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Laura Shannon, Financial Mail on Sunday Alan Sugar has spoken out about his name being used to sell scam crypto-currency Investors keen to join the ‘crypto-craze’ are being warned to steer clear of phoney firms claiming household names back their projects. Fake news blighting the Bitcoin and digital currencies market is on the rise – with a string of bogus celebrity endorsements duping people into believing they are investing in virtual coins and revolutionary technology.

Amstrad founder Alan Sugar, presenter of TV show The Apprentice, is the latest high-profile figure to speak out about his name being used to sell scam crypto-currency deals. A 74-year-old fell victim to a sham Bitcoin venture because he thought he was investing on the back of Lord Sugar’s advice.

The tycoon revealed the man emailed him after losing £250 to say he signed up out of ‘respect for your achievements and therefore your advice’. Lord Sugar branded the criminals ‘scum’.

He told The Mail on Sunday: ‘These crooks are utterly ruthless. I just hope that people do their homework before parting with any money.

It is infuriating to see my name and face on websites run by charlatans claiming I back their fraudulent investment scheme.’ He joins an ever-growing list of famous people who have had their reputations abused by crypto con-artists. They include Virgin Group founder Sir Richard Branson, Microsoft founder Bill Gates, Deborah Meaden from the Dragons’ Den TV series and MoneySavingExpert founder Martin Lewis. Read more from thisismoney.co.uk…

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