Victims of reported Ponzi scheme come forward
SODDY DAISY, TN (WRCB) -- Just days after a reported Ponzi scheme collapses in Soddy Daisy, more people who claim Jack Brown took their money step forward.
"I had total confidence in him, but I was wrong," says former client Jimmy Fuller.
Fuller says he transferred $220,000 for Brown to invest a couple years back. About four months ago he got a call from Brown, his money was no longer safe.
"There was $80,000 taken out of my account," says Fuller.
Fuller says Brown gave him a promissory note but now he knows he may never see any of his money again.
"That's what I had to live on the rest of my life, I'm retired," Fuller says. "We're between a rock and a hard place you may say."
Those in the financial business are also feeling the effects from the abrupt shutdown of Brown's Tax Service.
"I just got some calls last week from some of my clients asking what they should do," says Larry Daniels.
Daniels is a financial representative in Soddy Daisy. He says there are some things you must know before hiring a lawyer or financial advisor if you've lost money.
"What were they truly invested in and what may be able to be recovered from that, and then where do they go from there, what are their needs from there," Daniels says.
"The first thing I told them is any time you invest you need to know more than what you think you know about the person," says Daniels.
However, that may be a lesson learned a little too late for some.
"I trusted him explicitly, but now I don't anymore," Fuller says.
It's not clear exactly how much money is lost, only time will tell.
"My cousin lost $1.2 million," says Fuller.
"I really haven't got to the bottom of what has happened, but I'm sure there's a lot of clients and customers involved," Daniels says.
Our attempts to reach the Browns or their representative were unsuccessful Monday.