Andy's Got Your Back on a guy who's no "guardian angel" - Action News 5 - Memphis, Tennessee

Andy's Got Your Back on a guy who's no "guardian angel"

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MEMPHIS, TN -

(WMC TV) - Here's another example of why you should deal only with established, credentialed investment firms -- ones licensed with your state's financial institutions agency.

Retired business owner Loran Dalton thought he could trust his long-time accountant Barry Korcan. They had been colleagues for years.

Then Korcan stabbed him in the back, stealing more than $900,000 from him in a phony investment scheme.

"He did my income taxes and later he came up with this investment - guaranteed - never dropped below eight percent," said Dalton. "It wasn't worth the paper it was on."

U.S. postal inspectors said Korcan urged his clients to put their money into his company, ironically named Guardian Investments.

"They would get these statements, thinking their money was growing," said Postal Inspector Randy Hayden. "At the end of the day, these people lost their entire investments."

Inspectors said in all, Korcan stole more than $7 million from his clients. He spent it on a golf course, lake homes and office buildings.

His clients, like Dalton, lost everything.

"I don't want anyone else to have to go through what I went through," Dalton said.

Korcan eventually got what was coming to him. Hayden said Korcan pleaded guilty to federal mail fraud and tax evasion charges.

For my Ask Andy report on spotting an investment scam, please click here.

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