Des Plaines resident loses $16,000 in stock fraud, police say

A Des Plaines man lost about $16,000 to fraudsters promising a high-flying investment opportunity, police said.

The 68-year-old victim was contacted by phone in late November by someone claiming to work for an investment company, police said in a news release. He believed he was buying stock shares in Boeing, the Virginia-based aerospace company, police spokesperson Katie Kozlowski said.

Over the following weeks, the victim made transactions using his debit card and set up a cryptocurrency account to send more money, Kozlowski said. He also sent money via wire transfer and an electronic banking service, she said.

The fraudsters stopped communicating with the victim in mid-December, police said. He reported the crimes to police Tuesday.

People should be cautious of any unsolicited contact regarding investment opportunities, Kozlowski said.

“We encourage the community to be diligent and do research on any company asking for payments, which can be done by looking up the company on the internet and reading both good and bad reviews,” she said.

People unsure about the legitimacy of a company can call their local police departments using nonemergency numbers.