Man loses $100K in online scam to a NASCAR pro impersonator — here’s what The Ramsey Show hosts say he should do next to rebuild and recover

In February 2024, Burlington, Vermont resident Mark, 54, accepted a Facebook friend request from an impersonator claiming to be NASCAR driver Denny Hamlin.

Over several weeks, the impersonator claimed that a “briefcase full of prize money” was stuck in customs and that his documentation for entering the United States had expired.

Trusting his new “friend,” Mark bought six US$500 gift cards. When that didn’t free the briefcase, the scammer urged him to tap his savings.

Mark withdrew from his IBM 401(k) — the American equivalent of an RRSP — and took additional loans against a second 401(k) with GlobalFoundries. He sent funds by cashier’s cheque.

By the time doubts crept in, he had lost more than US$100,000 in savings. It was only later that Mark realized he’d been duped.

From devastation to a rebuilding roadmap

Once he recognized the scam, Mark contacted the U.S. Secret Service, filed a complaint with the FBI and alerted multiple state and local agencies. Despite his efforts and the help of an attorney, law enforcement determined the funds were irretrievable.

“The chances of getting that money back are very, very, very slim.” John Deloney, of The Ramsey Show, lamented

Today, Mark’s 401(k) balance is US$146,321 — down from an estimated $200,000 before the fraud. Earning US$60,000 annually, he maintains a lean budget: US$1,000 monthly rent (including utilities), US$60 for phone service, US$50 for internet and no credit-card debt and US$22,000 in 401(k) loans.

“Somebody weaponized what I think is the most sacred thing, and that’s a relationship. And inside that relationship, somebody asked you for help, and you’re the kind of guy that helps. And that hurts, man.”

Hosts George Kamel and John Delony laid out a disciplined recovery plan:

• Build an emergency fund of three to six months’ expenses: Set aside a portion of each paycheque into a separate savings account until you’ve covered three to six months of living expenses to serve as a financial buffer against unexpected setbacks.
• Eliminate loans: Mark can make small lifestyle sacrifices and redirect extra cash toward paying off his US$22,000 in 401(k) loans more quickly. Deloney advised him to treat it as a “sweat tax” that would remind him to avoid risky online relationships in the future.
• Invest 15% of your income back into retirement: Kamel advised Mark to contribute 15% of his US$60,000 salary to his 401(k) over time. Done right, disciplined investing could help him build a US$1 million nest egg for a dignified retirement.

While it may mean working into his late 60s, this structured approach promises a path back to financial stability and renewed confidence.

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Breaking the cycle

In 2024, scammers stole $16.6 billion from U.S. consumers — a 33% increase over the previous year, according to the FBI’s IC3 report.

In Canada, scams are also on the rise. In 2024, 34,621 victims reported fraud to the RCMP, according to the Canadian Anti-Fraud Centre, totalling more than CA$638 million in losses that year. This is a significant spike from 2023, where, in combination with cybercrime, Canadians lost CA$578 million to fraud.

A government fact sheet also reports that fraud is the number one crime against Canadian seniors. Phone-based scams, grandparents scams and other types of fraud specifically designed to target older adults remain popular with con artists.

Worse still, once someone falls prey, their information often ends up on dark-web “sucker lists,” where fraudsters mark them as easy targets for future scams and even contain details such as “the personal, behavioral and emotional profiles of scam victims.” Individuals already victimized may counterintuitively make for easier second round targets because they may be eager to recoup money lost in a prior scam.

To halt this cycle, Canadians should report all attempts of fraud or scams to your local police. You can also call PhoneBusters at 1-888-495-8501. Currently, only residents of Quebec can place a credit freeze on their accounts, however all Canadians can sign up for fraud alerts and alert their financial institutions to be on the lookout for suspicious activity.

Victims should seek emotional support, whether through trusted friends, professional counsellors or specialized victim‐assistance programs to counteract the isolation and stigma that can follow a financial (and undoubtedly emotional) betrayal.

Scams today combine sophisticated deception with a thriving secondary market in victim data. By acting quickly, survivors like Mark can not only rebuild their finances but also insulate themselves against the risk of being scammed again and help break the wider stigma of falling victim to targeted scams.

Sources

1. YouTube: I Was Scammed By A NASCAR Impersonator, by The Ramsey Show Highlights (June 20, 2025)

2. FBI: Internet Crime Report 2024

3. RCMP: The cost of fraud exceeds financial loss, victims sayBy Patricia Vasylchuk (March 13, 2025)

4. Government of Canada: What every older Canadian should know about: Fraud and scams