Andy's Got Your Back on bogus investment claims - Action News 5 - Memphis, Tennessee

Andy's Got Your Back on bogus investment claims

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MEMPHIS, TN -

(WMC TV) - When an investment promises double-figure percentage returns, red-flags should fly at full staff.

"It looked like a really good deal," said investor Dennis Sindrey. A former Texas attorney who served prison time for tax fraud suckered Sindrey into investing in what Sindrey thought were oil and gas wells.

"The first 10 months I started receiving the checks," Sindrey said. "Then they were intermittent. Then not at all.

"That's when we realized it was a Ponzi scheme."

Postal inspectors said 40 investors fell for the scheme. Their losses totaled just over $6 million.

Don't let greed get the best of you. If the deal promises a double-figure percentage of return, you better verify the person or firm behind it with your state's financial institutions agency.

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