California Con Artist Steals $160 Million: Victims Lose Everything
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- Опубліковано 14 жов 2024
- No way. How on earth could this happen. This is deplorable and absolutely unbelievable. These hysterical victims explain how a con man stole the life savings of 500 people. And shockingly he has not been prosecuted. Reporter David Nazar has the heartbreaking details of this financial fraud case.
Rule one. Don't invest anything youre not prepared to lose.
There are degrees to investing. I hope you aren't talking about mutual funds held for the long term or retirement investing.
A ponzi scheme scammer isn't the same as a Vanguard mutual fund.
scdevon mutual funds are not guaranteed.
A mutual fund is practically a "sure thing" compared to this scammer in this video.
scdevon there is no sure things. That's why investments make money. Risk. Mutual funds are low risk but not guaranteed. Don't invest if you don't wanna lose.
You want losses? Invest in bank CDs. Guaranteed to lose money to taxes and inflation every year.
Folks, nothing is called investing. It's called GAMBLING.
The Rolls Royce Trent can tell you are poor . And don't know shit
Robert Nicolas I don’t think it has anything to do with being broke maybe misunderstanding or fear above all from rolls Royce but in essence investments are a form of gambling as in which they have no absolute roi it may pay dividends or it may fall flat granted calling it flat out gambling isn’t fair but knowledgeable or informed wagering would be a better statement.
Cleezy I make a living investing and you are dead wrong. It couldn't be farther from gambling. You can read the company data ... called the Sec filings .
The Rolls Royce Trent yess sir
This is not even gambling. This is called a scam
“Paid good interest and risk free” A fool and his money are soon departed!
Lmfao sounds like she is feeling some type of way she lost her inheritance...
Brandon Martinez ha, thats where the pain comes from.
Exactly how I felt. Crocodile tears.
+1
Brandon Martinez you think .Hmmm
Eli Frost You sound jealous.
I don't trust anyone who says they can make you money...
I wouldn't invest in anything that seem to good to be true.
If I've got money, it stays where I know what's happening to it.
I wouldn't let anyone handle it for me...
People need to spread this all over social media! People who do this to hardworking people is just awful.
For the love of money is the root of all evil
Larry Iarossi and hardworking people foolish enough to be swindled not by a con man but by a man assuring or guaranteeing high returns deserve a wake up call. They see dollar signs and orgasm immediately no good investment firm would EVER guarantee returns but merely cross fingers and guarantee smart investments
Abraham Alburez you are right to a certain degree but it's really the LACK OF MONEY that is the root of all evil
You can search the Internet and find many instances of cons like this. Also Bernie Madoff was a huge story. The problem is people don’t do their homework in these situations because they’ve got dollar signs dancing in front of their eyes.
Being ordered to pay (by the court) doesn't necessarily mean he's going to pay..
Can't believe how many of these scams are going on. Hundreds. Then offender gets 4 years to 10 years. Rarely higher. Rob a store for few hundred dollars and get 20 year's. ???
Big criminals get little time. Its called the CRIMINAL JUSTICE SYSTEM. The poor street guy is motivated by hunger while the white collar criminal is motivated by greed. Its a weird system we live under. Listen to a man named Jor dan Max well.
you're comparing an armed robbery to someone who gave their money willingly? wtf?
Never trust ANY fucker that wears a suit to work, there's an old saying, men in denim built this land, men in suits destroyed it.
Can't let a stranger invest your hard earned money.
If you hand over your money & get offers high interest etc & nothing in return.You are getting conned,!
Investing is 'educated gambling'.
This won't be the last 'Bernie Madoff' type scam.
"Good interest" and "risk free"... some people really deserve to have their money stolen...
That is how humans are tricked, just tell them good words and they fall for the tricks! Haven't you read the book called "The Prince" by Niccolo Machiavelli? Most humans are stupid, why do you think politicians lie all the time and get away with it?
Bigger they are the harder they fall.
Both sides are greedy they wanted something for nothing
all investments are something for nothing. these people are only as greedy as anyone looking for money
Air Mech lol so true
Will Rich The older generation are very trusting and nieve to Today’s thievery.
i have no pity for anyone involved. they're all greedy. And the granddaughter is upset cause she lost her inheritance.
