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Rip-Off Alert: Unbelievable return rates usually unsustainable

Reported by: Marie Mortera
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Updated: 2/19/2013 5:58 pm
LAS VEGAS (KSNV MyNews3) -- Everyone is trying to make the most off of their savings. In today's Rip-Off Alert, be careful when you're aiming to earn a rate of return on your investments.

"People are falling on hard times,” said U.S. Postal Inspector Michael Romano. “They are seeing offers that quite frankly look too good to be true, and out of desperation they are falling for them.

That's where James Price enters the picture. He offered to double and triple investors' money in the gold and precious metals market.

"He started off with a very legitimate-based company and was actually returning investments to his customers," Romano said.

But at some point, Price used his company -- Madison Precious Metals -- as a personal checkbook.

"Basically pays off his house, very high-end antiques, luxury cars for him and himself and makes a down payment on a house for his son," Romano said.

More than $6 million was stolen from investors. Postal inspectors say be suspicious of any investment promising double and triple returns.

"These are unrealistic promises of returns on investment,” Romano said. “Anyone who sees something along those lines should right off the bat be wary of investing in such a scheme."

Also, if you think you are a victim of scam, report it.

"Don't waste time,” Romano said. “The sooner you can inform law enforcement of the scam, the investigation can start, and we can try to stop some of the fraudulent investments going on…"

Price was charged with mail fraud.



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