A retired financial adviser was scammed out of £80,000 while his father was dying of cancer.

Simon Hoadley, 66, thought he had spotted a chance to make his money go further through a company claiming to be investment specialists.

However, it turned out the company was in fact part of a sophisticated scam, robbing him of thousands of pounds.

Simon, from Eastbourne, said: “It was horrendous. My dad was dying of cancer and I was living alone because my wife is in a care facility three hours away.

“I was a financial adviser by trade and somehow I had been sucked in.”

After investing in stocks and shares ISAs, Simon decided to branch out into cryptocurrency in 2020.

He did some research and contacted what he thought was a legitimate investment firm after seeing an advert.

Simon said: “I spoke to them weekly on the phone. They shared good advice - they were very personable and professional.

“People’s strengths can be their weaknesses and I’m an open person which means I trusted these scammers.”

The Argus: Simon HoadleySimon Hoadley (Image: CEL Solicitors)

He started with a £250 investment and immediately saw his funds increase in value. With guidance, he made further payments, opening new bank accounts and even taking out loans.

However, the money was not being invested and was instead going straight into the bank account of the scammer.

Simon became suspicious when his main contact was unreachable and his money nosedived.

He said: “I spoke to a friend who also works in finance. He said I’d been scammed and it wasn’t my fault.

“I went to my local bank and they told me I needed to tell my family because the police would now be involved. I just broke down in front of them.

“The crooks were even taking £5,000 out of my account while I was there.”

After turning to fraud specialists CEL Solicitors for help, Simon managed to recover just over £75,000.

“I’ve got four grown-up children who were devastated when they found out,” Simon said.

“They had always looked up to me but over a year I just completely changed. It was really tough for them to see.

“When you get scammed you feel angry, a victim, like you’ve let your family down. You’re just in a really bad place.

“With the money I got back I’ve bought a mobile home 20 minutes away from my wife which has made a huge difference to my marriage and my family. Words cannot explain.”

Paul Hampson, chief executive at CEL Solicitors, has warned others not to fall into the same trap.

He said: “The sophistication in some scams is terrifying. Criminals are putting a lot of time and effort into deceiving people out of their hard-earned money.

“To build a relationship and trust with their victims makes the con all the more distressing when the target uncovers the truth.

“It’s a difficult lesson to learn, especially when the reaction from banks and other authorities can be slow.

“When you have fallen victim to a scam, legal support is often advised.”