Preying on the Faithful
Updated: Saturday, August 3 2013, 02:51 PM CDT
A lesson investors need to always keep in mind.
If someone promises you a high guaranteed return with no risk, walk away.
Some brothers found out that lesson the hard way and lost a fortune.
Jim Taylor, Fraud Victim: "I've lost sleep and can't get it out of mind."
Pat Taylor, Fraud Victim: " knowing there are people in this country willing to say or do anything because they are too lazy to get an honest job."
Meet two brothers - bonded by blood and now by a scheme that cost both of them more than $100,000 dollars each.
Jim Taylor learned about an investment involving the buying and selling of foreign currency and told his brother Pat about it.
Pat Taylor, Fraud Victim: "I had already lost some money in the stock market… if I had not lost that money in 2008 I might not have been as anxious to get into something like this but I was looking for an opportunity to make back some of the money my wife and I lost.
The Taylor brothers were lured in by a man who claimed to be a Christian -like them- so they felt they could trust him.
Pat Taylor, Fraud Victim: "He was very adamant about the fact that he wanted to only work with Christian people that he would not take non-Christians as clients."
Amanda McMurrey, US Postal Inspector: "He suckered people in that way and got them to believe that money they put in they would get a 10-13% return guaranteed with no risk at all."
Postal inspectors say there were more than 80 victims and over $50 million dollars in losses. Their advice:
Amanda McMurrey, US Postal Inspector: "If you don't understand how the investment works that might not be the investment for you. A guaranteed return is a guaranteed loss because all investments are risky."
Jim Taylor says his biggest regret was dragging his brother into the scam.
Jim Taylor, Fraud Victim: "I brought him in and threw his money away and that matters worse, Not only did I lose my money, I lost his."
Pat Taylor, Fraud Victim: "I don't hold him to blame in any way shape or form."
The mastermind behind the scheme pleaded guilty and agreed to pay $15 million dollars in restitution to the victims.