Gary was promised he would become an instant millionaire if he invested in one thing. Now he’s been left penniless after losing $400,000 in the elaborate scam

An Australian man has revealed how he lost his entire life savings after falling victim to a convincing scam involving customized clips of Elon Musk and Anthony Albanese.

Gary Meachen, 71, from Broke in the NSW Hunter Valley, lost $411,000 after being tricked by a video on Facebook promising viewers how to get rich quick.

The clip featured edited footage of Musk discussing a cryptocurrency plan with a series of high-profile individuals.

Guests included Mr Albanese, Sunrise presenter Natalie Barr, Today presenter Karl Stefanovic, ex-Prime Minister Julia Gillard and commentator Piers Morgan.

Images of the known political and entertainment identities were then manipulated to make it appear as if they were discussing the plan.

Mr. Meachen, a longtime Musk fan, was told he was one of “45 chosen ones who will have the opportunity to make money that will change your life.”

He gave his card details to a scammer, who asked him to invest more every time he tried to withdraw money from the program.

Mr Meachen ended up with nothing and is now dependent on his pension.

“It’s one of those things that when you think about it you get scared because you look at the future and the future you had is gone,” he said. The project on Monday.

‘It’s very difficult to sleep and it keeps coming back… you just have to deal with it.’

He said the scammers who targeted him were “very convincing.”

‘That’s the bad thing about it, you’re just destroyed by the fact that you trusted them and they just fooled you. You feel a bit like a fool,” he said.

Mr Meachan called on social media platforms and the government to do more.

“They are putting criminal money in the bank, so I am here to tell the government and the police to take action here,” he said.

“Australians are being targeted.”

The 71-year-old said he and his wife would somehow find a way to make ends meet.

‘I’m pretty strong, but eventually I’ll wear out. “We’ll find a way to move forward, I don’t know,” he said.

A 71-year-old NSW man has revealed how he lost $411,000 in a Facebook scam involving Elon Musk and Anthony Albanese (pictured) in a get-rich-quick scheme

‘I have never received benefits, I have done everything right in my life and I will have to retire. Why are the elderly being targeted by these people?’

Mr Meachan has provided the federal government with details of the elaborate scam shared with NSW Police.

He has also contacted Cybertrace, a team of private investigators who specialize in cyber fraud investigations and asset recovery.

According to the ACCC, Australians lost $2.7 billion to scams in 2023, with more than 623,000 scams reported that year.

Investment scams stole more than any other form of fraud, amounting to $1.3 billion.

Experts believe older Australians are being targeted by scammers because they are less tech-savvy and more likely to have savings and retirement.

Losses for those over 65 rose 13.3 percent to $120 million in 2023, with this age group disproportionately affected by investment plans.