A Prospect Avenue resident lost $273,156.28 in a scam involving a fake investment group that he found on Facebook, according to the Princeton Police Department.
The victim told police on Feb. 3 that he had been added to a group chat on WhatsApp after he clicked on an advertisement link on Facebook for an investment group.
He chatted with a person who claimed to be an investment assistant with the investment group. He was encouraged to buy specific stocks. He bought $282,643.20 worth of a suggested stock in January.
The stock initially rose in value, but then suddenly plummeted and lost value, police said. The victim was told to sell it at a much lower price than what he had paid for it, with the promise that he would be reimbursed for the loss in value.
The victim sold the stock at a significant loss, and then realized he had been scammed.
