FORT MYERS, Fla. - They come in many shapes and sizes but Ponzi schemes have one thing in common: The investors are almost always the big loser.
A man lost everything in a plot that ruined thousands of people's lives and their financial futures. Now he has a warning for those planning to invest.
"He was nothing but a psychological liar and a total sociopath," said William Neisokey, fraud victim. Fraud Victim
Neisokey is talking about the man who stole more than $90,000 from him in a Ponzi scheme.
"My brother in law had been investing with him for 10 years and got his principle and interest back. He
had a perfect track record and I saw no red flags," said Neisokey.
The scam artist claimed he was investing in tax liens.
"In reality none of the money was invested in tax liens, the money went to pay off previous investors
and his living expenses - your typical Ponzi scheme," said Mark Trachtenberg, US Postal Inspector.
Postal inspectors said the scam worked for more than a decade based on the con artist's good reputation in the community.
"He sounded like a really great guy and they trusted him," said Trachtenberg.
"When interest rates were 1% and this man offered us 16% interest- I saw dollar signs," said Neisokey.
Neisokey invested his entire 401K and lost it all.
"I was absolutely devastated. I couldn't sleep nights, toss and turn, even sleeping pills didn't do any
good. My blood pressure was at stroke level," said Neisokey.
Neisokey admits he was lured in by the idea of quick money and learned a quick lesson.
"Don't let greed overtake your common sense," said Neisokey.
Victims received a bogus e-mail telling them the suspect in this case had died. Turns out he fled to Thailand. Postal inspectors extradited him back to the United States where he was prosecuted.