COLORADO SPRINGS, Colo. (KOAA) — A Colorado Springs woman hoped to grow her father's inheritance to help her family. Instead, she fell victim to a cryptocurrency investment scam that cost her $37,000.
Suzanne Pence received the inheritance after reconnecting with her father just before his death in August 2025. As a self proclaimed stay-at-home mom, her goal was to invest the money for her family.
"My husband has always been the bread winner of the house so after inheriting some money from my dad, I thought that this was the perfect opportunity for me to actually contribute to my family's livelihood," Pence said.
The scheme began when Pence saw what appeared to be an investment opportunity posted by a close friend on Facebook. She reached out to learn more about the opportunity.
"I sent her a message and said 'Hey, I want to learn a little more about this. Is this something you'd be willing to teach me,'" Pence said.
However, her friend's Facebook account had been hacked, and Pence unknowingly entered a multi-layered cryptocurrency investment scheme. When her son later warned her that this investment opportunity was a scam, Pence didn't want to believe it.
"I was like no, no, you're wrong. You're wrong. This is a really good person she would never scam me. Super gullible, you know?" Pence said.
The criminals used a sophisticated approach that made the investment appear legitimate.
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They instructed Pence to open a Bitcoin wallet, deposit cash into a cryptocurrency ATM, and send them a photo of her receipt.
Although the receipt clearly stated “Do not lose or share this private key,” the criminals encouraged Pence to ignore that warning and insisted it was part of the process.
Pence watched her “investment” appear to grow on a website that looked authentic, but it wasn’t. She later discovered the website was “spoofed,” meaning it was a falsified version of a legitimate cryptocurrency platform, featuring subtle visual and URL differences.
When she requested to withdraw her money, no instructions came, and no funds were returned.
"I felt a lot of shame," Pence said. I felt like how could I be so stupid? How could I fall for that? I'm too smart for that. I'm a very intelligent person and how could i be scammed like that?"
Investment fraud is the number one scam reported in Colorado with 14,848 reports made in 2024, according to the FBI.
"Doing this sort of complex multi-layered approach to these scams is very similar to the impersonation scams, in that it helps legitimize the scam itself," said Eric Burns, FBI Special Agent.
Burns said criminals can target people through online research.
"People are very transparent on social media," Burns said. "These bad actors? They prey on the opportunity to victimize somebody. Number one, they’ve just come into money. Number two, they’re grieving so they’re not in a great state of mind to make sound decisions."
"I was in a vulnerable place. I will say that. My dad, prior to passing away, had went 30 years without talking to me," Pence said tearfully. "And I see his caller ID on his cell phone. I say 'Hello?' He says Suzanne? And I said 'Yeah, how are you?' And he said well, I'm not doing so good."
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Over eight days, Pence handed over her entire $37,000 inheritance. The criminals promised a return of $194,000, but she received nothing.
"We had plenty of money growing up. There wasn't a shortage of money but I was always brought up believing that we didn't have enough money. That probably...definitely factored into the equation of getting scammed," Pence said.
Despite losing the inheritance, Pence say she's found peace knowing she reconnected with her father before he died. Now she's using her experience to warn others.
"It can happen to anyone. Don't blame yourself. It's those people that scam. They're really, really good at what they do, and it's not your fault," Pence said.
Pence never reported the scam, but the FBI says filing a report is crucial. The sooner victims file a report, the better chances authorities have of catching criminals and recovering funds.
You can file a report here if you've fallen victim to an financial investment scheme.
The article was written by KOAA News5 Consumer Reporter Kierra Sam. Have a story? Send an email to kierra.sam@koaa.com
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