Would-be investors in gold trading scam

Consumers have been warned against a bogus, seemingly US-based investment company after Australian would-be investors were duped out of $670,000 over the past ten months.

Western Australia's Consumer Protection is investigating Strauss-Mann Trading Solutions, which cold called a WA victim and persuaded him to invest $70,000 in gold, but when he attempted to withdraw the money from a trading account, no funds were returned.

"We need to urgently warn would-be investors to be aware that this website and the company behind it, Strauss-Mann Trading Solutions, appear to be fake and designed to deceive investors," acting commissioner Gary Newcombe said.

Although the website claims the company is based in London, it is not registered with the Financial Conduct Authority in the UK.