ABC15 Consumer Alert: Ponzi Scheme Hits the Valley

Nationwide Scam Linked to Federal Government

What if someone you trusted wiped out your life's investments? What if your own boss introduced you to the person who took it all away?
It happened to several people right here in the Valley including Scott Snyder, a former Drug Enforcement Administration agent, who blames the federal government for causing him to lose tens of thousands of dollars in savings.
"If this had happened to me ten years ago, it would've been catastrophic to the point of where I would've thought of taking my life," said Snyder.

It all started when Scott and hundreds of federal employees throughout the country attended retirement benefits seminars paid-for and recommended by the federal government.
The man running the seminars, however, was also recruiting federal employees to invest in a special fund. He told them it was a safe, government-secured bond fund that would pay yearly returns of eight to ten percent.
It was all a scam, and it ends with a bloody scene, one man dead, and millions of dollars down the drain.

To see how the complete story unfolds, watch this new consumer alert Thursday, May 19th at 10pm on ABC15 News. ABC15 will also tell you the best resources you can use to protect your investments.