Geelong couple John, Gail Young lose $500K life savings to deepfake Eddie McGuire scam

A Geelong couple in the process of completing their dream home before retiring has told of the scam nightmare endorsed by a fake Eddie McGuire that has duped them of their life savings.

A hard-working Geelong couple hoping to retire in their dream home have told of the scam nightmare endorsed by a fake Eddie McGuire that has duped them of their life savings.

John Young and his wife, Gail, lost $500,000 last year after he invested in what he thought was a legitimate investment scheme ad that popped up on Google.

A respected teacher for more than 45 years who has worked his whole life and always given back to the community, Young has been left devastated after being unable to pay for the build which started on their property on the outskirts of Ballarat.

“(I thought) Eddie was endorsing an investment scheme with a very healthy return and because Eddie is such a respected person in our society and a person whom I look up to, I phoned the number that he had recommended,’’ Young said.

John Young and wife Gail lost $500,000 in the scam. Picture: David Caird

“That was the beginning of my nightmare. My wife and I had bought a block of land to build our retirement home and I was going to retire from teaching at the end of last year when our dream home would have been completed. I invested the money that I had put aside for our build plus my superannuation in the hands of a broker in London who was going to invest our funds with a return in December. I invested over $500,000 which was my entire life’s savings.

As it turned out the entire scheme was a scam and we lost all of our money and our life has been turned upside down.”

Young, 71, has been forced to continue working in the Geelong region but can’t save while he’s paying rent.

“This happens to real people, real Aussies and at this time of my life when we should be reaping the benefits it’s just hard to take,’’ he said.

John Young says ‘our life has been turned upside down’. Picture: David Caird

“When I asked to stop and asked for money back it all just disappeared, there was no more correspondence. There’s not a day that goes by that Gail is not tearful.

“We were ready for the sunshine of our lives and our dream has been taken away. Our three sons were in tears and devastated, and there’s nothing we can do.

“I was brought up with respect for others, honesty and trust. I’ve trusted everyone in my life and it’s sad you get to this stage of your life and you’ve got to be guarded. To be let down like this is a hard pill to swallow.”

Footage of media personality Eddie McGuire was used in the scam video.

McGuire hit out at the corrupt scammers using scams and AI generated deepfakes to dupe unsuspecting victims, labelling it disgusting and disgraceful after the Herald Sun uncovered an ad on YouTube with him speaking in an American accent.

He issued a fresh warning for viewers and users to be alert after hearing of Young’s case.

“Google have got more dollars than anyone, that’s where we should start,’’ McGuire said.

“It’s just a disgrace. I remember a mob out of New York trying to do the same thing with me a few years ago. Don’t tumble in. I’m not on any social media and I don’t do ads. If it’s too good to be true, then it is.”

McGuire slammed the ‘horrible, thieving’ scammers earlier this week. Picture: Getty Images

Young was interested in the investment in the hope of acquiring a bit more cash so he could add a garage on the property.

“I sent them money in $20,000 instalments and it was all done online,’’ Young said.

“The guy said the banks don’t pay a lot of interest, invest with us and it just snowballed.

“I would not wish this upon anybody. It was three days before I could tell my wife, we’d had all the plans drawn up for the home which was my gift to Gail — who I’ve been married to for 48 years.

“We’d bought all the furniture, carpets and floor covering. Dennis Family Homes were fantastic and waived their fees. I’ve been the main bread winner all my life and I’ve prided myself on that. The luxuries in life have gone and there’s not too many days where we don’t have moments of sadness and reflection. I got sucked in but I’m a fighter and I’ll keep going. I’m going to get myself up from the canvas.”