Drick Lorenz exactly lol
You get what you INSPECT, not what you EXPECT.
she doesn't give a bit fuck about her grandparents
But regard inheritance or not, do you want your grandparents to lose their hard earned life savings?
How is it greed if they work all their life for it. That sounds like honest money, not greed.
greed is the evil on both sides
Agreed. Well said.
Well said
n300zx931 Granddaughter wasn’t crying for her grandfather but for herself, she now knows she will get nothing
Never, ever, put all your eggs in one basket. A simple saying that would have gone a long ways here. Even if one is gullible to get suckered into this or another scam, if they only lost, lets say, 5% of their life savings, it would hurt but wouldn't ruin them.
Somebody who thinks as I do. I see people all the time on American Greed not only give all their money away but then get equity loans on their house and give that away. Stupid greedy people!!
Very very true roach...
Touche. Diversify into 3-4 different investments. Greed by investors allows scamsters to flourish.
*"Diversify yo bonds, nigga!"*
--_Wu Tang_
*Everyone's crying but not a single tear falls!*
I stopped watching @ 3:16!
Shawn Legend I noticed that also.. they went from "crying" to casually talking in .01 seconds.
Shawn Legend. The granddaughter wasn't very convincing..
don't risk anything you're not willing to lose
The elderly couple should get a minimum wage part time job to supplement their social security. Social security ain't enough to survive.
The first women is undoubtedly distraught but not really crying. No tears.
R u sure she is only crying cuz she won't inherite anything or she is in on it
Putting all your Eggs in one basket??? A person in their 80's shouldn't be making investment decisions in most cases. And Boo Freakin Hoo for the women that lost her inheritance. People need to keep an eye on the Elders.
Go tell that to Warren Buffet.
I blame the victim. They are quite greedy to believe they get their return in such a short time. Investments last 3years to a decade
Them people won’t see one dime back from him
I don't know. I never have any sympathy for people who fall for this. The guy at 1:19 summed it up:
1. He approached the victims individually. That right there is a red flag. A good rule in life is when someone comes up to you directly and says, "Hey, I got a deal for you!" the answer is "No thanks." People don't make offers to you that are beneficial for you.
2. High interest with zero risk is impossible. If a business has collateral to back investments, then they don't have to pay high interest.
3. They all say they went by what this guy "told" them. You need, as a responsible adult, to protect yourself by ensuring that something someone tells you is true. Verify the ownership of the collateral, and that it isn't already bound to other creditors. Hire an attorney. Make sure that your claim on the collateral is registered so it can't be sold. It's a fundamental aspect of risk management: What is the likelihood he's lying, and what are the consequences if he is? If the consequences are absolutely devastating to you, as it was for these people, then you have to ensure the likelihood he's lying is virtually zero.
Keep the above in mind, and it's very unlikely you're going to allow some guy like this to steal all your money.
It’s funny how he chocked up when he said he has too live of ss checks lol
THIS IS HEARTBREAKING! I cant believe people would do this :(
@4:16 "UNREGISTERED NOTES" What does this mean? If these securities were not registered with the SEC, then these people were basically lending money (avg of $320k) to some dude not even subject to audits? Wadda these people think - they're Mark Cuban?
By reading the comments below I get the feeling of how rare the quality of empathy is , including the thief who can callously walk away with these people's money and leave these people to languish in utter ruin
It sems to be the new norm of no empathy. When themself is getting ruined, I am sure the tune will change.
These people have one thing in common,,,,Greed .
Slav K nailed it.
New drinking game:
Take a shot whenever you see a "don't put all your eggs in one basket" or "if it sounds too good to be true reference in the comment section."
They aren't homeless or living below the poverty line. Take accountability.
Corey Taylor
And homeless in America are not raped child brides in Africa. Your comment isn’t helpful.
This is what always happens to greedy people.
And they cry at end
Some people are simply seeking a modest return... Did the guy leave USA?
Sadly greed is usually at the bottom of so many scams.
Is ambition now greed to you 9 - 5ers ?
anatoly romanov what ambition?
Ambition to make money? Maybe some you people just hate capitalism so you justify scammer's actions as normal
I feel so sorry for senior citizens who get taken for everything that they worked for. They work their entire life and made sure to put money away so they could live comfortably and not be a burden on their kids and some scumbag who doesn't want to work for his own money takes advantage of the elderly. In my book he's right up there with the scumbag pedophiles
God I feel so much better about losing $200 now
The moral of this story is, if something seems a little too good to be true, then it probably is.
