicking on the advert.

I’d never invested any money before, but the more I read, the better it sounded.

I called the number provided and spoke to a man named Edgar, a broker in London.

He said he had 20 years’ experience in investing.

Within hours my account was set up and I’d deposited $300.

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‘Take a look at this Gail,’ I called out, gobsmacked at the figure.

The following day when I logged onto my account, I almost dropped my phone. Overnight my money had gone up by 60 per cent.

‘Wow honey, that’s wonderful,’ she replied, delighted.

Every day the figures would rise and, in April, Edgar suggested I add $5000 to the account, promising I’d see a return of $1.2 million by December.

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I couldn’t believe it. Gail and I had both grown up in large families – me one of nine kids and Gail one of eight – and we’d worked very hard.

Couple arm in arm, backs to camera looking out over rolling hills. He is wearing a grey business shirt, black pants and brown boots. She is wearing a navy blue long-sleeve shirt, dark blue jeans and white trianers
Gail and John had planned to build their dream home together. Image Credit: Supplied

It felt like it was all finally paying off.

I can give Gail the life she deserves, I thought, hopeful.

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Over the next three months I deposited $5000, $10,000, and then 20 lots of $20,000.

‘Your money is doing nothing sitting in the bank. We can earn interest,’ Edgar encouraged.

So I transferred our superannuation too.

In the end, I’d invested over $500,000 – our entire life’s savings.

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In July, I contacted Edgar to pull out some of the money to get the next phase of our house build underway.

‘I can send you $200,000,’ he promised.

But when time passed and the sum still wasn’t in my account, I began to worry.

‘I’m so sorry, sir, but it seems this may have been a scam,’

After two days I went to the bank, but the money hadn’t come.

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Alarm bells ringing, the teller looked into my transactions.

‘I’m so sorry, sir, but it seems this may have been a scam,’ she said gently.

A chill came over me, and my stomach turned.

‘We can confirm with you in a few days’ time,’ she told me.

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Driving home, I felt like I was living in a bad dream.

The next three days were the longest of my life and I barely slept.

READ MORE: How a fake lawyer stole this Aussie family’s house deposit

Couple sitting on a rock. He is wearing a grey business shirt, black pants and brown boots. She is wearing a navy blue long-sleeve shirt, dark blue jeans and white trianers
Gail and John – They’d worked hard to save. Image Credit: Supplied (Credit: Supplied)
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I kept the news from Gail, unable to face her until the bank finally confirmed it had all been a lie – and Eddie McGuire’s image had been used without his consent to give the scam credibility.

Pulling up my emails and WhatsApp messages, I was shocked to find every bit of correspondence from Edgar had vanished.

I had no clue how.

My heart sank as I came to terms with what this meant. I’ve been scammed. Our life savings are gone, I realised, shocked.

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I reported the incident to the police, but they were unable to help trace the accounts where the money was sent, and urged me to contact the cyber scamming authority, which I then did.

The future I’d promised Gail of a peaceful retirement in our new home had vanished. I was heartbroken.

What am I going to tell her? I worried, my stomach sinking.

How will we pay the bills, or finish the house?

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Coffee in hand, I took Gail to our favourite spot in nature.

There, I broke down in tears as I admitted everything to my beloved wife.

‘We have no money,’ I told her, my hands shaking. ‘The investments… everything… it’s all gone.’

As I explained what had happened and our new reality sank in, it felt like we were stuck in a nightmare.

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READ MORE: Aussie woman loses $56,000 through Facebook scam

AI likeness of Eddie McGuire
The fake Eddie McGuire.

I couldn’t believe I had brought this on us.

‘John, I love you and I’ll never stop,’ Gail said hugging me. Next, we broke the news to the boys, and they cried with us.

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While I’d had plans to retire, I’m back working in the classroom this year while we try and get back on our feet.

We are still renting our accommodation as we fight to come back from this scam.

We’ve had to cancel our contract for the building of our house. Thankfully our builder has waived the fees to end the contract.

I turn 72 in July, and right now the future looks murky. All we can do now is put one foot in front of the other.

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I recently learned that Eddie has hit out at the corrupt scammers who used his image to lure victims in.

Speaking to The Herald Sun, he labelled the scheme ‘disgraceful and disgusting’.

One light in the dark of this whole ordeal is the incredible love and support we’ve received from our community and family.

A long-time friend, and past student of mine, started a GoFundMe for Gail and me to help us out.

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A man and woman standing on concreate slab. He is wearing a grey business shirt, black pants and brown boots. She is wearing a navy blue long-sleeve shirt, dark blue jeans and white trianers
John and Gail had to cancel our house build. Image Credit Supplied
  • Social media users are urged to be cautious when they see videos of celebrities and public figures appearing to promote online investment platforms, according to Scamwatch.
  • Fake news and ‘deepfakes’ – lifelike images or videos of real people created by artificial intelligence (AI) – are increasing online.
  • The scammers create fake adverts and news articles to convince people that celebrities are using their scam investment platforms.
  • The platforms often claim to use AI and other technologies to create high profits for investors.
  • If you believe you’ve been involved in an investment scam, lost money online, or experienced cybercrime, contact your bank immediately.
Know the signs of a scam

I can’t describe how touched I am that so many of our loved ones, as well as strangers, have reached out with messages of support.

This keeps us going on the hardest days.

The scammers have taken so much from us, but I won’t let them take my voice and stay silent in shame. Gail and I want to warn others that this can happen to anyone.

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She has been my rock through all of the good times and the tough times.

Our love for each other has grown stronger because of this. We still have hope and our faith.

This has been a hard blow to us. I was brought up with respect for others, honesty and trust, and to have that ruined in such an awful way has been hard to move past.

But I’m a fighter and, with Gail by my side, I’ll keep going.

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Click here to donate towards John and Gail’s fundraiser

For crisis support contact Lifeline on 13 11 14.
Help others by reporting suspicious contact or activity to scamwatch.gov.au/report-a-scam. You don’t have to share your name.

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