A waning from U.S. Postal Inspectors: only invest your money with established, brand-name investment companies. If you don't, you could be risking your life savings.
“I thought he was a real nice fella. I thought as much of him as much as my kids. I put a lot of trust in the guy,” said retired business owner Loran Dalton.
That trust was not returned. Dalton's longtime accountant, Barry Korcan, stole more than $900,000 from him in an investment scheme.
“He did my income taxes and later he came up with this investment – guaranteed – never dropped below 8 percent. It wasn’t worth the paper it was on,” said Dalton.
Korcan urged his clients to put their money in his company called Guardian Investments. The ironic name didn't protect clients from false hope.
“They would get these statements thinking their money was growing. At the end of the day… these people lost their entire investments,” said Postal Inspector Randy Hayden.
Korcan stole more than $7 million of his clients money and used it to buy several properties. He used the money on a golf center, lake homes and office buildings. Korcan turned himself into the authorities and pleaded guilty to federal charges of mail fraud and income tax invasion. He faces more than four years in jail.
Meantime, his victims lost everything.
“I feel terrible about it… I don’t want anyone else to have to go through what I went through,” said Dalton.
For a list of deceptive pitches that could tip you off to an investment scam, click here.