KUSA - When times are tough people look for ways to make money fast. But they often end up getting scammed.
"People are falling on hard times. They are seeing offers that, quite frankly, look too good to be true. And out of desperation they are falling for them," Michael Romano, a U.S. Postal Inspector said.
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.
"[He] basically pays off his house, very high end antiques, luxury cars for 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. Anyone who sees something along those lines should right off the bat be wary of investing in such a scheme," Romano said.
(KUSA-TV © 2013 Multimedia Holdings Corporation)