"You can't cheat an honest man."- W C Fields
They got jewed
ChaosGaming28 lol
ChaosGaming28
jewed? What is that?
Katherine Gaughan Because Jews are good with money and they can easily scam you so that's the joke saying they got jewed
soham panda why are you offended it's a joke you sensitive snowflake
not that they are good with money.... they are cheap and all they think is money. They are willing to rent out their house and live on the streets knowing they will earn $100 a month extra.
Scam artists should get the death penalty. They ruin peoples lives.
Two words: due diligence.
This shit only happens to greedy people, Trying to get rich fast and easy.
Shut the fuck up
Talk about about a bad day, i lost $30 from a broken atm machine
*People, who are shaming the victims and calling them stupid:* Intelligence (just like beauty) are something we are born with or without. So it is only due to luck, nothing else. - Also these conartists are so successful, because they target honest, trusting people, who have little knowledge pf the risks. - Stop being a victim shamer.
we need spiderman
s d xD I laughed at this because it’s so random lmao
Naaaaa they need RAMBO Lol !!!!
I despise psychopath con artists conning old people out of their life savings! They should get a life sentence or worse! I hope that these people will get justice!!!!!👍👍🍀🍀🍀💙💚💖
This what happens to greedy ass people.
Christ! Rule No.1, NEVER put all your eggs in one basket 2 ) ALWAYS have paperwork assessed by qualified legal professionals before giving over your money.
I have a feeling the hair stylist quit that morning, and no one stepped up.
Lol I’m dying!😂
That's what happens to people who are MONEY HUNGRY. They want more than what they can have. Realize that the day we die we take NOTHING!!
Jews
I agree I use to live a crazy life until I became financially struggling now I realize to just be happy with what you have but even then I did not have the greed in me that these people probably do I just like nicer things
These are bunch of greedy people's when they lost everything and got scammed then they are crying on front of meida and cameras ,afterall these peoples are the one who wanted fast money ,abnormal interest ,very high returns in very short time.
This dude ruined ppls lives, he should be in federal prison with all his assets liquidated to pay restitution to those he scammed
Don't put all your eggs in one basket or you will wake up one morning and find out someone has Madoff with your money.
It's 2018 he still hasn't been charged with a crime? Wow!!! This guy really got away with it.
Most of these people were already secure for life, but it wasn't enough!
who the hell invests everything in something they know nothing about? wtf
im a little annoyed with the selfish cold hearted comments calling these people greedy,white privalged,ect....how would you feel if at work one day you find out your 401k is wiped clean!!! would it be fair to say you deserved it because your greedy? the victims are not the greedy ones its the asshole who lied to gain off others misery that is who the greedy one.
Really? Investing and risk free are two words that should have raised a red flag...
Key example why not to be stupid.
This is why you read the Terms of service.
Where can I find these risk free investments? 😂😂😂
Never risk more than you can afford to lose. It doesn't matter who you are this applies to you.
I don't mean to be heartless but those people look like they had good jobs most of their lives yeah they may have worked for the money but part of it is selfishness and greed they wanted more so they put their eggs in a basket and trusted it one person who promised a high interest rate in return in this economy you've got to be a fool to think that you would get the kind of interest rate he was promising the fool and their money has now parted like I said they've had good lives and are well dressed and well fed and probably own their own properties and they're crying about living on Social Security there's people in the world making a lot less and have struggled all their lives if it was minorities no one would have even cared. And if you think giving your money to someone who tells you it's a risk-free investment with a high interest rate of return that's a red flag right there
William Deabi Investment isnt greed, its capitalism. It can happen to any investor.
William Deabi lol but that doesn’t mean that they should get ripped off. Wtf man.
Feel bad for the elderly couple; but if this guy hadn't stole their money, the government would've in the end!
Investment Rule 2: Diversify - never trust anything completely. (Rule 1 is live below your means)
People need to take responsibility for their stupidity. They got scammed and they’re shit out of luck. No they should not be bailed out.
And no one read the SEC forms to look at where the money was being spent?
In many countries selling these kinds of securities e.g. unregistered notes, CDS, is not allowed.
