Fleeced! Laird to sell off estate (and nudist beach) after losing £130k in crypto scam
SINCE the 19th Century, his family have farmed sheep on a 4,000-acre estate in the far north of Scotland.
But now a Highland laird faces having to sell off his land after falling prey to a very 21st Century crime.
Michael Dudgeon, whose property in Sutherland includes Britain’s most northerly nudist beach, has lost more than £130,000 after becoming the victim of a cryptocurrency scam.
Worried about the rising cost of running Crakaig Estate, Mr Dudgeon was lured by an investment scheme he now realises was too good to be true.
Issuing a stark warning about the dangers of crypto cons, the 71-year-old said: ‘I could lose the whole estate. It’s been in my family for over 150 years.’
Mr Dudgeon was tempted by an advert promoting high returns from cryptocurrency speculation and over six months he handed over around £100,000 in cash to an online broker. His gamble appeared to pay off as his
‘I am land rich but cash poor because of this scam’
‘crypto wallet’ showed the value of his investment had rocketed to £402,000.
But when he tried to get his profits the broker managing his funds told him he had to pay a £34,000 early exit fee to Coinbase – one of the world’s biggest currency exchanges, where his money was supposedly stored.
After stumping up he was asked for another £18,000 for ‘capital gains tax’, of which he paid £4,000 before running out of money. Mr Dudgeon now realises he is unlikely to get his cash back.
He said: ‘I only invested to help pay the running costs. I put in my savings, everything I had. I asked for my money but they kept switching me between companies they said would pay out.’
Mr Dudgeon ended up dealing with people claiming to be from Blockchain.com, a trading platform for Bitcoin (pictured) and other cryptocurrencies. He recalled: ‘A guy who said he was in Switzerland kept calling to demand the rest of the money. I said, “I haven’t got any more” and they said, “Can’t you sell any assets?” They then said I would be fined £4,000 a week for them hanging on to my money.
‘I gave them control of my computer to make the transactions. It was complicated so I allowed access. I can’t be sure where the money has gone. I am resigned to having lost it all.
‘I have been scammed and just don’t know what the future holds for me or the estate.
‘I have the most northerly nudist beach in the country but I feel it is me who has lost the shirt off their back. I have contacted the police, who didn’t even look at the documents.
‘The banks say it was my decision and my risk. I am taking legal advice but hold out little hope.
‘I am only making this public to stop others being scammed.’ The Dudgeon family estate near Helmsdale includes an eight-bedroom farmhouse plus three other houses that are rented out. The land, valued at £1.6 million, has shooting, stalking, an arable farm, forestry and a caravan site. Mr Dudgeon, who once bought a hovercraft to help round up his sheep, said: ‘I am land rich, but cash poor. Because of this scam I only have £249 left in my account.’ Coinbase said: ‘We regularly educate our customers on how to avoid scams.’ Blockchain.com said: ‘This appears to be a case of someone impersonating our company. Our support team will never initiate contact via phone, ask for your password or access to your wallet.’