Consumer Alert: Postal inspectors warn about a guaranteed invest - KTIV News 4 Sioux City IA: News, Weather and Sports

Consumer Alert: Postal inspectors warn about a guaranteed investment scam

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Some investors were told about a deal that was "guaranteed" to make money. Some investors were told about a deal that was "guaranteed" to make money.
Some investors were told about a deal that was "guaranteed" to make money.  In reality, it was a scam, but it shows us why research for all financial transactions is essential.

"The victims were enraged," says Lisa Cummings, a U.S. postal inspector.  "They were upset because they trusted him and they thought he was actually making the trades and investing the money in what he promised them."

Cummings is talking about Robert Tringham who promised investors he would deposit their money into an account and the funds would be used as leverage to buy bonds at a discounted rate.

"The whole business was a fraud," says Cummings.  "The trades actually never took place. In reality, their money was pulled into one central account, and he used the money to purchase a home, diamond bar, and luxury vehicle."
 
Specifically, a luxury home in a gated community, and a land rover for his girlfriend.

Fifteen victims lost $8 million.

"The victims lost a lot of money," says Cummings.  "They trusted him and they were deceived by him."
 
Postal inspectors say to thoroughly check out the person you're trusting with your hard-earned money, before you invest.

"Even if you had Googled his name, he was previously convicted in the UK for forgery and deception, so he had a criminal history prior to starting up this scheme in the US," says Cummings.

Robert Tringham was sentenced to 13 years for mail fraud, wire fraud and destruction/falsification of records.  He was ordered to pay more than $2 million in restitution.

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