Why would you *EVER* invest all your money into *ONE* thing
If it sounds too good to be true its too good to be true...
Happened to my parents as well... they got so hooked they even thought about taking a credit and put the money in...
luckily they didn't lose the money...
thats what happens when they don't read the fine print and have lawyers checking stuff over
Trial and Error.
Everyone Goes Through It
They Need To Audit Better.
2:05 she's not even crying lol just acting and bringing the "veteran" and helping other people to get more people to emphasize with them haha
No matter how much money your have.....if you are so greedy as to NOT check out the "investments....then this is what you get for being greedy.
Having a silver tongue is powerful. Enough to convince people for good or selfish desires to steal peoples beliefs.
"Good returns, seemed to be risk free". hahahahahahahahahahahahaha! You can't fix stupid and there's no cure for greed.
Victims always win that's why other people have chosen to make them into victims without consent or obeying the law.
If it sounds too good, its a Ponzi! BittttttConnnecccttt!
once again if it sounds too good to be true it generally is as you see these people are old folks soo gaulible no contracts no nothing
Contracts wouldnt even have made a difference, he used bankruptcy to get out of it.
Stupid greedy ass old fucks . They had enough but wanted more. I'm glad they lost it all for being greedy.
next time u invest your money, make sure the office is at his home with his family, then maybe he won't fucked with your family saving!
This is why people take law into their own hands !!! I couldn't stand by and watch my grandparents suffer due to financial loss. I would hunt him down.
Always remember the odds are stacked against you when you gamble.
Greedy folks are annoying.
I am sorry, but how the hell do you give all your money to man who has no buildings as collateral?? I mean, don't these people check up on this? Why the hell would these people be so foolish as to hand off all their money to an idiot without asking for any definitive proof of his assets and double check on that "proof"? Shit, I would NEVER hand over all of my life savings to ANYONE for ANY FUCKING REASON.
Who would invest their whole life savings into anything? I don't see pure victimhood here.
I think Stephanie is more concern about her inheritance.....
I guess this what greed gets you...
To all the idiots calling these people greedy and stupid: you have absolutely no idea about what their motives were. Maybe some of them had family members who were terminally ill, maybe they wanted to help their children who had financial problems. Seems that whoever wants to make money is automatically greedy and bad. And blaming this young girl for caring only about inheritance is bullshit - i have grandparents too and they're my weak spot, I would be heartbroken too. So don't judge people if you don't know their stories.
That’s what happens when you’re greedy and want to become rich over night the easy way... You just become sitting ducks for these shark con-artists who target gullible people, they play on their ambitions and greed.
Their grand daughter is only crying because she's not getting any money in the will when they croak.
I hope justice is served..get that fker jailed..
People are so messed up
The Only thing to invest in is real estate is leasing out your property wether that being a house or apartment and or mobile homes and not flipping houses
Flipping house can make you BIG BUCKS but you really have to know the trade well or it will sink you in the end. I have several houses that are rented out and a lot of people think I am load cuz of it but they don't truly know about this trade is they only see the positive side of things like collecting rent every month without having to work but there is so much behind the curtains they don't see. Like there was once a family that rented one of my houses they were back 3 months in rent I eventually had to kick them out(it was an ugly scene!) but did I give them one more week to move out and look for a new place after giving them a second chance negotiating and I tried to work with them but in the end we can't come to an agreement on them catching up on at least part of the rent so I will let them continue living there I even talked to their new landlord to let them move in after they found a new place to live so in the end they finally had to moved out. After they moved a week later I went inside that house they once occupied to check on it and I saw a refrigerator in an odd spot that shouldn't have been and when I moved it there was a big huge hole in the wall behind it I guess the tenants were really pissed of at me for kicking them out it's not my fault they couldn't pay their rent but they did not care that's how some people are I mean they owed me $3000 what was I suppose to do, let them continue living there? And add to that unless you know how to fix everything or most of that yourself(you will save A LOT of money) you will be spending a lot on materials for your property and hiring all kinds of professionals and experts to perform different kinds of labors and services(gardener, electrician, painter, AC technician, maid service, pest control, plumber and so on) and also anything your former tenant had screwed up or broke whether it's in the interior or exterior of your rental property IT'S ALL ON YOU! And sometimes they will even skip rent and bail on you especially if they owe you too much money they will lie to you and make up some bogus story or tell you they will get paid soon then they are gone and you never see them again especially when there is no written agreement binding them only verbal