Preying on the Faithful - WBAY

Target 2 Consumer Alert

Preying on the Faithful

Updated:

It's a case of preying on the faithful.

Brothers Jim and Pat Taylor learned of an investment at their church, but it end up costing them $100,000.

Jim Taylor learned about an investment involving the buying and selling of foreign currency and told his brother Pat about it.

"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," said Pat Taylor.

The Taylor brothers were lured in by a man who claimed to be a Christian, so they felt they could trust him.

"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," said Pat.

"He suckered people in that way and got them to believe that money they put in they would get a 10 to 13 percent return guaranteed with no risk at all," said Amanda McMurrey, U.S. Postal Inspector.

Postal inspectors say there were more than 80 victims and over $50 million in losses.

"If you don't understand how the investment works, that might not be the investment for you," said McMurrey. "A guaranteed return is a guaranteed loss, because all investments are risky."

Jim Taylor says his biggest regret was dragging his brother into the scheme.

"I brought him in and threw his money away, and that matters worse," said Jim. "Not only did I lose my money, I lost his."

"I don't hold him to blame in any way shape or form," said Pat.

The mastermind behind the scheme pleaded guilty and agreed to pay $15 million in restitution to victims.

If you believe you've been a victim of an investment scheme or any mail fraud, file a complaint with U.S. Postal Inspectors at 1-877-876-2455 or http://www.usps.com/postalinspectors

 

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