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Consumer Alert: Brothers fall victim to investment scam


LEXINGTON, Ky. (WKYT) - If someone promises you a high guaranteed return with no risk, run the other way. Two brothers found out the hard way and lost a fortune.

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," says Pat.

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," Pat says.

"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," says U.S. Postal Inspector Amanda McMurrey.

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

"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," says McMurrey.

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

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

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


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