or if you don't have property management eyeing your rental property for you. One thing I learned about this trade is NEVER rent to anyone that are close to you(especially family members, in laws, and relatives!) PERIOD! They will just take advantage of you like back you on rent for months then hold it against you if you try to kick them out cuz you are "family" this applies to close friends as well. Another important thing I learned is if you rent out your property make sure you got some form of written agreement NEVER VERBAL or else if things go south at the end it will be their words against yours and you won't see your money of course you can threaten them to pay up or you will kick them out but that will only increase the chance of them wanting to destroying the inside of your rental property even the outside as well it will cost you a lot more money to fix so you don't wanna piss them off. Or just get a property management company to look after your rental property they usually charge around 10-20% but it is so worth it you don't have anything worry about no more headaches no more worries only to collect your rent check every month from them and the best part is if things go wrong you don't even have to go after them yourself face to face anymore they do all that for you so you got nothing to worry about anymore. Not to say all tenants are bad a lot of them are good my point is everyone is different so sometimes you run into a bad tenant and never really know them until you are renting to them then they unfold over time and sometimes it's too late often times the nicest looking people/family can cause you the most headaches and chaos and vise versa you really can't tell sometimes. We lost a very close family due to renting one of our properties to him he was very nice and happy in the beginning after he moved in as time went on he paid like just one or two months(one of his checks bounced we got charged a fee for it) then he lied to us about the rest saying he will pay us the rest soon(about $5000) after he get his retirement money in a few months when backed up a few months he owed us already so he eventually moved out after about half a year. So we went over to the house it was completely emptied and cleared out to nothing left and he was long gone we had no idea where he was we never saw him again and my sister tried to get a hold of him through Facebook and e-mails and even tried to go through his daughter to get to him many times but he never responded once and just completely cut all ties with my family. Flipping houses and rental property can bring in good income but just like any business there area lot of risks involved in this trade so be very careful cuz often times what you make of your rental property can easily go not into your pocket but back into you rental property and depending on the size and the amount of damage some times the rent you collect won't even be enough to fix and cover all the damage done by your former tenant so have some savings just incase things go wrong. Just remember don't end up like me I had to learn the hard way there is good financial potential in this trade and know that not all tenants are bad every person is different hope for the best but expect the worst in every tenant and do some research and homework to spare yourself from future regrets because this trade is VERY RISKY! Sorry for such a huge paragraph I just don't want anyone to make the same mistake I did.
GranTube Iknow what you are saying Ihear you
My granddad owns several apartment buildings one near Downtown L.A. one in East Hollywood which kinda the bad side of that place and one above his convenience store and back in his days it was the landlord that had to do everything for his/her property so my granddad my was his apartment’s handyman, plumber, electrician, gardener and so on
My dad owns two small houses that he leases out and he is the handyman for both of his properties because in Los Angeles he had a handyman, plumbing, cleaning business and he was a subcontractor and hed have me do the painting since Iam a good painter and hed have me mow the lawn they would have my dad fix various vacate properties around the metropolitan area of Los Angeles and some were bad some were not too bad and here in Fort Worth Texas I told my dad to lease to Military parents because they do not stay for too long lots them are just passing through anybody that I know that has or had a parent in the Military never stayed in one place for too long and theres a joint reserve base near here and since I was in the Military I know of a property management company that finds places for Military families that do not want to live on base
And I own a mobile home that I Lease out in the oil fields and the person in charge of the oil field handles everything and I get my check and when I expand my property investments I will be able to fix it myself wether its painting or fixing a wall because Iam an artist and a good carpenter and anything else I will have my dad take care of it but I will never go into flipping houses because thats the riskiest of them all
If they approach you with investment offers...it's probably a scam.
Bit-connect worked the same way. Don't people learn that if it sounds too good to be true.... that it is too good to be true?
"There is a sucker born every day".
... don’t invest your entire life savings in anything if you can’t afford to lose it, like wtf
My heart breaks for the victims....
Used to get up to 10% interest years ago - with very low interest paid now - scammers are all over. My US EE Bonds got 4.4% interest when bought in 80s and 90s.
Big babies, they s/have checked that con man out BEFORE they gave him the CASH...the dummies!