Middle-aged investors lose hundreds of thousands of dollars through fake "Wolfpack program" investment ads on Facebook and Instagram

Summary

A financial scam using the name of David Rosenberg, an economist and founder of Rosenberg Research, defrauded victims of hundreds of thousands of dollars through a "pump and dump" scheme. The scam, which began as early as March, involved fake investment ads on Facebook and Instagram falsely claiming Rosenberg was the administrator of a program called the "Wolfpack program." Victims were lured into investing through a WhatsApp group called "(03) Rosenberg Investment Strategy," where they were directed to buy specific stocks that initially showed high returns before crashing. At least one victim reported losing $16,000, while others claimed losses of up to $500,000 and $450,000. Rosenberg and his family attempted to report the fraud to authorities, including local police and the Canadian Anti-Fraud Centre, but received little response. As of the report, no formal complaints had been filed with law enforcement, and the total amount stolen is believed to exceed $1 million.