A 68-year-old man from Wokingham in Berkshire has lost more than £250,000 in an investment scam that used a deepfake video of money expert Martin Lewis to encourage him to invest.
The pensioner, who worked in the NHS, was targeted via a website called XTradeMAX (xtrademax.com). At first, he was sent £1,000 to make the opportunity appear legitimate, leading him to believe he was making profits from his initial £250 investment.
However, fraudsters later gained access to his mobile phone and took out seven loans totalling £120,000 in his name, leaving him with monthly repayments of £2,850 and no remaining pension savings.
Speaking about the scam, the victim said: “I was crying because all my savings had gone, and I was left with this dire financial situation. They were professional, friendly and reassuring at first, so I thought they were real.”
Between June and August 2025, he made 21 payments totalling £254,120 via his Wise and Halifax accounts. He is now seeking assistance from the National Fraud Helpline, a trading name of Richardson Hartley Law, to try to recover the funds.
Fiona Bresnen, a lawyer at the helpline, said the scam was part of a growing trend using AI-generated videos of trusted financial figures. “These adverts are incredibly convincing. Scammers are clearly mimicking Martin Lewis because he is such a trusted source of financial advice,” she said.
The FCA has issued a warning advising the public not to use XTradeMAX or xtrademax.com, saying the firm may be providing or promoting financial products without permission.
The regulator advises anyone who may have been affected to report concerns to the National Fraud Helpline and exercise caution when dealing with unsolicited investment opportunities.
